BUSINESS

Hydro-Quebec sees profits decline to $319 million in third quarter of 2013

11/15/2013 05:47 EST | Updated 01/23/2014 06:56 EST
MONTREAL - Hydro-Quebec's profits from continuing operations in the third quarter of 2013 declined to $319 million from $376 million a year earlier.

Net electricity exports by Hydro-Quebec Production increased slightly from the same period in 2012.

The increase was offset by adjustments from the regulated activities of Hydro-Quebec TransEnergie and Hydro-Quebec Distribution.

Net income for the first nine months of the year amounted to $2.1 billion, compared with $265 million in 2012.

Hydro-Quebec Production's results for the three quarters increased to $1.4 billion from $1.2 billion.

The $206-million increase is mainly attributed to a $147-million increase in net electricity exports.

However, electricity purchases from Rio Tinto Alcan declined by $105 million. This was offset by an increase in water rates of $39 million.

Hydro-Quebec TransEnergie operations amounted to $416 million during the first nine months, down $60 million from 2012.