MONTREAL, June 22, 2012 /CNW Telbec/ - Hydro-Québec posted net income of $1,336 million for the first three months of 2012, compared to $1,402 million for the same period last year. The
difference is due to a decrease in revenue from net electricity exports
by Hydro-Québec Production and to electricity purchases from Rio Tinto
Hydro-Québec Production recorded net income of $613 million, compared to $782 million in 2011.
The $169-million decrease was the result of a $68-million reduction in
revenue from electricity sales to Hydro-Québec Distribution on account
of the mild temperatures in winter 2012. In addition, Hydro-Québec
Production purchased $33 million of electricity from Rio Tinto Alcan.
Revenue from net electricity exports decreased by $30 million,
essentially because of market conditions. Lastly, Hydro-Québec
Production made a $10-million contribution to the Northern Plan Fund
under the Act to establish the Northern Plan Fund.
Hydro-Québec TransÉnergie's net income was $157 million, up $22 million from 2011.
Hydro-Québec Distribution posted net income of $549 million, an increase of $72 million over
2011. Revenue from electricity sales decreased by $113 million, mainly
on account of the mild temperatures in winter 2012. This decrease was
offset by a positive variance of $94 million in the amounts that
Hydro-Québec will be able to recover from customers, primarily for
revenue variances related to climate conditions, and by a $62-million
decrease in electricity purchases.
In the Construction segment, work handled by Hydro-Québec Équipement et services partagés
totaled $340 million, compared to $328 million in 2011. Among other
projects carried out for Hydro-Québec Production, the division
continued construction of the Romaine complex. Work done for
Hydro-Québec TransÉnergie included connecting Romaine-2 generating
station, integrating output from wind farms and various projects
stemming from continued investment in asset sustainment, among other
things. As for the Société d'énergie de la Baie James, its volume of
activity amounted to $45 million, compared to $81 million last year. In
January 2012, the Eastmain-1-A/Sarcelle/ Rupert project reached an
important milestone with the commissioning of the last generating unit
at Eastmain-1-A powerhouse.
In first quarter 2012, Hydro-Québec invested $738 million, an amount
comparable to the 2011 figure. As expected, a large portion of this
amount was devoted to the company's development and growth projects as
well as to maintenance and improvement activities.
For further information:
Ariane Connor, Media Relations
Tel.: 514 289-5982
E-mail : email@example.com
Press room: http://www.hydroquebec.com/media