First power is not commercial operations
Northland (TSX: NPI) reported second-quarter 2026 results on August 12. The live construction file is Baltic Power, 1.1 gigawatts offshore Poland. The project delivered first offshore-wind electricity into Poland's grid. At the print, 61 of 76 turbines were installed and 15 were generating. The company says commercial operations are still on track for the second half of 2026, costs in line with the original plan. That is a commissioning campaign. It is not a full 1.1 gigawatt plant in the 2026 cash line.
Hai Long, 1.0 gigawatts in Taiwan, had 71 of 73 turbines in and 59 generating. COD is 2027. In April the 30-year corporate offtake was expanded to 100 percent of capacity, still subject to administrative steps aimed at year-end 2026. After quarter-end, Hai Long raised NTD 55 billion, about $2.4 billion, of 20-year debt. About $0.9 billion is incremental through completion. The rest replaces existing debt. Jurassic, 80 megawatts / 160 megawatt-hours in Alberta, is in final testing, COD aimed at year-end 2026. Two Poland batteries totaling 300 megawatts / 1.2 gigawatt-hours started construction, COD 2028.
The quarter still lost money on the IFRS line
Revenue from energy sales was $510 million, against $512 million a year earlier. Adjusted EBITDA was $259 million, up 6 percent. Free cash flow was $0.09 a share, down from $0.22, on a one-time 2025 tax refund in the compare. Net loss was $54 million. Commercial availability was 96 percent. European offshore wind resource was light. Electricity production was 2,040 gigawatt-hours. Guidance for 2026 was reaffirmed. In July one of Gemini's two Dutch export cables failed. Repair is aimed at 2026. Output continues on the second cable at a 300 megawatt cap. The company called the full-year hit immaterial net of insurance. That is their word, not a closed claim.
Neutral read
NPI is on the listed utilities list. Banks were skipped. First Baltic electrons and 15 turbines generating are the new facts. Write Baltic as a construction schedule, not as 2026 contracted cash. Watch whether second-half COD actually prints, whether Hai Long's extra $0.9 billion covers the rest of the build, and whether Gemini's cable is back before winter wind.