If the conversion is completed as planned, each IPS will be exchanged for one new common share of the Company and for future distributions, the Company's entire monthly cash distribution of Cdn$0.0912 per IPS will be paid as a dividend on the new common shares.

Atlantic Power Corporation designates this dividend to be an "eligible dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and its equivalent in any provinces of Canada.

Atlantic Power Corporation owns interests in a diversified portfolio of 14 power generation projects and one transmission line located in major markets in the United States. Atlantic Power's objectives are to maintain the stability of cash distributions to its shareholders and increase the long term value of the Company by enhancing the performance of its existing assets and by making accretive acquisitions.

SOURCE: Atlantic Power Corporation

Atlantic Power Corporation
Patrick Welch
(617) 977-2700
info@atlanticpower.com

If the conversion is completed as planned, each IPS will be exchanged for one new common share of the Company and for future distributions, the Company's entire monthly cash distribution of Cdn$0.0912 per IPS will be paid as a dividend on the new common shares.

Atlantic Power Corporation designates this dividend to be an "eligible dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and its equivalent in any provinces of Canada.

Atlantic Power Corporation owns interests in a diversified portfolio of 14 power generation projects and one transmission line located in major markets in the United States. Atlantic Power's objectives are to maintain the stability of cash distributions to its shareholders and increase the long term value of the Company by enhancing the performance of its existing assets and by making accretive acquisitions.

Contacts:
Atlantic Power Corporation
Patrick Welch
(617) 977-2700
info@atlanticpower.com

SOURCE: Atlantic Power Corporation

mailto:info@atlanticpower.com

--  Third quarter Adjusted EBITDA up 3%
--  83% payout ratio for first nine months of 2009
--  2009 project distributions guidance raised; long-term guidance confirmed
--  Conversion to common share structure and U.S. listing to enhance growth
    prospects
--  Internalization of management fully aligns interests with all investors

"Our results for the first nine months of 2009 enable us to confirm our 2009 guidance during a period of significant stresses in the economy," commented Barry Welch, President and CEO. "Our proposed conversion to a traditional common share structure followed by a U.S. listing in the first half of 2010 will provide several key benefits: it will reduce our capital cost, enhance our ability to raise new financing to capitalize on accretive growth opportunities, and increase cash flow," Mr. Welch continued. "The conversion will also reduce the Company's leverage by eliminating the subordinated notes portion of the IPS, eliminate the associated refinancing risk of the subordinated notes, and effectively increase after-tax cash distributions to taxable investors both in Canada and the United States."

The Board of Directors has recommended a favourable vote on the conversion and the Company's largest holder of IPSs, the Caisse de Depot et Placement du Quebec, which owns approximately 19% of the outstanding IPSs and Cdn$36.5 million principal amount of separate subordinated notes, has expressed its support of the conversion and indicated their intention to vote their IPSs in favour of the conversion. Details regarding the conversion were provided in a Management Information Circular mailed to all IPS holders, which is available on SEDAR and on the Company's website. A Special meeting of IPS holders will be held on November 24 to consider the matter.

Operating Performance

Adjusted EBITDA at the Projects, including earnings from equity investments, increased by 3% or $0.8 million for the quarter ended September 30, 2009 compared to the same period last year. Adjusted EBITDA in the third quarter was affected by a number of factors, including:

--  Increased EBITDA attributable to the acquisition of the Auburndale
    project in November 2008.
--  Decreased EBITDA at Chambers attributable to lower levels of dispatch by
    the utility off-taker in connection with reduced demand and lower
    natural gas and power prices in the region. Operating the plant at a
    lower capacity factor also decreased its efficiency, further
    contributing to reduced operating margins.
--  Reduced EBITDA at Lake attributable to higher fuel expense due to
    natural gas purchases at higher prices than those under the supply
    contract that expired in June 2009. The Company is continuing to execute
    a hedging strategy to mitigate its future exposure to changes in natural
    gas prices.
--  Lower EBITDA at Pasco due to commencement of the Project's new ten-year
    tolling agreement on January 1, 2009 at lower rates than the previous
    power purchase agreement ("PPA") that expired at the end of 2008.

For the nine months ended September 30, 2009, Adjusted EBITDA decreased by $20.8 million compared to the same period last year. In addition to the factors described above, results for the first nine months of the year were impacted by the following:

--  Decreased EBITDA attributable to a major planned outage at Chambers in
    the second quarter of 2009.
--  The absence of EBITDA at Onondaga as the contracts that provided
    substantially all of the project's cash flow expired in the second
    quarter of 2008.
--  The distribution during the first quarter of 2008 from the cost method
    Gregory project related to the non-recurring release of debt service
    reserves.

Cash Flow Available for Distribution

For the three months ended September 30, 2009, Cash Flow Available for Distribution increased to $12.5 million compared to $10.2 million for the same period last year. For the first nine months of 2009, Cash Flow Available for Distribution declined to $52.2 million compared to $66.6 million for the same period in 2008. The decrease is due primarily to changes in adjusted EBITDA as outlined above.

Distributions declared in the third quarter of 2009 were $15.3 million, resulting in a payout ratio of 123% compared to $15.4 million and a payout ratio of 152% in last year's third quarter. For the nine months ended September 30, 2009, Distributions declared were $43.1 million, resulting in a payout ratio of 83% compared to $47.9 million and a 72% payout ratio for the same nine month period last year. As previously discussed, the payout ratio varies from quarter to quarter based on factors that include the timing of semi-annual payments on non-recourse debt at some of the Company's projects.

Recent Developments

On October 13, 2009, the Company announced that it would be seeking a vote from holders of its IPSs to approve a conversion from the Company's current IPS structure to a traditional common share structure. Following completion of the conversion, the Company will maintain its current business strategy and its current distribution levels. Under the proposed conversion, each IPS will be exchanged for one new common share of the Company. Following the conversion, the Company's entire current monthly cash distribution of Cdn$0.0912 per IPS will be paid as a dividend on the new common shares. In addition, the Company announced its intention to list the new common shares on the New York Stock Exchange in the first half of 2010.

The Company also announced on October 13, 2009 that it has agreed to pay ArcLight Capital Partners, LLC $15 million to terminate its management agreements, consisting of a $6 million payment at the termination date, expected at the end of 2009, and additional payments of $5 million, $3 million and $1 million on the respective first, second and third anniversaries of the termination date. In connection with the termination of the management agreement, the Company will hire all current employees of Atlantic Power Management, LLC and will enter into new employment agreements with the officers of the Manager.

During the three month period ended September 30, 2009, management reviewed the recoverability of its investment in the Rumford project. The review was undertaken as a result of not receiving distributions from the Project through the first nine months of 2009 and management's view about the long-term economic viability of the plant when the current PPA expires on December 31, 2009. Based on this review, management determined that the carrying value of the Rumford project was impaired and recorded a pre-tax long-lived asset impairment of $5,500 as of September 30, 2009.

On August 14, 2009, the Company signed an agreement to sell its 50% interest in the Mid-Georgia Project. Mid-Georgia is a 308 MW dual-fuel, combined-cycle cogeneration project located in Kathleen, Georgia. The closing of the sale is subject to customary closing conditions and is anticipated to occur before the end of 2009. Historically, Mid-Georgia has provided minimal Adjusted EBITDA and was not expected to make cash distributions to the Company for the next several years. The proceeds from the sale will be used to finance future growth.

On July 27, 2009, the Company signed an agreement to sell its 50% interest in the Stockton Project for a nominal cash payment. Closing of the sale is subject to customary closing conditions and is anticipated to occur before the end of 2009. The Company recorded a book loss on the sale of approximately $1.7 million and expects to generate a tax loss of approximately $12 million. The tax loss on the sale of Stockton will be available to mitigate the estimated $12 million tax gain on the sale of Mid-Georgia and will increase the after-tax cash proceeds of the Mid-Georgia disposition. Stockton is a 55 MW coal/biomass cogeneration facility located in Stockton, California. The project is facing additional capital investment in order to use more biomass fuel and historically has only provided approximately 2% of the Company's Adjusted EBITDA.

During the nine months ended September 30, 2009, the Company acquired 481,600 IPSs at an average price of Cdn$8.42 under the terms of its existing normal course issuer bid. As of September 30, 2009, the Company had acquired a cumulative total of 1,040,220 IPSs at an average price of Cdn$8.61 since the inception of the issuer bid. The issuer bid terminated on July 24, 2009. The Company does not anticipate additional share repurchases at this time.

Guidance

Based on year-to-date results and management projections for the remainder of the year, the Company expects to receive distributions from its Projects in the range of $95 million to $100 million for the full year 2009, which represents a $5 million improvement over guidance previously disclosed. This amount represents a decrease of approximately $25 million to $30 million compared to distributions received from the Projects in 2008. The decrease in 2009 Project distributions has historically been included in long-term cash flow projections when management periodically confirms the Company's ability to continue paying distributions to shareholders at current levels.

In addition, the Company confirms its previous long-term guidance that based on management projections, the Company's cash on hand and projected future cash flows only from existing Projects are sufficient to meet the current level of cash distributions to IPS holders into 2015 before considering any positive impact from potential acquisitions or organic growth opportunities. The calculation of Cash Flow Available for Distribution and a summary of Adjusted EBITDA by individual project for the three and nine months ended September 30, 2009 are attached to this news release.

The Company's financial statements for the period and management's discussion and analysis for the three and nine months ended September 30, 2009 are available on the Company's website at www.atlanticpowercorporation.com and on SEDAR at www.sedar.com.

Certain statements in this MD&A may constitute "forward-looking statements", which reflect the expectations of Atlantic Power Management, LLC (the "Manager") regarding future growth, results of operations, performance and business prospects and opportunities of Atlantic Power Corporation and the Projects (as defined below). Examples of such statements include, but are not limited to statements with respect to the following:

--  the expectation that the Company's cash on hand and projected future
    cash flows from existing Projects will be adequate to meet the current
    level of cash distributions to IPS holders into 2015 without additional
    acquisitions;
--  the amount of distributions expected to be received from the Projects
    for the full year 2009;
--  the intention of the Company to continue to pay out the same level of
    distributions following the completion of the proposed common share
    conversion;
--  the intention of the Company to seek a listing of the new common shares
    on the New York Stock Exchange in the first half of 2010;
--  the expected access to, and cost of, capital following the completion of
    the Conversion; and
--  the expected completion of the dispositions of the Company's investments
    in Stockton and Mid-Georgia.

Such forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to the assumption that the Projects will operate and perform in accordance with the Company's expectations. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be achieved. In addition to the assumption described above, reference should also be had to the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 30, 2009. Although the forward-looking statements contained in this news release are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. The financial outlook information contained in this news release is presented to provide readers with guidance on the cash distributions expected to be received by the Company and to give readers a better understanding of the Company's ability to pay its current level of distributions into the future. Readers are cautioned that such information may not be appropriate for other purposes.

Cash Flow Available for Distribution is not a measure recognized under Canadian generally accepted accounting principles ("GAAP") and does not have a standardized meaning prescribed by GAAP. Management believes Cash Flow Available for Distributions is a relevant supplemental measure of the Company's ability to earn and distribute cash returns to investors. A reconciliation of Cash Flows from Operating Activities to Cash Flow Available for Distributions is attached to this news release and is also included in the Company's management's discussion and analysis for the three months ended September 30, 2009. Investors are cautioned that the Company may calculate this measure in a manner that is different from other companies.

Adjusted EBITDA is defined as income from continuing operations less interest, taxes, depreciation and amortization (including non-cash impairment charges) and changes in fair value of derivative instruments. Adjusted EBITDA is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. Management uses unaudited Adjusted EBITDA at the Projects to provide comparative information about Project performance. Investors are cautioned that the Company may calculate this measure in a manner that is different from other companies.

About Atlantic Power

Atlantic Power Corporation owns interests in a diversified portfolio of 14 power generation projects and one transmission line located in major markets in the United States. Atlantic Power's objectives are to maintain the stability of cash distributions to its shareholders and increase the long term value of the Company by enhancing the performance of its existing assets and by making accretive acquisitions. For more information, please visit the Corporation's website at www.atlanticpower.com.

Atlantic Power Corporation
Cash Flow Available for Distribution
(In thousands of U.S. dollars, except
 as otherwise stated)
                                           Three months         Nine months
                                                  ended               ended
                                           September 30,       September 30,
(unaudited)                                2009    2008      2009      2008
----------------------------------------------------------------------------
Cash flows from operating activities of
 continuing operations                    8,138   6,823    44,583    63,179
Project-level debt repayments            (3,472) (5,725)  (14,372)  (22,999)
Interest on IPS portion of Subordinated
 Notes                                    8,879   9,242    24,957    28,637
Purchase of property, plant and
 equipment                               (1,091)   (190)   (2,967)   (2,263)
----------------------------------------------------------------------------
Cash Flow Available for Distribution(1),
 US$                                     12,454  10,150    52,201    66,554
 Per Basic IPS, US$                       $0.21   $0.17     $0.86     $1.08
 Per Diluted IPS, US$                     $0.19   $0.15     $0.82     $1.03
Interest on IPS Subordinated Notes        8,879   9,242    24,957    28,637
Dividends on IPS Common Shares            6,438   6,206    18,110    19,230
----------------------------------------------------------------------------
Total IPS distributions, US$             15,317  15,448    43,067    47,867
 Per IPS, US$                             $0.25   $0.25     $0.71     $0.78
Payout ratio                                123%    152%       83%       72%
Cash Flow Available for Distribution,
 Cdn$                                    13,670  10,572    61,029    67,804
 Per Basic IPS, Cdn$                      $0.23   $0.17     $1.01     $1.10
 Per Diluted IPS, Cdn$                    $0.21   $0.16     $0.95     $1.05
Total IPS distributions, Cdn$            16,557  16,216    49,791    48,815
 Per IPS, Cdn$                            $0.27   $0.26     $0.82     $0.79
----------------------------------------------------------------------------
(1) Cash Flow Available for Distribution is not a recognized measure under
    GAAP and does not have any standardized meaning prescribed by GAAP.
    Therefore, this measure may not be comparable to similar measures
    presented by other issuers. See "Non-GAAP Financial Measures".
Atlantic Power Corporation
Project Adjusted EBITDA(1) (in
 thousands of U.S. dollars)               Three months          Nine months
                                    ended September 30,  ended September 30,
(unaudited)                           2009        2008     2009        2008
----------------------------------------------------------------------------
Adjusted EBITDA(1) from
 consolidated and proportionately
 consolidated Projects
Auburndale                           9,707           -   28,254           -
Badger Creek                           733         377    2,465       2,664
Chambers                             4,299       8,081    9,325      21,537
Koma Kulshan                            64         334      476         653
Lake                                 5,130       8,364   20,749      25,062
Onondaga                                 -        (314)       -       8,332
Orlando                              2,111       2,733    6,085       3,037
Pasco                                  244       1,292    3,116      17,293
Topsham                                415         415    1,533       1,670
Path 15                              7,061       8,131   20,894      22,555
Other                                   88          37     (222)        578
----------------------------------------------------------------------------
Total adjusted EBITDA(1) from
 consolidated and proportionately
 consolidated Projects              29,852      29,450   92,675     103,381
Amortization                        13,677      10,461   42,154      32,552
Interest expense, net                5,610       5,397   17,479      16,666
Change in the fair value of
 derivative instruments            (58,380)    (97,967) (45,287)     22,679
Other (income) expense                 671      (3,596)    (125)     (5,462)
----------------------------------------------------------------------------Income from consolidated and
 proportionately consolidated
 Projects                           68,274     115,155   78,454      36,946
----------------------------------------------------------------------------
Adjusted EBITDA(1) from equity and
 cost method Projects
Delta-Person                            60         473      894       1,475
Gregory                                812           -    1,412       8,933
Rumford                                655         601    1,963       1,794
Selkirk                                  -           -    2,998       5,197
Other                                  (45)          -     (141)       (163)
----------------------------------------------------------------------------
Total adjusted EBITDA(1) from
 equity and cost method Projects     1,482       1,074    7,126      17,236
Amortization                           (20)        454      394       1,380
Interest expense, net                   37         155      226         527
Other expense                        5,500           -    5,404           -
----------------------------------------------------------------------------
(Loss) income from cost and equity
 investments                        (4,035)        465    1,102      15,329
Project income
Total adjusted EBITDA(1) from all
 Projects                           31,334      30,524   99,801     120,617
Amortization                        13,657      10,915   42,548      33,932
Interest expense, net                5,647       5,552   17,705      17,193
Change in the fair value of
 derivative instruments            (58,380)    (97,967) (45,287)     22,679
Other (income) expense               6,171      (3,596)   5,279      (5,462)
----------------------------------------------------------------------------
Project income (loss) as reported
 in the statement of income         64,239     115,620   79,556      52,275
Income (loss) from consolidated
 and proportionately
 consolidated Projects              68,274     115,155   78,454      36,946
Equity (loss) income from equity
 and costs investments              (4,035)        465    1,102      15,329
----------------------------------------------------------------------------
Project income as reported in the
 statement of income                64,239     115,620   79,556      52,275
----------------------------------------------------------------------------
(1) Adjusted EBITDA is defined as income from continuing operations less
    interest, taxes, depreciation and amortization (including non-cash
    impairment charges) and changes in fair value of derivative instruments.
    Adjusted EBITDA is not a measure recognized under GAAP and does not have
    a standardized meaning prescribed by GAAP and is therefore unlikely to
    be comparable to similar measures presented by other issuers. Management
    uses unaudited Adjusted EBITDA at the Projects to provide comparative
    information about Project performance. Investors are cautioned that the
    Company may calculate this measure in a manner that is different from
    other companies.

Contacts:
Atlantic Power Corporation
Patrick Welch
(617) 977-2700
info@atlanticpower.com

SOURCE: Atlantic Power Corporation

mailto:info@atlanticpower.com

Proposed Conversion

Following completion of the Conversion, the Company will maintain its current business strategy and its current distribution levels. Under the proposed Conversion, each IPS will be exchanged for one new common share of the Company. Following the Conversion, the Company's entire current monthly cash distribution of Cdn$0.0912 per IPS will be paid as a dividend on the new common shares.

The Board of Directors believes that a traditional common share structure will provide significant benefits to the Company and its stakeholders and recommends a vote in favour of the Conversion. These benefits include the following:

--  Effectively increases after-tax cash distributions to taxable investors
    in Canada and the U.S.
--  Reduces the complexity associated with the Company's current capital
    structure, which is expected to result in reduced costs and enhance the
    Company's ability to raise new capital or undertake transactions in
    furtherance of its business strategy.
--  Broadens the base of potential investors in the Company to those
    investing in traditional common share structures, which the Board of
    Directors expects will enhance the Company's access to, and cost of
    capital.
--  Enables a planned application to list the new common shares on the New
    York Stock Exchange ("NYSE") during the first half of 2010. The Company
    has been pre-approved by the NYSE to apply for listing.
--  Reduces the Company's financial leverage and eliminates the refinancing
    risk associated with the scheduled maturity in 2016 of the Subordinated
    Notes that form part of the IPSs.

"Both management and the Board of Directors believe that the current IPS structure limits our ability to achieve our growth and performance objectives," stated Barry Welch, President and CEO. "Converting to a traditional common share structure will provide us with more flexibility and enhance our access to, and cost of capital."

Given the more favourable tax treatment of qualified dividends compared to interest income, the Conversion will provide a substantial increase in after-tax distributions to taxable holders of IPSs. Management estimates that a taxable individual investor in Ontario paying tax at the highest marginal rate would enjoy an after-tax increase in cash distributions of approximately 19% as a result of lower federal and provincial taxes. Similarly, most taxable individual U.S. investors would receive an estimated after-tax increase in distributions of approximately 16% due to lower federal taxes.

Approval Process and Support

BMO Capital Markets has provided the Board of Directors with an opinion that the consideration to be received by the holders of IPSs (the "IPS Holders") pursuant to the Conversion is fair, from a financial point of view, to the IPS Holders. The Board of Directors of the Company, based upon their own investigations, including their consideration of the fairness opinion of BMO Capital Markets, have concluded that the Conversion is fair to IPS Holders and common shareholders and is in the best interest of the Company, the IPS Holders and common shareholders, and recommends that IPS Holders and common shareholders vote in favour of the Conversion. In addition, UBS Securities LLC and BMO Capital Markets acted as financial advisors to the Board of the Directors of the Company in respect of the Conversion.

The Company's directors and officers have indicated that they intend to vote in favour of the Conversion. In addition the Company's largest holder of IPSs, the Caisse de Depot et Placement du Quebec, which owns approximately 19% of the outstanding IPSs and Cdn$36.5 million principal amount of separate subordinated notes, has expressed its support of the Conversion and indicated their intention to vote their IPSs in favour of the Conversion.

A meeting of holders of IPSs will be held at 9:00 a.m. EST on November 24, 2009 to consider the proposed Conversion. Full details of the meeting will be contained in the Notice of Special Meeting to be mailed with the Management Information Circular. The proposed Conversion is subject to the approval of the Supreme Court of British Columbia and the Toronto Stock Exchange.

In connection with the proposed Conversion, a meeting of the holders of the Corporation's 6.25% convertible secured debentures due October 3, 2011 (the "Debentures") will be held in order to seek approval of a supplemental indenture to make certain amendments to the indenture governing the Debentures, including an increase in the annual interest rate from 6.25% to 6.50% and separately, an extension of the maturity date from October 2011 to October 2014. Details will be contained in an information circular to be mailed later this month to all holders of the Debentures in connection with the meeting.

Management Internalization

Separate from the proposed Conversion, the Company has agreed to pay ArcLight an aggregate of $15 million to terminate its management agreements, satisfied by a payment of $6 million at the termination date, expected at the end of 2009, and additional payments of $5 million, $3 million and $1 million on the respective first, second and third anniversaries of the termination date. In connection with the termination of the management agreement, the Company will hire all current employees of the Manager and will enter into new employment agreements with the officers of the Manager.

"The internalization of the Company's management function will further align management and the Company's shareholders, enhancing the Company's strong corporate governance practices", commented Irving Gerstein, Chairman of the Board of Directors of the Company.

Conference Call

A telephone conference to discuss the proposed Conversion will be held on October 13, 2009 at 11:00 a.m. EST. The telephone numbers for the conference call are: Local/International: (416) 849-2698 or North American Toll Free: (866) 400-2270. The Conference Call will also be broadcast over the Company's website at www.atlanticpower.com. Please log on at least 10 minutes before the call commences.

A slide presentation to accompany management's comments during the conference call will be available. To view the slides, access the "Investors" page of the Atlantic Power web site at www.atlanticpower.com.

The telephone numbers to listen to the conference call after it is completed (Instant Replay) are local (416) 915-1035 or toll free (866) 245-6755. Please enter the passcode 748807# when instructed. The Instant Replay will be available until midnight, October 19, 2009. The conference call and accompanying slides will also be archived on the Company's web site.

Disclaimer Statements

The common shares to be issued in exchange for the IPSs in the Conversion have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the laws of any state or other jurisdiction of the United States and will be issued in reliance on an exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof. Neither the U.S. Securities and Exchange Commission nor any state securities commission in the United States has approved or disapproved of the common shares or passed upon the accuracy of the information circular. Any representation to the contrary is a criminal offence.

Certain statements in this news release may constitute "forward-looking statements", which reflect the expectations of the Manager regarding the Conversion and the benefits expected to be achieved therefrom. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Some of the specific forward looking statements contained in this press release include, statements with respect to: (i) the intention of the Company to continue to pay out the same level of distributions following the completion of the Conversion; (ii) the intention of the Company to seek a listing of the New Common Shares on the NYSE in the first half of 2010; (iii) the expected favourable tax treatment of dividends payable to taxable IPS Holders following completion of the Conversion; (iv) the expected increase in the Company's investor base as a result of the Conversion; and (v) the expected access to, and cost of capital following the completion of the Conversion. Material factors or assumptions that were applied in making these forward-looking statements include, but are not limited to, the Company's future growth potential, its results of operations, future cash flows, the continued performance and business prospects and opportunities of the Company and the projects, the Company's future levels of indebtedness, the tax laws as currently in effect and remaining unchanged and the current general regulatory environment and economic conditions remaining unchanged. Such forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be achieved. In addition to the assumptions and risks described above, reference should also be had to the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 30, 2009. Although the forward-looking statements contained in this news release are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.

About Atlantic Power

Atlantic Power Corporation owns interests in a diversified portfolio of 14 power generation projects and one transmission line located in major markets in the United States. The Company's objectives are to maintain the stability of cash distributions to its holders of IPSs and increase the long term value of the Company by enhancing the performance of its existing assets and by making accretive acquisitions. For more information, please visit the Company's website at www.atlanticpower.com.

Contacts:
Atlantic Power Corporation
Patrick Welch
Chief Financial Officer
(617) 977-2700
info@atlanticpower.com
www.atlanticpower.com

SOURCE: Atlantic Power Corporation

mailto:info@atlanticpower.com
http://www.atlanticpower.com