March 31,

December 31,

2015

2014

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

47.9

$

50.2

Accounts receivable

40.8

46.4

Inventory

12.4

16.2

Prepayments and other current assets

10.4

10.6

Refundable income taxes

0.1

0.7

Total current assets

111.6

124.1

Property, plant, and equipment, net

745.4

791.1

Equity investment in unconsolidated affiliate

132.4

135.0

Power purchase agreements and intangible assets, net

327.2

348.4

Goodwill

197.2

197.2

Derivative instruments asset

0.3

1.1

Deferred financing costs

35.2

36.5

Other assets

9.1

9.0

Total assets

$

1,558.4

$

1,642.4

Liabilities

Current liabilities:

Accounts payable

$

5.2

$

7.9

Related party payables

59.3

$

57.8

Accrued interest

2.7

0.2

Other accrued liabilities

16.8

20.5

Current portion of long-term debt

5.4

5.6

Current portion of derivative instruments liability

27.9

29.7

Other current liabilities

5.7

6.8

Total current liabilities

123.0

128.5

Long-term debt

681.1

717.5

Derivative instruments liability

30.1

35.4

Deferred income taxes

87.2

91.1

Power purchase and fuel supply agreement liabilities, net

31.0

33.4

Other long-term liabilities

52.1

53.8

Total liabilities

1,004.5

1,059.7

Commitments and contingencies

Equity

Partners’ capital

1,020.1

1,020.1

Accumulated other comprehensive loss

(101.1

)

(65.9

)

Retained deficit

(586.4

)

(592.8

)

Total Atlantic Power Limited Partnership equity

332.6

361.4

Preferred shares issued by a subsidiary company

221.3

221.3

Total equity

553.9

582.7

Total liabilities and equity

$

1,558.4

$

1,642.4

Three months ended
March 31,

2015

2014

Project revenue:

Energy sales

$

49.6

$

59.0

Energy capacity revenue

27.7

28.4

Other

23.5

27.2

100.8

114.6

Project expenses:

Fuel

40.9

51.6

Operations and maintenance

17.3

22.0

Depreciation and amortization

25.0

27.7

83.2

101.3

Project other income (expense):

Change in fair value of derivative instruments

0.9

16.0

Equity in earnings of unconsolidated affiliates

0.6

0.8

Interest expense, net

—

(6.1

)

1.5

10.7

Project income

19.1

24.0

Administrative and other expenses (income):

Administration

0.2

0.1

Interest, net

12.0

31.4

Foreign exchange gain

(14.3

)

(6.6

)

(2.1

)

24.9

Loss from continuing operations before income taxes

21.2

(0.9

)

Income tax benefit

(0.8

)

(10.8

)

Net income from continuing operations

22.0

9.9

Net income from discontinued operations

—

2.0

Net income

22.0

11.9

Net income attributable to preferred shares of a subsidiary company

2.3

2.8

Net income attributable to Atlantic Power Limited Partnership

$

19.7

$

9.1

Three months
ended March 31,

2015

2014

Cash flows from operating activities:

Net income

$

22.0

$

11.9

Adjustments to reconcile to net cash provided by operating activities:

Depreciation and amortization

25.0

27.7

Gain on sale of asset

—

(2.1

)

Distributions from unconsolidated affiliate

3.2

—

Equity in earnings from unconsolidated affiliate

(0.6

)

(0.8

)

Unrealized foreign exchange gain

(14.3

)

(6.6

)

Change in fair value of derivative instruments

(0.9

)

(16.0

)

Change in deferred income taxes

(1.9

)

(12.1

)

Change in other operating balances

Accounts receivable

5.6

14.1

Inventory

3.8

—

Prepayments, supplies and other assets

1.9

(1.4

)

Accounts payable

(5.4

)

3.4

Accruals and other liabilities

(2.4

)

(19.3

)

Cash flows provided by (used in) operating activities

36.0

(1.2

)

Cash flows used in investing activities:

Proceeds from sale of asset, net

—

1.0

Purchase of property, plant and equipment

(1.2

)

(2.3

)

Cash flows used in investing activities

(1.2

)

(1.3

)

Cash flows (used in) provided by financing activities:

Proceeds from senior secured term loan facility

—

600.0

Repayment of corporate and project-level debt

(21.4

)

(415.0

)

Contributions from parent

—

8.1

Distributions to parent

(13.4

)

(127.5

)

Deferred financing costs

—

(38.9

)

Dividends paid on preferred shares of a subsidiary company

(2.3

)

(5.9

)

Cash flows (used in) provided by financing activities

(37.1

)

20.8

Net (decrease) increase in cash and cash equivalents

(2.3

)

18.3

Cash and cash equivalents at beginning of period

50.2

29.8

Cash and cash equivalents at end of period

$

47.9

$

48.1

Supplemental cash flow information

Interest paid

$

6.8

$

36.9

Taxes paid

$

0.8

$

0.6