Hydro-Quebec. (83HB) - Half Yearly Report RNS Number : 1498S Hydro-Quebec 27 November 2012 Regulatory Announcement Hydro-Québec 27 November 2012 HYDRO-QUÉBEC - HALF-YEARLY FINANCIAL REPORT FOR 2012 A copy of the Quarterly Report of Hydro-Québec for the Second Quarter ended June 30, 2012 has been submitted to the National Storage Mechanism and will be available for viewing shortlyat: http://www.morningstar.co.uk/uk/NSM To view this document in PDF format, please paste the following URLs into the address bar of your browser. http://www.rns-pdf.londonstockexchange.com/rns/1498S_-2012-11-27.pdf This document is also available as follows: - for viewing on Hydro-Québec's website, www.hydroquebec.com; and/or - by writing to the Director - International Financing, Cash and Financial Services; Hydro‑Québec, 75René‑Levesque Boulevard West, 6^th Floor, Montréal, Québec, Canada H2Z 1A4. Disclosure and Transparency Rule ("DTR") 4.2 The condensed set of consolidated financial statements of Hydro-Québec and its subsidiaries as at the end of the Second Quarter ended June30, 2012 which are included in the Quarterly Report - Second Quarter 2012, the Message from the Chairman of the Board and the President and Chief Executive Officer in such Report, AppendixA below and the Responsibility Statement in Appendix B below together constitute the Half-Yearly Financial Report of Hydro-Québec for 2012 pursuant to DTR4.2 and is Regulated Information. APPENDIX A - PRINCIPAL RISKS AND UNCERTAINTIES The principal risks and uncertainties which could affect our business activities in the remaining six months of Fiscal2012 are the same as those disclosed in our 2011Annual Report. They are described in pages64 to 67 of such report. These risks are not set out in any order of priority and do not comprise all the risks and uncertainties that Hydro‑Québec may face. APPENDIX B - RESPONSIBILITY STATEMENT The following Responsibility Statement is made in accordance with DTR4.2.10 with respect to Hydro-Québec's Half-Yearly Financial Report. We confirm that: § the Half-Yearly Financial Report has not been audited or reviewed by Auditors. § to the best of our knowledge, the condensed set of consolidated financial statements of Hydro‑Québec and its subsidiaries as at the end of the Second Quarter ended June30, 2012 was prepared in accordance with the applicable set of accounting standards and gives a true and fair view of the assets, liabilities, financial position and profit of Hydro-Québec and its subsidiaries taken as a whole; and § to the best of our knowledge, the Message from the Chairman of the Board and the President and Chief Executive Officer contained in the Quarterly Report - Second Quarter 2012, includes a fair review of the important events that have occurred in the first six months of the financial year and their impact on the condensed set of consolidated financial statements and, together with AppendixA above, constitutes a fair review of the information required by DTR4.2.7. Jean-Hugues Lafleur Vice-President, Financing, Treasury and Pension Fund 27 November 2012 Hydro-Québec Quarterly Report Second Quarter 2012 Message from the Chairman of the Board and the President and Chief Executive Officer Summary of operations for the first six months For the six months ended June 30, 2012, the net result amounted to $1,722million, compared to $1,854million for the same period last year. The difference is partly owing to a decrease in revenue from electricity sales in Québec due to lower demand, mainly in the industrial sector, which had an impact of $98million. It also stems from a $17-million decrease in revenue from net electricity exports by Hydro‑Québec Production and from electricity purchases of $74million from Rio Tinto Alcan. These factors were mitigated by a $47-million reduction in financial expenses. Second quarter For the second quarter of 2012, the net result was $386million, compared to $452million in 2011. This decline is attributable to a decrease in revenue from electricity sales in Québec due in part to lower demand in the industrial sector, which had an impact of $31million, as well as to a $39-million reduction in the net result from special contracts with certain large industrial customers in Québec and to electricity purchases of $41million from Rio Tinto Alcan. These factors were partly offset by a $13-million increase in revenue from net electricity exports by Hydro-Québec Production and by a $26-million reduction in financial expenses. Consolidated operations for the first six months Revenue totaled $6,476million, compared to $6,627million in 2011. In Québec, revenue from electricity sales amounted to $5,523million, or $267million less than in 2011, mainly because of the mild temperatures in 2012 and lower demand, especially in the industrial sector. On markets outside Québec, revenue from electricity sales was $659million, a $78-million decrease essentially due to market conditions. Other revenue totaled $294million, a $194-million increase over 2011 that stems mainly from the amounts that Hydro-Québec will be able to recover from customers, primarily for revenue variances related to climate conditions given the mild temperatures in 2012. Total expenditure amounted to $3,564million, or $28million more than in 2011 on account of the $74million in electricity purchases from Rio Tinto Alcan, among other things. Other electricity purchases decreased by $53million. It should also be mentioned that in the first quarter of 2012, Hydro-Québec Production made a $10‑million contribution to the Northern Plan Fund under the Act to establish the Northern Plan Fund. Segmented operations for the first six months Generation Hydro-Québec Production posted a net result of $905million, compared to $1,144million in 2011. This $239-million decrease is due to a $108-million reduction in revenue from electricity sales to Hydro-Québec Distribution on account of the mild temperatures in 2012 and of lower demand in Québec. Revenue from net electricity exports decreased by $17million, essentially because of market conditions. In addition, the net result from special contracts with certain large industrial customers in Québec, assumed by Hydro-Québec Production, was $38million lower than in 2011, and the division made electricity purchases of $74million from Rio Tinto Alcan. It should also be mentioned that in the first quarter of 2012, Hydro-Québec Production made a $10-million contribution to the Northern Plan Fund under the Act to establish the Northern Plan Fund. Transmission Hydro-Québec TransÉnergie's net result was $317million, a $50-million increase over 2011 that is due to a positive change of $21million in the amounts that Hydro‑Québec is entitled to recover from customers for variances in revenue from point-to-point transmission services, among other things. In addition, financial expenses decreased by $35million. Distribution Hydro-Québec Distribution posted a net result of $471million, an increase of $40million over last year. Revenue from electricity sales decreased by $231million, mainly on account of the mild temperatures in 2012 and lower demand, mostly in the industrial sector. This decrease was offset by a positive change of $130million in the amounts that Hydro-Québec will be able to recover from customers, primarily for revenue variances related to climate conditions, as well as by a $117-million decrease in electricity purchases from Hydro-Québec Production and a $36-million reduction in financial expenses. Construction The Construction segment includes activities related to the projects carried out by Hydro-Québec Équipement et services partagés and by Société d'énergie de la Baie James (SEBJ). Work handled by Hydro-Québec Équipement et services partagés totaled $834million, compared to $772million 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 as well as various projects stemming from continued investment in asset sustainment, among other things. As for SEBJ, its volume of activity amounted to $82million, compared to $174million 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. Investment In the first half of 2012, Hydro-Québec invested $1,614million in property, plant and equipment and intangible assets, including the Energy Efficiency Plan, compared to $1,692million in 2011. As expected, a large portion of this amount was devoted to the major hydroelectric development projects of Hydro-Québec Production, especially Eastmain-1-A/Sarcelle/Rupert and the Romaine complex. Hydro-Québec TransÉnergie continued investing in its transmission system. Work progressed on the 735-kV line that will connect Romaine-2 generating station with Arnaud substation. The division also carried on with its investments in maintenance and improvement to ensure the reliability and long-term operability of its transmission assets and enhance service quality. Hydro-Québec Distribution kept up investments to handle the growth of its Québec customer base as well as to maintain and improve the quality of its facilities, especially those related to distribution system automation. It also continued implementation of the Energy Efficiency Plan. Financing During the second quarter of 2012, Hydro-Québec issued US$1billion of debentures on the global market, bearing interest at 1.38% and maturing in June 2017. The funds will be used to support part of the investment program and to refinance maturing debt. /s/ Michael L. Turcotte /s/ Thierry Vandal Michael L. Turcotte Thierry Vandal Chairman of the Board President and Chief Executive Officer September 7, 2012 CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS In millions of Canadian dollars Three months ended Six months ended (unaudited) June 30 June 30 Notes 2012 2011 2012 2011 Revenue 3 2,688 2,809 6,476 6,627 Expenditure Operations 641 618 1,281 1,217 Electricity and fuel purchases 292 297 646 636 Depreciation and amortization 4 573 623 1,173 1,228 Taxes 205 202 464 455 1,711 1,740 3,564 3,536 Operating result 977 1,069 2,912 3,091 Financial expenses 5 591 617 1,190 1,237 Net result 386 452 1,722 1,854 CONSOLIDATED STATEMENTS OF RETAINED EARNINGS In millions of Canadian dollars Three months ended Six months ended (unaudited) June 30 June 30 2012 2011 2012 2011 Balance, beginning of period 15,954 15,367 14,618 13,965 Net result 386 452 1,722 1,854 Balance, end of period 16,340 15,819 16,340 15,819 The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED BALANCE SHEETS In millions of Canadian dollars Note As at June 30, As at December31, (unaudited) 2012 2011 ASSETS Current assets Cash and cash equivalents 2,145 1,377 Short-term investments 1,024 1,102 Accounts receivable and other receivables 1,806 1,744 Derivative instruments 1,070 1,322 Regulatory assets 21 18 Materials, fuel and supplies 237 236 6,303 5,799 Property, plant and equipment 57,429 56,901 Intangible assets 2,147 2,187 Investments 137 124 Derivative instruments 1,171 1,313 Regulatory assets 10 21 Other assets 3,495 3,292 70,692 69,637 LIABILITIES Current liabilities Borrowings 865 52 Accounts payable and accrued liabilities 1,797 2,099 Dividend payable - 1,958 Accrued interest 812 862 Derivative instruments 630 261 Current portion of long-term debt 1,344 1,025 5,448 6,257 Long-term debt 41,112 40,744 Asset retirement obligations 555 540 Derivative instruments 1,747 2,098 Other long-term liabilities 910 883 Perpetual debt 281 281 50,053 50,803 EQUITY Share capital 4,374 4,374 Retained earnings 16,340 14,618 Accumulated other comprehensive income (75) (158) 16,265 14,460 20,639 18,834 70,692 69,637 Contingency 8 The accompanying notes are an integral part of the consolidated financial statements. On behalf of the Board of Directors, /s/ Jacques Leblanc /s/Michael L. Turcotte Jacques Leblanc Michael L. Turcotte Chair of the Audit Committee Chairman of the Board CONSOLIDATED STATEMENTS OF CASH FLOWS In millions of Canadian dollars Three months ended Six months ended (unaudited) June 30 June 30 Notes 2012 2011 2012 2011 Operating activities Net result 386 452 1,722 1,854 Adjustments to determine net cash flows from operating activities Depreciation and amortization 4 573 623 1,173 1,228 Amortization of premiums, discounts and issue expenses related to debt securities 5 66 25 156 51 Other 24 249 (21) 233 Change in non-cash working capital items 6 716 642 (428) (703) Net change in accrued benefit assets and liabilities (94) (117) (196) (239) 1,671 1,874 2,406 2,424 Investing activities Additions to property, plant and equipment (838) (877) (1,528) (1,564) Additions to intangible assets (38) (66) (86) (128) Cash receipts from the government reimbursement for the 1998 ice storm 1 1 3 3 Acquisition of investments - (1) - - Net (acquisition) disposal of short-term investments (364) (79) 83 938 Other 84 6 88 8 (1,155) (1,016) (1,440) (743) Financing activities Issuance of long-term debt 1,014 1,537 1,014 3,497 Repayment of long-term debt (135) (1,244) (622) (2,016) Cash receipts arising from credit risk management 1,660 1,156 2,772 1,794 Cash payments arising from credit risk management (1,196) (859) (2,176) (1,951) Net change in borrowings (360) (757) 772 73 Dividend paid - - (1,958) (1,886) Other - - (1) - 983 (167) (199) (489) Foreign currency effect on cash and cash equivalents 3 - 1 (2) Net change in cash and cash equivalents 1,502 691 768 1,190 Cash and cash equivalents, beginning of period 643 579 1,377 80 Cash and cash equivalents, end of period 2,145 1,270 2,145 1,270 Supplementary cash flow information 6 The accompanying notes are an integral part of the consolidated financial statements. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME In millions of Canadian dollars Three months ended Six months ended (unaudited) June 30 June 30 2012 2011 2012 2011 Net result 386 452 1,722 1,854 Other comprehensive income Change in deferred (losses) gains on items designated as cash flow hedges (2) (160) 225 - Reclassification to operations of deferred gains on items designated as cash flow hedges (63) (88) (142) (127) (65) (248) 83 (127) Comprehensive income 321 204 1,805 1,727 The accompanying notes are an integral part of the consolidated financial statements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) For the three- and six-month periods ended June 30, 2012 and 2011 Amounts shown in tables are in millions of Canadian dollars. Note 1 Basis of Presentation In September 2010, the Canadian Accounting Standards Board (AcSB) authorized rate-regulated entities to defer the adoption of International Financial Reporting Standards (IFRS) until January1, 2012, or the beginning of the first fiscal year starting after that date. In May 2012, the AcSB granted these entities an optional one-year extension to make the changeover to IFRS. Since Hydro-Québec was entitled to exercise these deferral rights, it opted to present its 2011 and 2012 financial statements in accordance with Canadian generally accepted accounting principles as set forth in PartV of the Canadian Institute of Chartered Accountants Handbook, "Pre-Changeover Accounting Standards." Hydro-Québec's consolidated financial statements also reflect the decisions of the Régie de l'énergie (the "Régie"). These decisions may affect the timing of the recognition of certain transactions in the consolidated operations, resulting in the recognition of regulatory assets and liabilities, which Hydro-Québec considers it is likely to recover or settle subsequently through the rate-setting process. The quarterly consolidated financial statements, including the present notes, do not contain all the required information regarding annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements and accompanying notes in Hydro-Québec's Annual Report2011. The accounting policies used to prepare the quarterly consolidated financial statements are consistent with those presented in Hydro-Québec's Annual Report2011. Hydro-Québec's quarterly results are not necessarily indicative of results for the year on account of seasonal temperature fluctuations. Because of higher electricity demand during winter months, revenue from electricity sales in Québec is higher during the first and fourth quarters. Note 2 Effects of Rate Regulation on the Consolidated Financial Statements Adoption of IFRS-compliant accounting policies In decision D-2012-021 of March2, 2012, the Régie authorized changes to certain accounting policies applied by the Transmission Provider and the Distributor for rate-setting purposes, in order to ensure compliance with IFRS. These changes concern the recognition of costs related to the Energy Efficiency Plan according to IAS38, Intangible Assets, the recognition of asset retirement obligations according to IAS37, Provisions, Contingent Liabilities and Contingent Assets, and IFRIC1, Changes in Existing Decommissioning, Restoration and Similar Liabilities, and the recognition of employee benefits according to IAS19, Employee Benefits. In addition, the net amount of accrued benefit assets and liabilities is no longer included in the rate base. These changes have been taken into account in setting the 2012 rates of the Transmission Provider and the Distributor. Transmission In decision D-2012-066 of June6, 2012, the Régie set Hydro-Québec's power transmission rates for 2012. The authorized return on the rate base was set at 6.84%, assuming a capitalization with 30% equity. Distribution In decision D-2012-035 of March28, 2012, the Régie authorized an across-the-board reduction of 0.45% in Hydro-Québec's electricity rates, effective April1, 2012. The authorized return on the rate base was set at 6.80%, assuming a capitalization with 35% equity. In decision D-2012-024 of March8, 2012, the Régie allowed the Distributor to create deferred-expense accounts bearing interest at the authorized rate on the rate base, in order to recognize expenses relating to projects of more than $10 million that were integrated into a rate application, but that are pending approval at the time the decision on the rate application is handed down. As at June30, 2012, an amount of $7million had been recognized as a regulatory asset in this regard. Note 3 Revenue Three months ended Six months ended June30 June30 2012 2011 2012 2011 Electricity sales^a 2,571 2,755 6,182 6,527 Other 117 54 294 100 2,688 2,809 6,476 6,627 a) Including unbilled electricity deliveries, which totaled $638million as at June30, 2012 ($654million as at June30, 2011). Note 4 Depreciation and Amortization Three months ended Six months ended June30 June30 2012 2011 2012 2011 Property, plant and equipment^a 497 544 1,030 1,085 Intangible assets 60 52 120 105 Regulatory assets 7 - 11 8 Disposals of capital assets 9 27 12 30 573 623 1,173 1,228 a) The revision of the useful life of property, plant and equipment in 2012 resulted in a $54-million decrease in the depreciation expense for the three months ended June30, 2012, and to a $75-million decrease for the six months then ended. For 2012, it should result in a decrease on the order of $183million. As part of this revision, the maximum depreciation period for some hydroelectric generation assets increased from 100 to 120years, while the maximum period for certain transmission line and substation assets increased from 50 to 70 years and for certain distribution line and substation assets, from 40 to 60years. The 2011 revision had no significant impact on the depreciation expense for the three- and six-month periods ended June30, 2011. Note 5 Financial Expenses Three months ended Six months ended June30 June30 2012 2011 2012 2011 Interest Interest on debt securities 561 624 1,096 1,243 Amortization of premiums, discounts and issue expenses related to debt securities 66 25 156 51 627 649 1,252 1,294 Net exchange (gain) loss (3) 1 - 9 Guarantee fees related to debt securities 49 47 98 94 46 48 98 103 Less Capitalized financial expenses 76 78 147 154 Net investment income 6 2 13 6 82 80 160 160 591 617 1,190 1,237 Note 6 Supplementary Cash Flow Information Three months ended Six months ended June 30 June 30 2012 2011 2012 2011 Change in non-cash working capital items Accounts receivable and other receivables 581 450 (59) (314) Materials, fuel and supplies (3) 6 (1) 29 Accounts payable and accrued liabilities (226) (177) (301) (366) Accrued interest 364 363 (67) (52) 716 642 (428) (703) Investing activities not affecting cash Increase in property, plant and equipment and intangible assets 10 12 48 25 Interest paid 139 175 1,019 1,119 Note 7 Employee Future Benefits Three months ended June30 Pension Plan Other plans 2012 2011 2012 2011 Accrued benefit cost 51 30 28 31 Six months ended June30 Pension Plan Other plans 2012 2011 2012 2011 Accrued benefit cost 102 60 56 62 Note 8 Contingency The Québec government must decide on the future of Gentilly-2 nuclear generating station. Should it decide to close down the station, abandoning the current refurbishment project would have a major financial impact on the capitalized costs associated with this asset, which amounted to $1.3 billion as at June 30, 2012, and would require a review of the assumptions regarding the work needed to dismantle the station. Note 9 Subsequent Event In September 2012, the decision was made to abandon the project to refurbish Gentilly‑2 nuclear generating station. Note 10 Segmented Information The following tables contain information related to operations and assets by segment: Three months ended June30, 2012 Intersegment Corporate eliminations and Other and Generation Transmission Distribution Construction Activities adjustments Total Revenue External customers 327 28 2,324 - 9 - 2,688 Intersegment customers 1,043 741 17 531 365 (2,697) - Net result 292 163 (78) - 9 - 386 Total assets as at June30, 2012 32,074 18,735 12,975 427 6,707 (226) 70,692 Three months ended June30, 2011 Intersegment Corporate eliminations and Other and Generation Transmission Distribution Construction Activities adjustments Total Revenue External customers 367 27 2,407 - 8 - 2,809 Intersegment customers 1,122 746 19 537 365 (2,789) - Net result 362 132 (46) - 4 - 452 Total assets as at June30, 2011 31,134 18,230 12,949 451 4,743 (315) 67,192 Six months ended June30, 2012 Intersegment Corporate eliminations and Other and Generation Transmission Distribution Construction Activities adjustments Total Revenue External customers 728 59 5,664 - 25 - 6,476 Intersegment customers 2,499 1,494 37 916 709 (5,655) - Net result 905 317 471 - 29 - 1,722 Total assets as at June30, 2012 32,074 18,735 12,975 427 6,707 (226) 70,692 Six months ended June30, 2011 Intersegment Corporate eliminations and Other and Generation Transmission Distribution Construction Activities adjustments Total Revenue External customers 821 53 5,739 - 14 - 6,627 Intersegment customers 2,645 1,492 38 946 697 (5,818) - Net result 1,144 267 431 - 9 3 1,854 Total assets as at June30, 2011 31,134 18,230 12,949 451 4,743 (315) 67,192 Note 11 Comparative Information Some corresponding period data of the previous year have been reclassified to conform to the presentation adopted in the current periods or in accordance with the changes to accounting policies described in Note2 to the consolidated financial statements published in Hydro-Québec's Annual Report 2011. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited) Amounts shown in tables are in millions of Canadian dollars. Three months ended Six months ended June30 June30 Summary of Operations 2012 2011 Change (%) 2012 2011 Change (%) Revenue 2,688 2,809 4.3 Ü 6,476 6,627 2.3 Ü Expenditure 1,711 1,740 1.7 Ü 3,564 3,536 0.8 Û Financial expenses 591 617 4.2 Ü 1,190 1,237 3.8 Ü Net result 386 452 14.6 Ü 1,722 1,854 7.1 Ü 2012 Consolidated Financial Information by Quarter Q1 Q2 Q3 Q4 Net Result 1,336 386 Revenue 3,788 2,688 Revenue from Electricity Sales in Québec 3,242 2,281 Revenue from Electricity Sales Outside Québec 369 290 2011 Consolidated Financial Information by Quarter Q1 Q2 Q3 Q4 Net Result 1,402 452 383 374 Revenue 3,818 2,809 2,645 3,120 Revenue from Electricity Sales in Québec 3,358 2,432 2,200 2,730 Revenue from Electricity Sales Outside Québec 414 323 364 298 Quarter Highlights Generation Inauguration of Eastmain-1-A powerhouse In June, Hydro-Québec inaugurated Eastmain-1-A powerhouse, which will play a key role in the company's sustainable development strategy. With an installed capacity of 768MW, this hydroelectric facility will generate up to 2.3TWh a year, enough to supply 135,000homes. It is part of a larger project that also includes the partial diversion of the Rivière Rupert as well as a second generating station, Sarcelle powerhouse, which is still under construction. Transmission Régie de l'énergie decision In May, the Régie de l'énergie authorized Hydro-Québec's project to reinforce the 315-kV transmission system in Abitibi. This $118.8-million project should be completed by December 2014. Distribution Forest biomass power In May, the Québec government raised the goal for the power purchase program for electricity produced by forest biomass cogeneration from 150MW to 300MW. Hydro-Québec Distribution is responsible for implementing this program, which was launched in December 2011. Two prizes in energy efficiency In June, the Government of Canada awarded two ENERGY STAR 2012 Market Transformation Awards to Hydro-Québec: Utility of the Year- Provincial and Promotional Campaign of the Year. These awards recognize leadership in promoting energy efficiency in Canada. Technological innovation Exemplary partnerships At the third annual Célébrons le partenariat gala, held in May to celebrate excellence in partnerships, the Association pour le développement de la recherche et de l'innovation du Québec [Québec association for the development of research and innovation] payed tribute to Hydro-Québec's research institute, IREQ, for its exemplary partnering approach in two projects. The first project, carried out in conjunction with ndb Technologies, involved the design of a portable system to detect partial discharges and hot spots in power transformers. The second initiative, conducted with Concordia University and Natural Resources Canada, led to the development of a solar simulator to help design smart buildings with zero net energy consumption. Signing of a licensing agreement for battery materials Also in May, IREQ signed a licensing agreement enabling Focus Metals to set up a graphite purification centre and a graphite anode production facility for lithium-ion batteries. Under the agreement, Focus Metals will transform first-production graphite sourced from its Lac Knife (Québec) high-grade deposit to battery-grade material. IREQ will provide technical support to Focus Metals, including help in improving its materials and processes. Transportation electrification Charging stations at five shopping centres In May, the founding partners of The Electric Circuit-Les Rôtisseries St-Hubert, RONA, METRO, the Agence métropolitaine de transport and Hydro-Québec-announced a partnering agreement with First Capital Realty, a leading owner, developer and operator of shopping centres, for the deployment of 20public charging stations for electric vehicles by the end of 2012. The first stations will be installed at Carrefour Charlemagne (Charlemagne), Carrefour Saint-Hubert (Saint-Hubert), Carrefour St-David Ouest and Carrefour St-David Est (Beauport) and Carrefour du Versant Ouest (Outaouais). This last location represents The Electric Circuit's first foray into the region. Hydro-Québec, 75, boul. René-Lévesque Ouest, Montréal (Québec) H2Z 1A4 Ce document est également publié en français. www.hydroquebec.com ISSN 0848-5836 This information is provided by RNS The company news service from the London Stock Exchange END IR UBABRUOAAUAA -0- Nov/27/2012 17:52 GMT
Hydro-Quebec. 83HB Half Yearly Report
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