Hydro-Québec power linesJACQUES BOISSINOT
Hydro-Québec's profit decreased more than 12 per cent or $356-million to $2.52-billion in 2010 due to lower water levels and reduced exports.
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, the utility 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.
Revenue was relatively unchanged from 2009 at $12.3-billion.
It paid the provincial government a $1.89-billion dividend.