Hydro-Quebec annual report 1995

Progress in providing services, in financial and human relations management aspects, and future outlook for Hydro-Quebec was summarized in the 1995 annual report. Environmental policy of the Corporation was updated to reflect international concepts of sustainable development and environment management. A program was launched to remove, recycle and eliminate contaminants. Although generating systems will not be expanded between 1997 and the year 2000, existing generating facilities will be revitalized to improve their capacity and performance. As part of aggressive marketing of surplus capacity abroad, the creation during the past year of the first U.S. subsidiary, HQ Energy Services, was announced. Net income for the year was reported at $390 million, decreased by $277 million since 1994, due to financial pressure created by the commissioning of installations, including those at Phase II of the La Grande complex, and the slowdown in electricity sales in Quebec. A net income of close to $500 million was forecast for 1996. To achieve this target the Corporation announced plans to reduce operating expenses, an exercise which will include staff reductions and a wage freeze. tabs., figs