Increased Electricity Sales, Expanded Development Pipeline Sustain Pattern Energy

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Wind developer Pattern Energy reported an increase in megawatt-hours sold, while unrealized losses on interest rate and energy derivatives impacted its bottom line, according to its annual report.

Pattern sold 888,577 MWh of electricity on a proportional basis in the fourth quarter of 2014, compared to 440,623 MWh sold in the same period in 2013.

For the full year, Pattern sold 2.9 million MWh of electricity on a proportional basis, compared to nearly 1.8 million MWh sold the year before. The company attributes the increases to commercial operations beginning at the South Kent, El Arrayan, Panhandle 1 and Panhandle 2 wind farms.

Net loss was $16.0 million in the fourth quarter of 2014, compared to $19.4 million in the same period in 2013. Net loss was $40.0 million for 2014, compared to a net income of $10.1 million in 2013.

However, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $57.7 million for the fourth quarter of 2014, compared to $29.4 million in the same period in 2013. Adjusted EBITDA was $198.1 million for 2014, compared to $141.8 million in 2013, Pattern notes.

The change in the full-year results was due primarily to unrealized losses on interest-rate and energy derivatives that increased by $54.1 million for the year.

In addition to augmenting its development pipeline, Pattern cited its expansion into new wind markets, such as Japan and Mexico, as one of the year's highlights.

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