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Brookfield Asset Management Inc. Message Board

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  • BenGrahamMan BenGrahamMan Oct 15, 2007 5:21 PM Flag

    Brookfield Power Notes of mine prt 1

    Some 10K notes from BAM

    1. �Property-specific and subsidiary debt increased to $3.4 billion from $2.8 billion at the beginning of 2006 due to new debt secured by acquired facilities and 30-year unsecured bonds issued by Brookfield Power during the fourth quarter that have no recourse to the Corporation. Property-specific debt totalled $2.7 billion at year end (2005 � $2.4 billion) and corporate unsecured notes issued by our power generating operations totalled $0.7 billion (2005 � $0.4 billion). Property-specific debt has an average interest rate of 8% and an average term of 16 years and is all investment grade quality. The corporate unsecured notes bear interest at an average rate of 5%, have an average term of 10 years and are rated BBB by S&P and BBB (high) by DBRS and BBB by Fitch.

    Non-controlling interests represent the 49% interest in the Great Lakes Hydro Income Fund that is held by other shareholders.�


    2. �Contract Profile - We endeavour to maximize the stability and predictability of our power generating revenues by contracting future power sales to minimize the impact of price fluctuations, by diversifying watersheds, and by utilizing water storage reservoirs to minimize
    fluctuations in annual generation levels.

    Approximately 80% of our projected 2007 and 2008 revenues are currently subject to long-term bilateral power sales agreements or shorter-term financial contracts. The remaining revenue is generated through the sale of power in wholesale electricity markets. Our long-term sales contracts, which cover approximately 55% of projected revenues during this period, have an average term of 13 years and the counterparties are almost exclusively customers with long-standing favourable credit histories or have investment grade ratings. The financial contracts typically have a term of between one and three years.

    All power that is produced and not otherwise sold under a contract is sold in wholesale electricity markets, and due to the low variable cost of hydroelectric power and the ability to concentrate generation during peak pricing periods, we are often able to generate highly attractive margins on power which is otherwise uncontracted. This approach provides an appropriate level of revenue stability, without exposing the company to undue risk of contractual shortfalls, and also provides the flexibility to enhance profitability through the production of power during peak price periods.�


    Still working, this is just preliminary stuff.

    only in america,

    BGM

 
BAM
49.50+0.61(+1.25%)Nov 21 4:01 PMEST

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