September 30,

December 31,

2014

2013

(unaudited)

Assets 

Current assets:

Cash and cash equivalents

$

31.9

$

29.8

Accounts receivable

51.1

49.5

Current portion of derivative instruments asset

—

0.2

Inventory

17.3

13.1

Prepayments and other current assets

10.4

10.4

Refundable income taxes

3.0

4.1

Total current assets

113.7

107.1

Property, plant, and equipment, net

816.5

882.4

Equity investment in unconsolidated affiliate

137.3

153.8

Power purchase agreements and intangible assets, net

366.3

416.3

Goodwill

197.3

296.3

Derivative instruments asset

1.7

1.2

Deferred financing costs

37.7

—

Other assets

8.8

9.9

Total assets

$

1,679.3

$

1,867.0

Liabilities

Current liabilities:

Accounts payable

$

45.8

$

34.4

Accrued interest

3.2

10.5

Other accrued liabilities

22.3

30.1

Current portion of long-term debt

5.7

190.2

Current portion of derivative instruments liability

22.0

18.7

Dividends payable

—

3.1

Other current liabilities

8.4

5.2

Total current liabilities

107.4

292.2

Long-term debt

735.3

423.1

Derivative instruments liability

35.7

61.9

Deferred income taxes

95.7

106.2

Power purchase and fuel supply agreement liabilities, net

34.9

38.7

Other long-term liabilities

54.5

59.2

Total liabilities

1,063.5

981.3

Commitments and contingencies

Equity

Partners’ capital

1,020.1

1,011.6

Preferred shares issued by a subsidiary company

221.3

221.3

Accumulated other comprehensive loss

(46.6

)

(22.2

)

Retained deficit

(579.0

)

(325.0

)

Total equity

615.8

885.7

Total liabilities and equity

$

1,679.3

$

1,867.0

Three months ended 
September 30,

Nine months ended 
September 30,

2014

2013

2014

2013

Project revenue:

Energy sales

$

48.0

$

50.4

$

162.8

$

160.2

Energy capacity revenue

39.3

39.7

101.8

107.0

Other

19.1

18.3

67.3

62.6

106.4

108.4

331.9

329.8

Project expenses:

Fuel

44.4

41.9

141.9

134.2

Operations and maintenance

22.1

27.3

66.8

86.0

Depreciation and amortization

27.8

28.7

83.4

86.7

94.3

97.9

292.1

306.9

Project other income (expense):

Change in fair value of derivative instruments

2.9

(3.6

)

20.4

12.0

Equity in earnings of unconsolidated affiliates

0.5

0.5

1.4

1.5

Interest expense, net

—

(2.7

)

(6.2

)

(8.4

)

Impairment

(91.9

)

(34.8

)

(106.7

)

(34.8

)

Other income, net

—

—

—

0.8

(88.5

)

(40.6

)

(91.1

)

(28.9

)

Project loss

(76.4

)

(30.1

)

(51.3

)

(6.0

)

Administrative and other expenses (income):

Administration

0.1

0.1

0.2

0.2

Interest, net

12.7

6.4

56.8

19.1

Foreign exchange (gain) loss

(8.2

)

4.1

(8.1

)

(3.8

)

Other income, net

—

—

(2.1

)

—

4.6

10.6

46.8

15.5

Loss from continuing operations before income taxes

(81.0

)

(40.7

)

(98.1

)

(21.5

)

Income tax expense (benefit)

4.7

5.9

(5.2

)

(0.8

)

Net loss from continuing operations

(85.7

)

(46.6

)

(92.9

)

(20.7

)

Net income (loss) from discontinued operations

—

0.4

(0.1

)

0.9

Net loss

(85.7

)

(46.2

)

(93.0

)

(19.8

)

Net income attributable to preferred shares dividends of a subsidiary company

2.9

3.2

8.8

9.5

Net loss attributable to Atlantic Power Limited Partnership

$

(88.6

)

$

(49.4

)

$

(101.8

)

$

(29.3

)

Nine months ended 
September 30,

2014

2013

Cash flows from operating activities:

Net loss

$

(93.0

)

$

(19.8

)

Adjustments to reconcile to net cash provided by operating activities:

Depreciation and amortization

83.4

86.7

Gain on sale of asset

(2.1

)

—

Impairment charges

106.7

34.8

Distributions from unconsolidated affiliate

18.0

—

Equity in earnings from unconsolidated affiliate

(1.4

)

(1.5

)

Unrealized foreign exchange gain

(8.1

)

2.6

Change in fair value of derivative instruments

(20.3

)

(12.0

)

Change in deferred income taxes

(8.9

)

(6.4

)

Change in other operating balances

Accounts receivable

(1.6

)

18.1

Inventory

(4.2

)

0.4

Prepayments, supplies and other assets

5.1

1.7

Accounts payable

12.0

(5.9

)

Accruals and other liabilities

(14.8

)

(11.6

)

Cash flows provided by operating activities

70.8

87.1

Cash flows used in investing activities:

Proceeds from sale of asset, net

0.9

—

Purchase of property, plant and equipment

(10.7

)

(3.7

)

Cash flows used in investing activities

(9.8

)

(3.7

)

Cash flows used in financing activities:

Proceeds from senior secured term loan facility

600.0

—

Repayment of corporate and project-level debt

(462.3

)

—

Contributions from parent

8.0

—

Distributions to parent

(152.1

)

(56.2

)

Deferred financing costs

(40.6

)

—

Dividends paid on preferred shares of a subsidiary company

(11.9

)

(9.5

)

Cash flows used in financing activities

(58.9

)

(65.7

)

Net increase (decrease) in cash and cash equivalents

2.1

17.7

Cash and cash equivalents at beginning of period

29.8

11.3

Cash and cash equivalents at end of period

$

31.9

$

29.0

Supplemental cash flow information

Interest paid

$

58.5

$

30.5

Taxes paid

$

1.4

$

2.7