Duke Energy international segment recovers in Q3
US-based Duke Energy (NYSE: DUK) saw earnings in its international segment recover in Q3 as rainfall in South America brought water levels back to normal.
Third quarter income in the international segment was US$116mn compared to US$87mn in Q2 and US$103mn in the year-ago period led by higher prices in Brazil and returns from the Chilean acquisition in December 2012, according to CFO Steve Young.
In Brazil, water levels at hydro plants have stabilized. In October, average water levels finally surpassed the year-ago mark after being alarmingly low in the first months of 2013.
Also, run-of-the-river hydros in Chile are benefiting from heavy rainfall.
"The weakness experienced in international in the first half is not expected to recur in 2014," Young said in a quarterly webcast.
However, international earnings will continue to be sensitive to foreign exchange, which partially offset the operational improvements in Q3, Young added.
Duke owns approximately 4.9GW thermo and hydro generation capacity in Argentina, Brazil, Chile, Ecuador, El Salvador, Guatemala and Peru.
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