Equity method investments in unconsolidated affiliates (Tables)

12 Months Ended

Dec. 31, 2020

Equity method investments in unconsolidated affiliates

Schedule of equity method investments

	Percentage of	Carrying value as of
	Ownership as of	December 31,
Entity name	December 31, 2020	2020		2019
Frederickson(1)	50%	$	58.9	$	65.2
Orlando Cogen, LP	50%		2.5		3.6
Chambers Cogen, LP	40%		8.0		9.0
Craven County Wood Energy, LP (2)	50%		8.2		9.5
Grayling Generating Station, LP (2)	30%		7.4		9.3
Total		$	85.0	$	96.6

(1) We own 50.15% of Frederickson. However, we do not have financial control of the entity. The Frederickson entity is organized under a joint ownership agreement. Under the terms of that agreement, the two owner parties have joint control of the asset and substantive participating rights through the structure of its Owner’s Committee. Each party has equal representation on this committee and unanimous consent is required over all significant decisions of the entity. These significant decisions include, but are not limited to (i) approval of the annual operating plan, annual operating budget, annual capital budget and five-year forecasts, (ii) approval of all expenditures in excess of the approved budget, (iii) adoption of procedures intended to govern the operation and conduct of the facility, and (iv) entering into, amending, supplementing or terminating any project agreement. Disputes between the owners for these significant decisions are subject to independent arbitration. Accordingly, since we do not control the project, Frederickson is accounted for under the equity method of accounting.

(2) In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.

Equity (deficit) in earnings (loss) of equity method investments

	Year Ended December 31,
Entity name	2020		2019
Frederickson	$	8.3	$	9.1
Orlando Cogen, LP		33.1		33.0
Chambers Cogen, LP		4.4		(46.0)
Craven County Wood Energy, LP (1)		(1.8)		0.1
Grayling Generating Station, LP (1)		(1.1)		0.8
Total earnings (loss) of unconsolidated affiliates		42.9		(3.0)
Distributions from equity method investments		(54.2)		(59.5)
Deficit in earnings of equity method investments, net of distributions	$	(11.3)	$	(62.5)

(1) In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.

Summarized financial position information

	2020		2019
Assets
Current assets
Frederickson	$	1.9	$	2.1
Orlando Cogen, LP		7.8		7.8
Chambers Cogen, LP		14.8		14.4
Craven County Wood Energy, LP (1)		2.2		4.4
Grayling Generating Station, LP (1)		2.6		3.3
Non-current assets
Frederickson		57.8		63.9
Orlando Cogen, LP		5.1		6.1
Chambers Cogen, LP		44.6		56.5
Craven County Wood Energy, LP (1)		7.9		5.8
Grayling Generating Station, LP (1)		6.5		6.8
	$	151.2	$	171.1
Liabilities
Current liabilities
Frederickson	$	0.3	$	0.3
Orlando Cogen, LP		10.3		10.2
Chambers Cogen, LP		15.8		13.7
Craven County Wood Energy, LP (1)		2.3		0.8
Grayling Generating Station, LP (1)		0.7		0.5
Non-current liabilities
Frederickson		0.5		0.5
Orlando Cogen, LP		0.1		—
Chambers Cogen, LP		35.6		48.2
Craven County Wood Energy, LP (1)		0.4		—
Grayling Generating Station, LP (1)		0.2		0.3
	$	66.2	$	74.5

(1) In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.

Summary of operating results

Operating results	2020		2019
Revenue
Frederickson	$	29.2	$	36.0
Orlando Cogen, LP		60.2		61.5
Chambers Cogen, LP		38.4		39.4
Craven County Wood Energy, LP (1)		9.6		4.9
Grayling Generating Station, LP (1)		3.5		2.2
		140.9		144.0
Project expenses
Frederickson		20.9		26.9
Orlando Cogen, LP		27.0		28.5
Chambers Cogen, LP		32.5		34.6
Craven County Wood Energy, LP (1)		11.4		4.7
Grayling Generating Station, LP (1)		4.5		1.8
		96.3		96.5
Project other (income) expenses
Frederickson		—		—
Orlando Cogen, LP		(0.1)		—
Chambers Cogen, LP		(1.5)		(50.9)
Craven County Wood Energy, LP (1)		—		—
Grayling Generating Station, LP (1)		(0.1)		0.4
		(1.7)		(50.5)
Net income (loss)
Frederickson		8.3		9.1
Orlando Cogen, LP		33.1		33.0
Chambers Cogen, LP		4.4		(46.1)
Craven County Wood Energy, LP (1)		(1.8)		0.2
Grayling Generating Station, LP (1)		(1.1)		0.8
Equity in earnings (loss) of unconsolidated affiliates	$	42.9	$	(3.0)

(1) In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3, Acquisitions and divestments.