Power The composition of the power segment’s long-term debt was: As at Dec 31, 2013 Dec 31, 2012 Maturity Interest Rate Fair Value Carrying Value Fair Value Carrying Value CPC-Cardinal credit facility Repaid 4.53% — — 12,050 12,050 Erie Shores project debt 2016 & 2026 5.28 – 6.15% 96,613 92,156 106,538 97,703 Glace Bay project debt 2019 - 2032 4.72 - 6.36% 17,104 17,243 — — Sky Gen project debt 2016 - 2017 4.22 - 6.22% 37,137 36,965 — — Amherst project debt 2032 4.72% 44,491 44,770 — — Amherstburg project debt 2016 7.32% 86,680 86,680 90,560 90,560 Hydro facilities' senior secured bonds 2040 4.56% 67,559 73,688 76,347 77,237 Hydro facilities' subordinated secured bonds 2041 7.00% 18,461 20,242 20,002 20,242 368,045 371,744 305,497 297,792 Less: non-controlling interest (21,801) (21,937) — — Capstone share of long-term debt 346,244 349,807 305,497 297,792 During 2013, long-term debt in the power segment increased by $52,015 primarily due to $77,041 of debt assumed from the acquisition of ReD. The increase was partially offset by $12,976 of scheduled debt repayments at Erie Shores, Amherstburg and the hydro facilities, as well as a $12,050 repayment of the CPC-Cardinal credit facility, as the Corporation entered into a new corporate credit facility.  As at December 31, 2013, approximately 96.7% of the power segment's long-term debt was scheduled to amortize over the lives of the facilities' respective PPAs. All of the debt in the power segment is non-recourse to Capstone, except for a $5,000 limited recourse guarantee provided to the  lenders of Erie Shores project debt by CPC, a $1,000 limited recourse guarantee provided by ReD to the lenders of the Amherst project and a $500 guarantee provided by ReD to lenders of the Fitzpatrick wind facility. Covenant compliance All of the power segment’s long-term debt is subject to financial covenant requirements. Each debt agreement individually requires the respective  business to maintain minimum debt service coverage ratios to allow for distributions to the Corporation. During 2013, Capstone's power segment complied with all covenants. Utilities – water The composition of the utilities – water segment’s long-term debt was as follows: As at Dec 31, 2013 Dec 31, 2012 Maturity Interest Rate Fair Value Carrying Value Fair Value Carrying Value Bank loans 2015-2017 1.23%- 5.73% 87,056 87,329 31,540 31,430 Term loans 2032 – 2041 5.70 – 6.74% (1) 505,322 457,786 457,563 414,857 Debentures Irredeemable 3.50 – 4.25% 2,424 2,275 2,346 2,072 Cumulative preferred shares Irredeemable 8.75% 32,830 28,644 28,211 26,289 Consolidated long-term debt 627,632 576,034 519,660 474,648 Less: non-controlling interest (313,816) (288,017) (259,830) (237,324) Capstone share of long-term debt 313,816 288,017 259,830 237,324 (1) Certain of the terms loans are index-linked debt. The effective interest rate disclosed in the table is the sum of the real interest rates on the  debt (2.701-3.635%) plus the Retail Price Index ("RPI"). Bristol Water pays interest on these loans based on the real interest rate, and the  principal amount of the loan is indexed to RPI. Long-term debt for the utilities – water segment is used to fund current and ongoing capital expenditures to improve Bristol Water’s network. The increase in long-term debt is related to draws for cash requirements related to the capital expansion.  As at December 31, 2013, approximately 80.2% of the utilities - water segments long-term debt had maturities of greater than 10 years. All of the  debt in the utilities - water segment is non-recourse to Capstone. The preferred shares are classified as long-term debt on the basis that they are irredeemable.  Covenant compliance The principal debt agreements require Bristol Water to comply with covenants relating to the minimum levels of interest coverage and net debt in  relation to regulatory capital value. During 2013, Bristol Water complied with all its covenants. 2013 ANNUAL REPORT  37