Review of Operations
Generation for the fourth quarter totaled 4,053 GWh, an increase of 205 GWh or 5% as compared to the same period of the prior year. This was primarily due to increased generation from our Canadian hydroelectric portfolio and contributions from our wind facilities acquired or commissioned during the year.
Generation from our hydroelectric portfolio totaled 3,325 GWh, a decrease of 66 GWh as a result of lower inflows from the drier than normal conditions in New York and the mid-western United States. This was partly offset by additional generation from a recently acquired portfolio in Tennessee and North Carolina and higher generation in eastern Canada. Generation from our hydroelectric portfolio in Brazil was slightly higher due to new facilities acquired or commissioned during the year.
Generation from our wind portfolio totaled 483 GWh, an increase of 228 GWh, as a result of the recently acquired or commissioned facilities in California and New England, and from an Ontario facility commissioned in 2011. Results were below long-term average for the current period primarily due to lower wind conditions.
For the fourth quarter of 2012, funds from operations were $74 million ($0.28 per unit) as compared with $52 million ($0.20 per unit) in 2011 on a pro forma basis.
For the full year, generation was 15,942 GWh as compared to 15,877 GWh in 2011. Long-term average for 2012 would have resulted in generation of 18,202 GWh, as the actual results reflect the below-average hydrology in the second and third quarters of 2012. Funds from operations were $347 million ($1.32 per unit) as compared with $433 million ($1.65 per unit) in 2011 on a pro forma basis.
The tables below summarize generation by segment and region:
---------------------------------------------------------------------------- Generation (GWh) Variance of Results----------------------------------------------------------------------------For the three months Actual Actual LTA Actual vs. Actual vs. ended December 31 2012 2011 2012 LTA Prior Year--------------------------------------------------------------------------------------------------------------------------------------------------------Hydroelectric generation United States 1,447 1,756 1,869 (422) (309) Canada 954 756 1,175 (221) 198 Brazil(1) 924 879 924 - 45---------------------------------------------------------------------------- 3,325 3,391 3,968 (643) (66)----------------------------------------------------------------------------Wind Energy Canada 325 255 343 (18) 70 United States 158 - 191 (33) 158Other 245 202 104 141 43----------------------------------------------------------------------------Total generation(2) 4,053 3,848 4,606 (553) 205--------------------------------------------------------------------------------------------------------------------------------------------------------(1) In Brazil, assured generation levels are used as a proxy for long-term average.(2) Includes 100% of generation from equity-accounted investments.---------------------------------------------------------------------------- Generation (GWh) Variance of Results----------------------------------------------------------------------------For the year ended Actual Actual LTA Actual vs. Actual vs. December 31 2012 2011 2012 LTA Prior year--------------------------------------------------------------------------------------------------------------------------------------------------------Hydroelectric generation United States 5,913 7,150 7,205 (1,292) (1,237) Canada 3,953 4,056 4,972 (1,019) (103) Brazil(1) 3,470 3,307 3,470 - 163---------------------------------------------------------------------------- 13,336 14,513 15,647 (2,319) (1,177)----------------------------------------------------------------------------Wind Energy Canada 1,090 662 1,197 (107) 428 United States 619 - 837 (218) 619Other 897 702 521 376 195----------------------------------------------------------------------------Total generation(2) 15,942 15,877 18,202 (2,260) 65-------------------------------------------------------------------------------------------------------------------------------------------------------- (1)In Brazil, assured generation levels are used as a proxy for long-term average.(2) Includes 100% of generation from equity-accounted investments.
