Atlantic Power Corporation (NYSE:AT) Q3 2019 Earnings Conference Call Transcript

Nov 01, 2019 • 08:30 am ET

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Atlantic Power Corporation (NYSE:AT) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Atlantic Power Corporation Third Quarter 2019 Results Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Ron Bialobrzeski, Director of Finance. Please go ahead.

Executive
Ron Bialobrzeski

Welcome, and thank you for joining us this morning. Our results for the three and nine months ended September 30th, 2019 were issued by press release yesterday afternoon and are available on our website www.atlanticpower.com and on EDGAR and SEDAR.

Management's prepared remarks and the accompanying presentation for today's call and webcast can be found in the conference call section of our website. A replay of today's webcast will be available on our website for a period of one year. Financial figures that we will be presenting are stated in US dollars and are approximate unless otherwise noted.

Please be advised that this conference call and presentation will contain forward-looking statements. As discussed in the company's Safe Harbor statement on page two of today's presentation. These statements are not guarantees of future performance and involve certain risks and uncertainties that are more fully described in our various securities filings. Actual results may differ materially from such forward-looking statements.

In addition, the financial results in the press release and the presentation include both GAAP and non-GAAP measures, including project adjusted EBITDA. For reconciliations of this measure to the most directly comparable GAAP financial measure to the extent that they are available without unreasonable effort. Please refer to the press release, the appendix of today's presentation or our quarterly report on Form 10-Q. All of which are available on our website.

Now I'll turn the call over to Jim Moore, President and CEO of Atlantic Power.

Executive
James J. Moore, Jr.

Thank you, Ron. Welcome everyone, and good morning. Thank you for joining us today. With me this morning are Terry Ronan, our CFO; Dan Rorabaugh, our SVP Operations; Joe Cofelice, our EVP, Commercial Development and several other members of the Atlantic Power management team.

The results for the third quarter are provided in the press release, the presentation and the prepared remarks, which were posted to our website last evening. Please review those materials. I will cover the highlights. Following my remarks, we will take your questions.

We had a productive third quarter in many areas. We have a culture of bad news in nanoseconds, a term we borrowed from the man in Omaha. So, before I review the positive news of the quarter, I'll lead off with the one negative development and that was the fire at our Cadillac biomass plant on September the 22nd.

Fortunately, no one was hurt. Our assessment of the damage and our investigation of the cause are still underway. At this time, we believe the fire probably resulted from a malfunction in the steam turbine, which was badly damaged as a result and will need to be replaced along with the generator.

The fire did not involve the fuel areas of the plant and was not related to anything