Looking Ahead Have no claim to corporate accounting skills so reading financial statements is challenging to say the least.
1.Trying to figure out the impact of new PPAs at Lake and Auburndale is beyond me other than that they won't have an impact until middle of next year at the earliest while Canadian Hills and Piedmont will make additional contributions already starting next month so seems like there is a 6 month overlap there.
2. Looks like Path has debt of $142 and bonds $145 plus California allowed a ROE of 13% at $27 which makes equity $207 so hopefully they can sell it for $474 million with $207 for us.
3. Delta-Person and Gregory have bonds of $34 and debt $19 remaining owed to Epsilon Power which is owned by AT. If debt/equity ratio is same as for Path (.58) then ATP has equity of $22 million.
4. Maybe Epsilon Power Partners is sitting on some cash that can be released next year when the non distribution entities disappear?
If these numbers are correct then if ATP sells these projects next year they/we could be the beneficiaries of $229 million which would go a long way towards paying $130 million of dividends per year.
Somebody care to comment on this angle?