Hydro-Quebec Announces 2001 Financial ResultsMarch 26, 2002 by Jeff Shepard
Hydro-Quebec (Montreal, Canada) reported a net income of $1,108 million, up 2.8 percent over 2000. The company exceeded the target of $1,025 million set in its Strategic Plan 2000-2004. Half of the net income, $554.0 million, will be paid to the Quebec government as a dividend. This is the fifth consecutive dividend paid to the shareholder; altogether, more than $2.0 billion has been paid since 1997. The results will also help finance the 2002 capital program, ensure the long-term operability of Hydro-Quebec facilities and provide customers with high-quality service.
The performance is attributable to an increased volume of transactions outside Quebec and the stability of financial expenses. Sales of electricity outside Quebec have risen substantially since wholesale markets opened up, increasing from $0.6 billion in 1997 to over $3.0 billion this year. Total sales have continued to grow, and now stand at $12,578.0 million, a 10.1-percent increase compared with 2000. The company's return on equity of 7.6 percent is on course for the target of 9.1 percent for 2006.