2m, which will be used by BPLP for the repayment of debt, including financing the redemption of the USD850m total of its outstanding 3.
Finally, related to the redemption of the 2018 notes, BPLP will record a loss from early extinguishment of debt in the fourth quarter of 2017 and neither this offering nor the impact of the redemption of the mentioned notes was reflected earlier in the company's earnings guidance for 2017.
Cameco's pre-tax earnings from BPLP in the fourth quarter of 2005 increased to $30 million from $2 million in 2004, as a result of higher spot electricity prices in Ontario.
The higher earnings are due largely to improved results in our uranium business and higher earnings from BPLP.
This increase of $50 million was mainly attributable to higher revenues in the uranium and gold businesses compared to the previous year and cash distributions received from BPLP.
We project consolidated revenue in the first quarter of 2006 to be about 80% higher than in the first quarter of 2005 due to higher deliveries and improved prices in the uranium and conversion businesses and the inclusion of our share of BPLP revenue.
Subject to weather dependent electricity prices, earnings from BPLP are projected to be significantly higher than in the first quarter of 2005 as there are no planned outages for the period.
In 2006, Cameco expects consolidated revenue to grow by more than 40% over 2005 due to the improved uranium market and the proportionate consolidation of BPLP revenue.
will receive an initial payment for the assets transferred to the Bruce A partnership which will result in a special distribution to the partners.
During the past several months, BPLP, on behalf of the partnership, has continued negotiations directly with the provincial government.
This loss reflects that the payments received by BPLP in connection with the reorganization are less than the carrying value of Bruce A to BPLP, as well as, Cameco writing off proprietary costs related to its interest in Bruce Power.
RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS BPLP
Credit Assurance Corp.