Quarterly Reports 2009

For the nine months ended September 30, 2009, income from continuing operations totaled $2,180 million, compared to $2,536 million for the same period of 2008. The difference is due to the recognition, in June 2008, of a $129-million regulatory asset for revenue variances related to weather conditions in 2006 and 2007. In addition, as at September 30, 2009, there was a $343-million decrease in revenue from net electricity exports by Hydro-Québec Production, which should be partially reversed by year-end. It should be remembered that in 2008, Hydro-Québec Production benefited from particularly favorable market conditions. Furthermore, the drop in aluminum prices led to a $197-million loss, or $105 million more than in 2008, on special contracts with large industrial customers in Québec. These factors were mitigated by the positive effect of hedging aluminum prices, amounting to $179 million, and a $47-million reduction in capital tax.

Net income for the first nine months amounted to $2,180 million, compared to $2,662 million in 2008. If the non-recurring items from 2008 are excluded, the decrease in net income as at September 30, 2009, is $228 million, or 9%. It should be remembered that a non-recurring gain of $125 million related to the price adjustments provided for in the contract for the sale of the company’s interest in Transelec, in Chile, had been recognized in 2008. Based on the results of the first nine months, we reiterate our announcement, made during the parliamentary commission on the Strategic Plan 2009–2013, that we anticipate net income of more than $2,700 million for fiscal 2009.

• Third quarter [PDF]
• Second quarter [PDF]
• First quarter [PDF]