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International Power: Interim Management Statement
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International Power publishes its Interim Management Statement, in respect of the period from 1 January 2009 to 11 May 2009.
Highlights
* Portfolio operating well and Group performance in line with our expectations
* Signed agreement to sell 50% stake in 318MW Hartwell plant to Southern Power Company
* Sale of interest in Enecogen greenfield project, in the Netherlands, to DONG Energy
* Payment received from Water and Power Development Authority of Pakistan in partial settlement of their overdue receivables
Financial and operating update
Our portfolio is operating well and the Group’s financial performance is consistent with our expectations for the full year. Expected 2009 spreads and load factors for our merchant assets in North America, the UK and Australia remain in line with the guidance given at the preliminary results on 11 March 2009. We have marginally increased our forward contracted position across our merchant assets.
At Rugeley, in the UK, commissioning of the Flue Gas Desulphurisation equipment is progressing well and we anticipate this will be operational during June 2009.
In Australia, on 4 May 2009 the federal government announced that the start of the proposed Carbon Pollution Reduction Scheme (CPRS) will be delayed by one year to 1 July 2011. The federal government also proposed that a fixed price for carbon, of A$10/tonne, would apply for the first year of the scheme. Draft legislation for CPRS is scheduled to be introduced to the Federal Parliament in May 2009. We will continue to engage with government on scheme design and implementation.
The Pakistan state owned Water and Power Development Authority made significant payments to the independent power sector, in partial settlement of their overdue receivables, during the period. Our plants continue to receive payments for both the majority of current output and interest on the remaining overdue amounts. We remain confident of a satisfactory outcome.
Portfolio update
In April, International Power, together with its partner, signed an agreement for the sale of the Hartwell plant, a 318MW gas and oil-fired peaking facility located in Georgia, US, to Southern Power Company. International Power owns 50% of the Hartwell plant and the plant will be sold for a purchase price of US$148.5 million, less approximately US$54.0 million of existing project level debt, plus a working capital and fuel oil adjustment to be determined at closing. Completion of the sale is expected in the third quarter of 2009.
In the Netherlands, International Power agreed, in April, to sell its 45% stake in the Enecogen greenfield project, located in the Port of Rotterdam, to DONG Energy for €12 million. We elected to sell our stake after Eneco, our original partner, took the strategic decision to reduce the capacity they were willing to purchase from the project by 50%.
In Indonesia, work continues on the development of the proposed 815MW coal-fired Paiton 3 plant. The project will be located within the existing Paiton complex and is expected to be fully operational by the end of 2012. Financial close is expected in mid 2009.
Outlook
The outlook for the full year remains unchanged from that given in our preliminary results announcement in March, which stated: “We have a well established portfolio of long-term contracted assets which continues to perform well. We are also well positioned in our key merchant markets, although forward pricing in the UK and the US does not reflect the attractive long-term market fundamentals. In the absence of a significant improvement in pricing in these two markets, it is likely that Group profitability in 2009 will be lower than in 2008. However, our assets are well placed to capture value, from both market recovery and short-term pricing volatility. The financial position of the Group remains strong, with good corporate liquidity and no material refinancings in 2009. We expect to continue to deliver strong free cash flow in 2009.”
International Power will report financial results for the six months ending 30 June 2009 on 11 August 2009.
About International Power
International Power plc is a leading independent electricity generating company with 33,227MW gross (21,358MW net) in operation and 3,280MW gross (978MW net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, Belgium, the Czech Republic, France, Germany, Italy, the Netherlands, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia,Pakistan, Thailand and Puerto Rico. International Power is listed on the London Stock Exchange with ticker symbol IPR. The Company website is: www.ipplc.com.
Contact:
Hillary Berger
+44 (0)20 7320 8839
Source: International Power
International Power publishes its Interim Management Statement, in respect of the period from 1 January 2009 to 11 May 2009.
Highlights
* Portfolio operating well and Group performance in line with our expectations
* Signed agreement to sell 50% stake in 318MW Hartwell plant to Southern Power Company
* Sale of interest in Enecogen greenfield project, in the Netherlands, to DONG Energy
* Payment received from Water and Power Development Authority of Pakistan in partial settlement of their overdue receivables
Financial and operating update
Our portfolio is operating well and the Group’s financial performance is consistent with our expectations for the full year. Expected 2009 spreads and load factors for our merchant assets in North America, the UK and Australia remain in line with the guidance given at the preliminary results on 11 March 2009. We have marginally increased our forward contracted position across our merchant assets.
At Rugeley, in the UK, commissioning of the Flue Gas Desulphurisation equipment is progressing well and we anticipate this will be operational during June 2009.
In Australia, on 4 May 2009 the federal government announced that the start of the proposed Carbon Pollution Reduction Scheme (CPRS) will be delayed by one year to 1 July 2011. The federal government also proposed that a fixed price for carbon, of A$10/tonne, would apply for the first year of the scheme. Draft legislation for CPRS is scheduled to be introduced to the Federal Parliament in May 2009. We will continue to engage with government on scheme design and implementation.
The Pakistan state owned Water and Power Development Authority made significant payments to the independent power sector, in partial settlement of their overdue receivables, during the period. Our plants continue to receive payments for both the majority of current output and interest on the remaining overdue amounts. We remain confident of a satisfactory outcome.
Portfolio update
In April, International Power, together with its partner, signed an agreement for the sale of the Hartwell plant, a 318MW gas and oil-fired peaking facility located in Georgia, US, to Southern Power Company. International Power owns 50% of the Hartwell plant and the plant will be sold for a purchase price of US$148.5 million, less approximately US$54.0 million of existing project level debt, plus a working capital and fuel oil adjustment to be determined at closing. Completion of the sale is expected in the third quarter of 2009.
In the Netherlands, International Power agreed, in April, to sell its 45% stake in the Enecogen greenfield project, located in the Port of Rotterdam, to DONG Energy for €12 million. We elected to sell our stake after Eneco, our original partner, took the strategic decision to reduce the capacity they were willing to purchase from the project by 50%.
In Indonesia, work continues on the development of the proposed 815MW coal-fired Paiton 3 plant. The project will be located within the existing Paiton complex and is expected to be fully operational by the end of 2012. Financial close is expected in mid 2009.
Outlook
The outlook for the full year remains unchanged from that given in our preliminary results announcement in March, which stated: “We have a well established portfolio of long-term contracted assets which continues to perform well. We are also well positioned in our key merchant markets, although forward pricing in the UK and the US does not reflect the attractive long-term market fundamentals. In the absence of a significant improvement in pricing in these two markets, it is likely that Group profitability in 2009 will be lower than in 2008. However, our assets are well placed to capture value, from both market recovery and short-term pricing volatility. The financial position of the Group remains strong, with good corporate liquidity and no material refinancings in 2009. We expect to continue to deliver strong free cash flow in 2009.”
International Power will report financial results for the six months ending 30 June 2009 on 11 August 2009.
About International Power
International Power plc is a leading independent electricity generating company with 33,227MW gross (21,358MW net) in operation and 3,280MW gross (978MW net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, Belgium, the Czech Republic, France, Germany, Italy, the Netherlands, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia,Pakistan, Thailand and Puerto Rico. International Power is listed on the London Stock Exchange with ticker symbol IPR. The Company website is: www.ipplc.com.
Contact:
Hillary Berger
+44 (0)20 7320 8839
Source: International Power