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Nalcor Energy posts first-quarter profits of $57M

<span class="art-imagetext">Nalcor Energy president and CEO Stan Marshall <br /></span>
<span class="art-imagetext">Nalcor Energy president and CEO Stan Marshall <br /></span>

Nalcor Energy more than doubled its profits during the first quarter of this year compared to the same period in 2016.    

The Crown corporation released its financial results for the first three months of 2017 on Thursday.

From January through March, Nalcor posted a profit of $57 million, up roughly $29 million over the first quarter of last year.

“Nalcor Energy had strong earnings during the quarter,” Nalcor president and CEO Stan Marshall said in a news release.

“Over the past year, total assets have grown by about $2 billion, and as a company, we have been focused on continuing to execute our priority projects in an efficient and cost-effective manner in the interest of the province’s ratepayers and taxpayers.”

Some of the primary factors contributing to the increase in profits were higher revenues from offshore oil as a result of increased production along with higher global oil prices, higher electricity prices related to export energy sales and a reduction in gas turbine fuel expense, the release explained.

Among the other highlights from the first quarter, funds from operations were $100 million, an increase of $40 million over the same period in 2016. 

Capital expenditures, excluding the Maritime Link, meanwhile, were $548 million, up $90 million over the first quarter in 2016.  

Construction on both the generation and transmission components of the Lower Churchill Project continued to progress during the first quarter, the release noted.

Targets for concrete placement for the powerhouse and intake were exceeded while the grouting work planned on the temporary cofferdam was completed and continues to perform as designed.

Construction and commissioning of the line connecting Churchill Falls to Muskrat Falls was approximately 92 per cent complete as of the end of March, and the 1,100-kilometre Labrador-Island transmission link was roughly 76 per cent done. 

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