First quarter 2011: Hydro-Québec posts net income of $1,402 million

MONTREAL, May 20, 2011 /CNW Telbec/ - Hydro-Québec recorded net income of $1,402 million for the first three months of 2011, which is comparable to the earnings posted in the first quarter of 2010. In the context of colder temperatures in 2011, Hydro-Québec Production slightly reduced its net export volume in order to meet electricity demand in Québec.

Segmented results

Hydro-Québec Production posted net income of $782 million for the first quarter, down $42 million from the same period in 2010. The $156-million decrease in net electricity exports was partly offset by a $136-million increase in revenue from electricity sales to Hydro-Québec Distribution resulting from the colder temperatures in winter 2011.

Hydro-Québec TransÉnergie's net income amounted to $135 million, which is comparable to the results it posted for the first three months of 2010.

Hydro-Québec Distribution recorded net income of $477 million, which is stable compared to the same period of 2010. The increase in revenue from electricity sales resulting from the colder temperatures in winter 2011 was offset by higher electricity purchases and by the recognition, in 2010, of a $105-million regulatory asset for revenue variances related to climate conditions.

The volume of activity in the Construction segment totaled $409 million in the first quarter of 2011, compared to $512 million in 2010. Among the major projects under way for Hydro-Québec Production are Eastmain-1-A/Sarcelle/Rupert and Romaine-2. Work in progress for Hydro-Québec TransÉnergie mainly revolves around connecting new generating facilities and continued investment in asset sustainability projects.

Investment

As at March 31, 2011, investments totaled $749 million, compared to $825 million in 2010. As expected, a large portion of this amount was devoted to the company's major growth and development projects.

Financing

In January 2011, the reopening of the debenture issue made in January 2009 and maturing in February 2050 raised $0.5 billion at a rate of 4.60%. Hydro-Québec also issued $1.5 billion of floating-rate notes maturing in 2015. These borrowings were all contracted on the Canadian market.

SOURCE HYDRO-QUEBEC

For further information:

Ariane Connor, Media Relations
Tel.: 514 289-5982
E-mail: Connor.Ariane@hydro.qc.ca
Press room: http://www.hydroquebec.com/media

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