First half of 2008: Hydro-Québec posts net income of $2,171 million, up $105 million



    MONTREAL, Aug. 15 /CNW Telbec/ - Net income for the first six months of
the year totaled $2,171 million, compared to $2,066 million in 2007. The
increase was chiefly the result of a $114-million rise in net electricity
exports by Hydro-Québec Production.

    Second quarter

    Net income totaled $721 million in the second quarter of 2008, an
$86-million increase largely due to growth of $77 million in net electricity
exports by Hydro-Québec Production.

    Segmented results for the first six months

    Hydro-Québec Production posted net income of $1,300 million, compared to
$1,410 million for the first six months of 2007. Net electricity exports were
up $114 million, while net revenue from special contracts with large
industrial customers in Québec was down $47 million, mainly because of the
appreciation of the Canadian dollar. Water-power royalties totaled
$293 million for the first six months of 2008, versus $143 million in 2007.
    Hydro-Québec TransEnergie's net income amounted to $275 million, compared
to $277 million for the same period last year.
    Hydro-Québec Distribution recorded net income of $469 million, up
$97 million chiefly because of an $89-million increase in regulatory
deferrals.
    A $105-million increase in revenue from electricity sales and a
$62-million reduction in net purchases in excess of the heritage pool were
offset by a $172-million increase in amortization expense.
    The volume of activity of Hydro-Québec Equipement and Société d'énergie
de la Baie James (SEBJ) totaled $916 million, as against $823 million in 2007.
Major generation and transmission projects under way include the
Eastmain-1-A/Sarcelle/ Rupert hydroelectric development and the 1,250-MW
interconnection with Ontario.

    Investment

    In the first half of 2008, capital investment by Hydro-Québec totaled
$1,565 million, compared to $1,495 million for the same period in 2007. Of
this amount, 60% was invested in the growth and development projects of
Hydro-Québec Production, Hydro-Québec TransEnergie and Hydro-Québec
Distribution.

    Financing

    In April and May 2008, the reopening of the bond offering maturing in
February 2045 raised $1.0 billion, bringing the total amount borrowed during
the first half of 2008 to $1.5 billion. These financings were completed on the
Canadian market at an average rate of 4.93%.
    Hydro-Québec's quarterly report is available at
http://www.hydroquebec.com/media

    Listen to the presentation: http://diffusion.pecunia.ca/hydro_200808/




For further information:

For further information: Hydro-Québec - Media Relations: Flavie Côté,
Press Officer, (514) 289-2220, Cote.Flavie@hydro.qc.ca; Press room:
http://www.hydroquebec.com/media


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