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First Six Months of 2010 - Hydro-Québec’s Net Income Totals $1,820 Million - Hydro-Québec posted net income of $1,820 million for the first six months of 2010, compared to $1,758 million in 2009
First Six Months of 2010 - Hydro-Québec’s Net Income Totals $1,820 Million

 

PRZOOM - /newswire/ - Montréal, Québec, Canada, 2010/08/13 - Hydro-Québec posted net income of $1,820 million for the first six months of 2010, compared to $1,758 million in 2009.

   
 
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This stems from the fact that Hydro-Québec Production was able to increase its exports due to lower sales in Québec as a result of the mild temperatures recorded during the winter of 2010.

In light of the satisfactory results posted for the first six months, Hydro-Québec (hydroquebec.com) is confident of reaching net income in the order of $2.4 billion in 2010. This figure is in line with the Strategic Plan 2009–2013 and the Québec budget brought down on March 30.

Segmented results
Hydro-Québec Production posted net income of $1,169 million for the first six months, compared to $1,224 million for the same period in 2009. Net electricity exports, including the positive impact of the company’s hedging operations for wholesale market activities, increased by $169 million because of higher volumes due mainly to the mild temperatures recorded in Québec in 2010. This increase was offset by a $75-million decrease in revenue from electricity sales to Hydro-Québec Distribution as a result of the temperature effect, and by an $87‑million increase in transmission system reservation costs paid to Hydro-Québec TransÉnergie.

Hydro-Québec TransÉnergie’s net income amounted to $269 million, compared to $232 million in 2009.

Hydro-Québec Distribution posted net income of $375 million in the first six months, an increase of $72 million over 2009. Revenue from electricity sales decreased by $240 million because of the mild temperatures recorded in the winter of 2010. This decrease was more than offset by a $162‑million reduction in net electricity and fuel purchases and by the recognition of a $105‑million regulatory asset for revenue variances related to climate conditions.

The volume of activity of Hydro-Québec Équipement and Société d’énergie de la Baie James (SEBJ) totaled $1,246 million in the first six months of 2010, compared to $1,044 million in 2009. Among the major projects under way are Eastmain-1-A/Sarcelle/Rupert and construction of the Romaine-2 hydroelectric development.

Investment
At June 30, 2010, investments totaled $1,889 million, compared to $1,720 million in 2009. As expected, a large portion of this amount was devoted to the company’s growth and development projects and to the continued implementation of the Energy Efficiency Plan.

Financing
Hydro-Québec did not make any significant borrowings in the second quarter of 2010. In March 2010, the reopening of the bond issue maturing in February 2050 raised $0.5 billion on the Canadian market at a rate of 4.75%.

 
 
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Agency / Source: Hydro-Québec / IREQ

 
 

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First Six Months of 2010 - Hydro-Québec’s Net Income Totals $1,820 Million

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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Hydro-Québec / IREQ securities in any jurisdiction including any other companies listed or named in this release.

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