BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. $29.47 (Toronto symbol BEP.UN; Units outstanding: 262.5 million; Market cap: $7.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.7%; www.brpfund.com) owns 172 hydroelectric generating stations, seven wind farms and two natural-gas-fired plants. In all, it has 4,909 megawatts of generating capacity.
Roughly 35% of Brookfield Renewable’s generating capacity is in Canada, with another 45% in the U.S. and 20% in Brazil. The company sells virtually all of its power under agreements that are an average of 24 years in length.
In the three months ended September 30, 2012, Brookfield’s revenue declined 26.4%, to $229 million from $311 million a year earlier. Cash flow per unit fell sharply, to $0.04 from $0.46.
The lower results reflected a drop in Brookfield’s power output. The company generated 2,971 gigawatt hours of electricity in the quarter, or 73% of normal levels. Below-average rainfall amounts and lighterthan-usual winds held back production.
Even so, the company’s outlook is positive; rainfall and wind generally normalize around longterm averages over time. Brookfield also trades at 15.7 times its forecast 2013 cash flow of $1.88 a share. The units yield 4.7%.
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