Montréal, May 22, 2015
Hydro-Québec posts net result of $1.8 billion for the first quarter
For a second consecutive year, Hydro-Québec posted a net result of $1.8 billion for the first quarter. Thanks to the skillful deployment of the company’s sales programs and the solid performance of its generating and transmission facilities in a context marked by very cold winter temperatures, the net result totaled $1,788 million in 2015, compared to $1,750 million in 2014. This $38?million increase is due in part to growth in Hydro-Québec Production’s net electricity exports.
Hydro-Québec Production recorded a net result of $1,129 million, comparable to the $1,132 million posted in 2014.
Hydro-Québec TransÉnergie’s net result amounted to $141 million, a $22?million decrease compared to 2014. Revenue from native-load transmission service increased by $8 million following a decision handed down by the Régie de l’énergie. Net amounts payable to customers, recognized in Other revenue, increased by $16 million.
Hydro-Québec Distribution posted a net result of $527 million, compared to $454 million in 2014. Revenue from electricity sales increased by $273 million, partly because of the very cold temperatures in winter 2015. Other revenue decreased, essentially because supply costs incurred during the winter for electricity in excess of the heritage pool were lower than last year. Moreover, electricity purchases and the related transmission costs decreased by $65 million. On the one hand, supplies purchased from third parties decreased by $71 million, primarily on account of a $151?million reduction in short-term market purchases, which was partly offset by a $56?million increase in wind power purchases. On the other hand, supplies from Hydro-Québec Production decreased by $24 million.
In the Construction segment, the volume of activity at Hydro-Québec Équipement et services partagés and Société d’énergie de la Baie James totaled $341 million, compared to $418 million in 2014. Projects under way for Hydro-Québec Production include ongoing construction of the Romaine hydroelectric complex. Work in progress for Hydro-Québec TransÉnergie includes expansion of the transmission system in the Minganie region, refurbishment of static var compensators at Albanel substation, as well as various projects stemming from continued investment in asset reliability and long-term operability.
In the first three months of 2015, Hydro-Québec invested $618 million in property, plant and equipment, intangible assets and the Energy Efficiency Plan, compared to $748 million in 2014. Most of this amount was devoted to the company’s growth and development projects as well as to asset maintenance and improvement activities.