Hydro-Quebec. 83HB Half Yearly Report
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 shortly at:
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, 75 René‑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 June 30, 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, Appendix A below and the Responsibility Statement in Appendix B below
together constitute the Half-Yearly Financial Report of Hydro-Québec for 2012
pursuant to DTR 4.2 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 Fiscal 2012 are the same as those
disclosed in our 2011 Annual Report. They are described in pages 64 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 DTR 4.2.10
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 June 30, 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 Appendix A above, constitutes a fair review of the information required
by DTR 4.2.7.
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
$1,722 million, compared to $1,854 million 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 $98 million. It also stems from a $17-million decrease in revenue
from net electricity exports by Hydro‑Québec Production and from electricity
purchases of $74 million 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 $386 million, compared to
$452 million 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 $31 million, 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 $41 million
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 $6,476 million, compared to $6,627 million in 2011.
In Québec, revenue from electricity sales amounted to $5,523 million, or
$267 million 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 $659 million, a
$78-million decrease essentially due to market conditions.
Other revenue totaled $294 million, 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 $3,564 million, or $28 million more than in 2011
on account of the $74 million in electricity purchases from Rio Tinto Alcan,
among other things. Other electricity purchases decreased by $53 million. 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 $905 million, compared to
$1,144 million 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 $17 million, 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 $38 million lower than in 2011, and the division
made electricity purchases of $74 million 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 $317 million, a $50-million
increase over 2011 that is due to a positive change of $21 million 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 $35 million.
Distribution
Hydro-Québec Distribution posted a net result of $471 million, an increase of
$40 million over last year. Revenue from electricity sales decreased by
$231 million, 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 $130 million 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
$834 million, compared to $772 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 as well as
various projects stemming from continued investment in asset sustainment,
among other things.
As for SEBJ, its volume of activity amounted to $82 million, compared to
$174 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.
Investment
In the first half of 2012, Hydro-Québec invested $1,614 million in property,
plant and equipment and intangible assets, including the Energy Efficiency
Plan, compared to $1,692 million 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$1 billion 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 December 31,
(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 January 1, 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 Part V 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 Report 2011.
The accounting policies used to prepare the quarterly consolidated financial
statements are consistent with those presented in Hydro-Québec's Annual
Report 2011.
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 March 2, 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 IAS 38, Intangible Assets, the recognition of
asset retirement obligations according to IAS 37, Provisions, Contingent
Liabilities and Contingent Assets, and IFRIC 1, Changes in Existing
Decommissioning, Restoration and Similar Liabilities, and the recognition of
employee benefits according to IAS 19, 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 June 6, 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 March 28, 2012, the Régie authorized an
across-the-board reduction of 0.45% in Hydro-Québec's electricity rates,
effective April 1, 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 March 8, 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 June 30, 2012, an amount of $7 million had been recognized as a
regulatory asset in this regard.
Note 3 Revenue
Three months ended Six months ended
June 30 June 30
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 $638 million as
at June 30, 2012 ($654 million as at June 30, 2011).
Note 4 Depreciation and Amortization
Three months ended Six months ended
June 30 June 30
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 June 30, 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
$183 million. As part of this revision, the maximum depreciation period for
some hydroelectric generation assets increased from 100 to 120 years, 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 60 years. The 2011 revision had no significant impact on
the depreciation expense for the three- and six-month periods ended June 30,
2011.
Note 5 Financial Expenses
Three months ended Six months ended
June 30 June 30
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
June 30
Pension Plan Other plans
2012 2011 2012 2011
Accrued benefit cost 51 30 28 31
Six months ended
June 30
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
June 30, 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
June 30,
2012 32,074 18,735 12,975 427 6,707 (226) 70,692
Three months ended
June 30, 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
June 30,
2011 31,134 18,230 12,949 451 4,743 (315) 67,192
Six months ended
June 30, 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
June 30,
2012 32,074 18,735 12,975 427 6,707 (226) 70,692
Six months ended
June 30, 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
June 30,
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 Note 2 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
June 30 June 30
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 768 MW, this hydroelectric facility will generate up to 2.3 TWh a
year, enough to supply 135,000 homes. 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 150 MW to 300 MW.
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 20 public 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
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