March 31,

December 31,

2014

2013

(unaudied)

Assets

Current assets:

Cash and cash equivalents

$

48.1

$

29.8

Accounts receivable

35.4

49.5

Current portion of derivative instruments asset

0.1

0.2

Inventory

13.1

13.1

Prepayments and other current assets

13.2

10.4

Refundable income taxes

3.0

4.1

Total current assets

112.9

107.1

Property, plant, and equipment, net

851.6

882.4

Equity investment in unconsolidated affiliate

154.6

153.8

Power purchase agreements and intangible assets, net

396.7

416.3

Goodwill

296.3

296.3

Derivative instruments asset

—

1.2

Deferred financing costs

38.9

—

Other assets

9.5

9.9

Total assets

$

1,860.5

$

1,867.0

Liabilities

Current liabilities:

Accounts payable

$

37.4

$

34.4

Accrued interest

5.9

10.5

Other accrued liabilities

18.1

30.1

Current portion of long-term debt

6.2

190.2

Current portion of derivative instruments liability

14.9

18.7

Dividends payable

—

3.1

Other current liabilities

4.5

5.2

Total current liabilities

87.0

292.2

Long-term debt

784.6

423.1

Derivative instruments liability

46.2

61.9

Deferred income taxes

92.9

106.2

Power purchase and fuel supply agreement liabilities, net

37.0

38.7

Other long-term liabilities

55.8

59.2

Total liabilities

1,103.5

981.3

Commitments and contingencies

Equity

Partners’ capital

1,019.9

1,011.6

Preferred shares issued by a subsidiary company

221.3

221.3

Accumulated other comprehensive loss

(40.8

)

(22.2

)

Retained deficit

(443.4

)

(325.0

)

Total equity

757.0

885.7

Total liabilities and equity

$

1,860.5

$

1,867.0

Three months ended 
March 31,

2014

2013

Project revenue:

Energy sales

$

59.0

$

57.8

Energy capacity revenue

28.4

31.4

Other

27.2

26.0

114.6

115.2

Project expenses:

Fuel

51.6

46.8

Operations and maintenance

22.0

21.1

Depreciation and amortization

27.7

29.1

101.3

97.0

Project other income (expense):

Change in fair value of derivative instruments

16.0

8.1

Equity in earnings of unconsolidated affiliates

0.8

0.7

Interest expense, net

(6.1

)

(2.8

)

10.7

6.0

Project income

24.0

24.2

Administrative and other expenses (income):

Administration

0.1

0.1

Interest, net

31.4

6.4

Foreign exchange gain

(6.6

)

(2.4

)

Other income, net

(2.1

)

—

22.8

4.1

Income from continuing operations before income taxes

1.2

20.1

Income tax benefit

(10.8

)

(2.7

)

Net income from continuing operations

12.0

22.8

Net (loss) income from discontinued operations

(0.1

)

0.3

Net income

11.9

23.1

Net income attributable to preferred shares dividends of a subsidiary company

2.8

3.2

Net income attributable to Atlantic Power Limited Partnership

$

9.1

$

19.9

Three months ended 
March 31,

2014

2013

Cash flows from operating activities:

Net income

$

11.9

$

23.1

Adjustments to reconcile to net cash (used in) provided by operating activities:

Depreciation and amortization

27.7

29.5

Gain on sale of asset

(2.1

)

—

Equity in earnings from unconsolidated affiliate

(0.8

)

(0.7

)

Unrealized foreign exchange gain

(6.6

)

(2.4

)

Change in fair value of derivative instruments

(16.0

)

(8.1

)

Change in deferred income taxes

(12.1

)

(4.1

)

Change in other operating balances

Accounts receivable

14.1

(2.5

)

Inventory

—

0.9

Prepayments, supplies and other assets

(1.4

)

(5.2

)

Accounts payable

3.4

(0.7

)

Accruals and other liabilities

(19.3

)

(9.8

)

Cash flows (used in) provided by operating activities

(1.2

)

20.0

Cash flows provided by (used in) investing activities:

Proceeds from sale of asset, net

1.0

—

Purchase of property, plant and equipment

(2.3

)

(0.7

)

Cash flows used in investing activities

(1.3

)

(0.7

)

Cash flows provided by (used in) financing activities:

Proceeds Senior secured term loan facility

600.0

—

Repayment of corporate and project-level debt

(415.0

)

—

Contributions from parent

8.1

—

Distributions to parent

(127.5

)

(13.8

)

Deferred financing costs

(38.9

)

—

Dividends paid on preferred shares of a subsidiary company

(5.9

)

(3.2

)

Cash flows provided by (used in) financing activities

20.8

(17.0

)

Net increase in cash and cash equivalents

18.3

2.3

Cash and cash equivalents at beginning of period

29.8

11.3

Cash and cash equivalents at end of period

$

48.1

$

13.6

Supplemental cash flow information

Interest paid

$

36.9

$

12.2

Taxes paid

$

0.6

$

1.4