EX-4
from 18-K/A
13 pages
Message From the Chairman of the Board and the President and Chief Executive Officer Summary of Operations Net Income Totaled $1,402 Million, a Slight Decrease Compared to the $1,439 Million Recorded in First Quarter 2010. in the Context of Colder Temperatures in 2011, Hydro-Québec Production Reduced Its Net Export Volume Somewhat in Order to Meet Electricity Demand in Québec. Consolidated Operations Revenue Totaled $3,853 Million, Compared to $3,821 Million in 2010. in Québec, Revenue From Electricity Sales Amounted to $3,358 Million, a $193-Million Increase Over 2010 Due Essentially to a 2.7-Twh Volume Increase Stemming From the Fact That Temperatures Were Close to Normal in Winter 2011, Whereas They Had Been Exceptionally Mild in 2010. Revenue From Electricity Sales on Markets Outside Québec Was $414 Million, a $151-Million Decrease Resulting From Higher Demand for Electricity in Québec. Total Expenditure Amounted to $1,831 Million, or $87 Million More Than in 2010. It Should Be Mentioned That, in 2010, the Mild Winter Temperatures Led to the Recognition of a $105-Million Regulatory Asset for Revenue Variances Related to Climate Conditions, Namely the Differences Between Hydro-Québec Distribution’s Actual Transmission and Distribution Revenue and the Revenue Forecasts Established on the Basis of the Climate Normal for Rate Application Purposes. Taxes Decreased by $19 Million Following the Abolition of the Capital Tax in 2011. Generation Segmented Operations Hydro-Québec Production Posted Net Income of $782 Million, a Decrease of $42 Million Compared to First Quarter 2010. the $156-Million Decrease in Net Electricity Exports Was Partly Offset by a $136-Million Increase in Revenue From Electricity Sales to Hydro-Québec Distribution on Account of the Colder Temperatures in Winter 2011
12/34/56
EX-4
from 18-K/A
20 pages
Message From the Chairman of the Board and the President and Chief Executive Officer Summary of Results for the First Six Months for the Six Months Ended June 30, 2008, Net Income Totaled $2,171 Million, Up $105 Million Compared to the Same Period of 2007. the Increase Was the Result of a $114-Million Rise in Net Electricity Exports by Hydro-Québec Production. Second Quarter Net Income Totaled $721 Million in the Second Quarter of 2008, an Increase of $86 Million Over 2007 Mainly Due to Growth of $77 Million in Net Electricity Exports by Hydro-Québec Production
12/34/56
