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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/15/2019
Entire Document
 

Year Ended December 31, 2017 Compared to Year Ended December 31, 2016

Operating Revenues, net

Operating revenues, net for the years ended December 31, 2017 and 2016 were as follows:
 
 
Year Ended December 31,
 
 
(In thousands, other than MW data)
 
2017
 
2016
 
Change
Energy:
 
 
 
 
 
 
Solar
 
$
232,791

 
$
258,114

 
$
(25,323
)
Wind
 
246,838

 
248,617

 
(1,779
)
Incentives including affiliates:
 
 
 
 
 
 
Solar
 
104,442

 
119,374

 
(14,932
)
Wind
 
26,400

 
28,451

 
(2,051
)
Total operating revenues, net
 
$
610,471

 
$
654,556

 
$
(44,085
)
 
 
 
 
 
 
 
GWh sold:
 
 
 
 
 
 
Solar
 
1,895

 
2,225

 
(330
)
Wind
 
5,381

 
5,499

 
(118
)
Total GWh sold
 
7,276

 
7,724

 
(448
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
Nameplate capacity (MW):
 
2017
 
2016
 
Change
Solar
 
1,084

 
1,452

 
(368
)
Wind
 
1,614

 
1,531

 
83

Total nameplate capacity
 
2,698

 
2,983

 
(285
)

Energy revenue for our Solar segment decreased by $25.3 million during the year ended December 31, 2017, compared to the same period in 2016, primarily due to a $16.1 million decrease resulting from the sale of renewable energy facilities in the second quarter of 2017, a $5.7 million decrease due to lower Distributed Generation solar resource and a $7.7 million decrease due to lower Utility solar resource. Energy revenue for our Wind segment decreased by $1.8 million driven by a $13.6 million decrease resulting from lower Utility wind resource that was partially offset by a $6.7 million increase due to higher availability of our fleet and a $4.9 million increase in unrealized gains on commodity contract derivatives.

Incentive revenue for our Solar segment decreased by $14.9 million during the year ended December 31, 2017, compared to the same period in 2016, primarily due to a $19.6 million decrease resulting from the sale of renewable energy facilities in the second quarter of 2017 that was partially offset by a $9.1 million increase resulting from higher contracting of incentives as compared to the prior year. Incentive revenue for our Wind segment decreased by $2.1 million, primarily due to lower contracting of incentives as compared to the prior year.



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