[cdn-nucl-l] Hydro-Quebec earns $3.74 billion

["Adam McLean" <adam.mclean@utoronto.ca>]

Posted in the Toronto Star on April 10, 2007 and at:
www.thestar.com/Business/article/201485

Adam

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Hydro-Quebec earns $3.74 billion
Utility delivers $2.34-billion dividend to province

Apr 10, 2007 02:52 PM 
MONTREAL (CP) - Provincially owned electrical utility Hydro-Quebec earned
$3.74 billion in profit last year, helped by big one-time gains totalling
about $1.15 billion.

The utility said today the gains included $917 million from the sale of
foreign holdings, including the disposal of the Transelec utility in Chile,
and $234 million in foreign-exchange gains.

In 2005 the utility reported net earnings of $2.25 billion. Annual revenue
for 2006 rose 2.5 per cent to $11.2 billion.

"Hydro-Quebec is very profitable. This performance is attributable to the
hard work of its employees," president and CEO Thierry Vandal said in a
release.

"The year 2006 was marked by numerous accomplishments and projects. We
exceeded our energy efficiency targets, successfully integrated additional
megawatts from wind farm generation and expanded our generating fleet by
commissioning the Eastmain-1 powerhouse several months ahead of schedule."

Income from continuing operations rose 19 per cent to $2,797 million in 2006
from $2.35 million in 2005.

Net electricity exports to markets outside the province amounted to $564
million in net income representing 20 per cent of income from continuing
operations but only 3.8 per cent of sales volume.

The utility invested $3.5 billion in generation, transmission and
distribution projects during the year.

Hydro-Quebec's 2006 dividend to the province was $2.34 billion. It has paid
Quebec $8.7 billion since 1998.