Capital Power adjusted funds from operations dip during third quarter

Edmonton-based electrical utility Capital Power Corp. disclosed that its net income attributable to shareholders declined to $67 million in the third quarter, a significant drop from $154 million in the same period last year. The profit translated to 37 cents per diluted share for the quarter ending September 30, compared to 94 cents per diluted share in the previous year's third quarter.

Adjusted funds from operations, a key metric for Capital Power's ability to fund growth, debt repayment, and dividends, fell to $306 million from $369 million. This decline is attributed to maintenance spending at certain plants, as well as finance and tax expenses.

Revenue and other income decreased to $831 million from $1.21 billion in the same quarter a year earlier. Capital Power's CEO, Avik Dey, mentioned that the company is exploring ways to upgrade and expand existing sites to maximize their value.