Q2 2024 Boralex Inc Earnings Call Transcript
Key Points
- Boralex Inc (BRLXF) increased its EBITDA by 11%, operating income by 21%, and net earnings by 41% in the first half of 2024.
- The company has 851 megawatts of projects in secured, ready-to-build, and construction phases progressing as planned.
- Boralex Inc (BRLXF) closed its first financing in the UK and is set to start construction on the Hagersville and Tilbury battery projects, expected to be commissioned in 2025.
- The company signed a three-year PPA with Statkraft in the UK, securing pricing on a portion of wind farm production.
- Boralex Inc (BRLXF) improved its position among the best Canadian corporate citizens, climbing from 21st to 15th in the Corporate Knights ranking, and raised its ESG corporate rating from B- to B+ with prime status.
- Production was lower than expected due to unfavorable weather conditions and increased curtailments in France, mainly due to negative market electricity prices.
- Total production for the quarter was 1% higher than last year but 8% lower than anticipated.
- Combined revenues were down 12% compared to last year, mostly due to lower prices in France.
- Solar production was 8% lower than the same quarter last year and 25% lower than anticipated, mainly due to curtailment requests in California.
- The company is facing challenges with curtailments in France and California, impacting overall production and revenue.
(speaking in foreign language) Good morning, ladies and gentlemen, and welcome to the Boralex second quarter 2024 financial results conference call. (Operator Instructions)
Please also note that the conference call is being recorded. For webcast participants, you can also ask questions during the conference, but they will be answered by e-mail after the call.
Finally, media representatives are invited to contact Camille Laventure, Advisor, public affairs and External Communications. Her contact information is provided at the end of the quarterly press release.
I will now turn the conference over to Stephane Milot, Vice President, Investor Relations for Boralex. Please go ahead.
(speaking in foreign language) Thank you, operator. Good morning, everyone. Welcome to Boralex, second quarter results conference call. Joining me today on the call, Patrick Decker, our President and Chief Executive Officer; Bruno Guilmette, our Executive Vice President and Chief Financial Officer, and other
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