Hydro-Québec's profits drop 12 per cent
The government-owned utility said the reduced profits were due to rainfall that was "considerably lower than the historic average across its hydroelectric generating fleet" along with less net electricity exports and increased financial expenses.
Nonetheless, Hydro-Québec said the results were stronger than the $2.4 billion forecast in its 2009-2103 strategic plan because it benefited from a little stronger demand from industrial customers.
Revenues were relatively unchanged from 2009 at $12.3 billion.
It paid the provincial government a $1.89-billion dividend.