First quarter 2013: Hydro-Québec posts a net result of $1,360 million
MONTREAL, May 17, 2013 /CNW Telbec/ - In the first quarter of 2013,
Hydro-Québec posted a net result of $1,360million, an increase of
$24million over the $1,336million recorded in the same period of 2012.
This growth is due, among other things, to higher revenue from net electricity
exports by Hydro-Québec Production and to a decrease in electricity purchases
from Rio Tinto Alcan. These factors were partly offset by the impact of the
deferred implementation of Hydro-Québec Distribution's rate adjustment, which
was amplified in 2013.
Hydro-Québec Production recorded a result from continuing operations of
$745million, compared to $620million in 2012. This $125-million increase
is due to a $67-million growth in revenue from net electricity exports and to
a $52-million growth in revenue from electricity sales to Hydro-Québec
Distribution, including special contracts, mainly on account of the mild
temperatures in 2012. In addition, electricity purchases from Rio Tinto Alcan
decreased by $29million. When the discontinued operations are factored in,
the net result for the first three months of the year totaled $736million in
2013, compared to $613million in 2012.
Hydro-Québec TransÉnergie's result from continuing operations was
$168million, an $11-million increase over 2012 that is notably due to an
$11-million decrease in depreciation and amortization expense.
Hydro-Québec Distribution posted a result from continuing operations of
$442million, compared to $549million in 2012. Revenue from electricity
sales increased by $140million, mainly on account of the mild temperatures
in 2012 and higher demand, primarily in the residential sector. These factors
were partly offset by the effect of the leap year, namely sales on
February29, 2012. They were also mitigated by the impact of the deferred
implementation of Hydro-Québec Distribution's rate adjustment, i.e., the
difference between the April1 effective date of the rate adjustment and the
recording of additional costs as of January1, notably for electricity
purchases from independent producers, which was amplified in 2013. Moreover,
revenue variances related to climate conditions were less favorable in 2013
than in 2012. In addition, electricity purchases from Hydro-Québec Production
increased by $46million. Finally, bad debt related to electricity sales in
Québec was $15million higher than in 2012.
In the Construction segment, the volume of activity at Hydro-Québec
Équipement et services partagés and Société d'énergie de la Baie James
totaled $442million, compared to $385million in 2012. Projects carried out
for Hydro-Québec Production included ongoing construction at the Romaine
jobsites and work to complete the Eastmain-1-A/Sarcelle/Rupert development.
Projects done for Hydro-Québec TransÉnergie included expansion of the
transmission system in the Minganie region, the addition of a 735/315-kV
section and related work at Bout-de-l'Île substation, as well as continued
investment in asset sustainment.
Hydro-Québec invested $793million during the first three months of 2013,
compared to $738million in 2012. As expected, a large portion of this amount
was devoted to the company's growth and development projects as well as to
maintenance and improvement activities.
Ariane Connor, Media Relations Tel.: 514 289-5982
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-0- May/17/2013 15:08 GMT
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