MONTREAL, Nov. 18, 2011 /CNW Telbec/ - Hydro-Québec posted net income of $2,238 million for the first nine months of 2011, a $196-million
increase compared to the same period last year. This rise is due to a
$70-million decrease in operating expenses and to an $82-million
increase in electricity sales in Québec as a result of higher demand.
In the third quarter of 2011, net income amounted to $384 million, or
$157 million more than in 2010. This increase stems partly from growth
in net electricity exports. In addition, the granting of sublicences
for the manufacture of rechargeable battery materials generated
$22 million, and operating expenses were down $25 million.
Segmented results for the first three quarters
Hydro-Québec Production recorded net income of $1,459 million, a $52-million increase over
2010. The growth in net electricity exports was offset by the impact of
the appreciation of the Canadian dollar. Revenue from electricity sales
to Hydro-Québec Distribution increased by $169 million.
Hydro-Québec TransÉnergie's net income amounted to $424 million, up $28 million from 2010.
Hydro-Québec Distribution posted net income of $266 million, a $28-million increase over last
year. Revenue from electricity sales rose due to colder temperatures in
2011 and to higher demand, mainly from residential customers. This
increase was partly offset by higher electricity purchases, and by the
recognition, in 2010, of a regulatory asset for revenue variances
related to climate conditions.
In the Construction segment, work handled by Hydro-Québec Équipement et services partagés
totaled $1,245 million in the first nine months of 2011, compared to
$1,352 million in 2010. Large-scale projects under way for Hydro-Québec
Production include Romaine-2, while work in progress for Hydro-Québec
TransÉnergie revolves around connecting new generating facilities and
continued investment in asset sustainment projects, among other things.
The volume of activity of Société d'énergie de la Baie James amounted
to $244 million, compared to $549 million last year. The
Eastmain-1-A/Sarcelle/Rupert project reached an important milestone in
June 2011 with the commissioning of the first generating unit at
At September 30, 2011, investments totaled $2,619 million. As planned, a
large portion of this amount was devoted to the company's growth and
development projects as well as to asset maintenance and improvement.
In September 2011, bonds maturing in February 2050 were issued on the
Canadian market at the rate of 3.89%. This financing raised
$0.6 billion, adding to the $3.5 billion raised in the first half of
the year. The funds are being used to support the investment program
and refinance maturing debt.
For further information:
Ariane Connor, Media Relations
Tel.: 514 289-5982
Press room: http://www.hydroquebec.com/media