Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 307

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 307
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 in a joint venture with over 2 GW of pumped storage capacity in the U. K. and a ~1.6 GW portfolio of operating and under construction wind and solar assets in India

PART 2 - FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION

The following table reflects key financial data for the year endedDecember 31:

  (MILLIONS, EXCEPT AS NOTED)                         2024                    2023                    2022               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenues                                               $        5,876          $        5,038          $        4,711  
  Direct operating costs                                        (2,580)                 (1,933)                 (1,434)  
  Management service costs                           (204)                   (205)                   (243)               
  Interest expense                                              (1,988)                 (1,627)                 (1,224)  
  Depreciation                                                  (2,010)                 (1,852)                 (1,583)  
  Income tax recovery                                  191                      48                       2               
  Net (loss) income                                    (9)                     616                     138               
                                   Average FX rates to USD                                                               
  C$                                                  1.37                    1.35                    1.30               
  €                                                   0.92                    0.92                    0.95               
  R$                                                  5.39                    4.99                    5.16               
  COP                                                             4,071                   4,328                   4,253  

Current Year Variance Analysis (2024 vs 2023)

Revenues totaling $5,876 million represents an increase of $838 million compared to prior year due to the growth of our business, inflation escalation on contracted generation and high asset availability. Recently acquired and commissioned facilities contributed 14,376 GWh of generation and $764 million of revenues, which was partially offset by recently completed asset sales that reduced generation by 900 GWh and revenues by $80 million. On a same store, constant currency basis, revenues increased by $142 million as the benefits from inflation escalation on our contracted generation in Canada, Brazil and Colombia and stronger generation at our wind and solar portfolios were offset by lower resources at our hydroelectric portfolio.

The strengthening of the Colombian peso relative to the U. S. dollar compared to the prior year was offset by the relative weakening of the Brazilian real and Canadian