Hydro-Quebec 2005 annual report : people with energy

Hydro-Quebec generates, transmits and distributes electricity mainly produced by renewable energy sources. Its sole shareholder is the Quebec government. This annual report reviewed the operations of Hydro-Quebec, and provided data on energy sales, production and details of the utility's environmental programs. Information on Hydro-Quebec subsidiaries in 2005 was presented in the following separate sections: Hydro-Quebec Production; Hydro-Quebec TransEnergie; Hydro-Quebec Distribution; Hydro-Quebec Equipement; and the Societe d'energie de la Baie James. In 2005, Hydro-Quebec Distribution signed contracts for an initial block of 990 MW of wind power and issued a tender call for an additional 2000 MW of wind power. A generator balancing service was created and authorized by the Regie de l'energie. Hydro-Quebec customers have achieved energy savings of nearly 450 GWh in 2005. The commissioning of Toulnustouc generating station was achieved 5 months ahead of schedule. The 526 MW facility will generate 2.7 TWh annually. Work at the Chute-Allard and Rapide-des-Coeurs sites has continued, as well as construction at Mercier and Peribonka and Eastmain-1. Income from continuing operations came to $2.25 billion, a $124 million increase that was attributed to a rise in domestic sales and net short-term exports. The income was offset by higher pension expenses, depreciation and amortization, as well as by cost of supply on external markets and financial expenses. All other operating expenses were lower than in 2004. Capital spending for the transmission system reached its highest level since 1997, with $793 million invested, including $336 million to meet growth. Data on the company's financial performance, executive changes and reorganization were provided. Financial statements included a review and analysis of financial transactions, an auditor's report, as well as customary notes to the consolidated financial statement including balance sheets, assets, liabilities and capital. tabs. figs