Brookfield Renewable Energy Partners L.P. (BEP_UN.TO) reported that its first quarter of 2013 funds from operations decreased to $162 million from $175 million in the first quarter of 2012. Results in 2012 reflect above average hydrology and strong generation notably in markets where power purchase agreement prices are higher than its average price. Funds from operations was $0.61 per unit, down from $0.66 per unit in the year ago quarter.
Net income attributable to Limited partners' equity was $31 million, up from $15 million in the prior year quarter. Earnings per LP Unit increased to $0.23 from $0.11 in the year ago quarter.
Quarterly revenues increased to $437 million from last year's $426 million.
The Board of Directors has declared a quarterly distribution in the amount of 0.3625 per unit, payable on July 31, 2013 to unitholders of record as at the close of business on June 30, 2013. The recent increase in the quarterly distribution to $1.45 per unit on an annualized basis took effect with the first quarter distribution paid on April 30, 2013.
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