During the first three months of 2013, NUKEM delivered 2.3 million pounds of uranium and 0.3 million kgU of conversion services. On a consolidated basis, NUKEM contributed $131 million in revenues, $4 million in gross profit and an adjusted net loss (see non-IFRS measure) of $1 million as administrative and financing charges more than offset gross profits in the quarter. NUKEM's contribution to our earnings is significantly impacted by our purchase price accounting. Excluding the impact of the purchase accounting, NUKEM's adjusted net earnings (see non-IFRS measure) were $16 million for the quarter. NUKEM generated strong cash flows of $99 million from its operating activities during the first quarter due largely to a drawdown of inventory and the collection of accounts receivable.
As noted above, much of the NUKEM purchase price was attributable to inventories and the portfolio of contracts. With respect to nuclear fuel inventories, amounts assigned were based on market values as of the date of acquisition. As these quantities are delivered to NUKEM's customers, we will adjust the cost of product sold to reflect the values at the acquisition date, regardless of NUKEM's historic costs.
As of the date of the purchase agreement, had NUKEM's sales and purchase contracts been settled, it would have realized significant financial benefit and as a result, we paid a premium to acquire the portfolio. Accordingly, a portion of the purchase price has been attributed to the various contracts. In our accounting for NUKEM, we will amortize the amounts assigned to the portfolio in the periods in which NUKEM transacts under the relevant contracts. The net effect is a reduction in reported profit margins relative to NUKEM's results. We expect the majority of the amount allocated to the contract portfolio will be amortized within two years.
Total electricity revenue decreased 14% this quarter due to lower output and lower realized price. Realized prices reflect spot sales, revenue recognized under BPLP's agreement with the OPA, and financial contract revenue. BPLP recognized revenue of $124 million this quarter under its agreement with the OPA, compared to $185 million in the first quarter of 2012. The equivalent of about 77% of BPLP's output was sold under financial contracts this quarter, compared to 62% in the first quarter of 2012. From time to time, BPLP enters the market to lock in gains under these contracts. Gains on BPLP's contract activity in the first quarter of 2013 were lower than the same period in 2012.
The capacity factor was 78% this quarter, down from 85% in the first quarter of 2012. There were 70 planned and nine unplanned outage days in the quarter, compared to 46 planned and five unplanned outage days in the first quarter of 2012.
Operating costs were $283 million compared to $255 million in 2012 due to higher maintenance costs incurred primarily as a result of more planned outage days in the first quarter.
The result was a $1 million loss before taxes in the first quarter of 2013 compared to $79 million in earnings before taxes in the first quarter of 2012.
BPLP distributed $100 million to the partners in the first quarter. Our share was $32 million. BPLP capital calls to the partners in the first quarter were $7 million. Our share was $2 million. The partners have agreed that BPLP will distribute excess cash monthly, and will make separate cash calls for major capital projects.
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