• $25.1 billion in investments in Québec
• $12.3 billion in income, of which $9.2 billion will be paid out in dividends
• $3.1 billion in water-power royalties paid
• $15.0 billion in purchases of goods and services, including $13.4 billion in Québec
• 271,400 person-years in direct and indirect jobs
• 38% of income expected to come from exports in 2013

Montréal, July 30, 2009 – Hydro-Québec’s Strategic Plan 2009–2013, which was filed today, features energy efficiency, the development of renewable energies and technological innovation. The period covered will be marked by sustained growth in the company’s operations. Hydro-Québec will invest $25 billion in Québec over a five-year period.

“Hydro-Québec will continue to develop major hydroelectric projects such as Romaine and Petit-Mécatina, in addition to bringing 4,000 MW of wind power onto the grid,” said Thierry Vandal, Hydro-Québec’s President and Chief Executive Officer. Substantial investments in the transmission and distribution grids are also expected. “Grid technology will evolve considerably over the coming years,” Mr. Vandal added.

The company also intends to achieve its energy efficiency goals—11 billion kWh a year by 2015—in partnership with all its customers. “For the 2009­–2013 period, Hydro-Québec will post solid financial results through careful management. We will provide good service to all our customers,” Mr. Vandal also mentioned.

Growth and Northern Plan

Hydro-Québec Production will invest $10.4 billion and increase its hydroelectric generating capacity by 1,000 MW by 2013 as a result of the Eastmain-1-A/ Sarcelle/Rupert project. The Romaine project will add a further 1,550 MW by 2020. The division will also continue work on the draft design of the 1,200-MW Petit-Mécatina complex. This project is part of a portfolio that completes the execution of the Québec government’s energy strategy. In addition, Hydro-Québec Production plans to develop a portfolio of 3,500 MW as part of the Québec government’s Northern Plan, including 3,000 MW in major hydropower projects; these projects will be presented in a future Strategic Plan.

Hydro-Québec TransÉnergie will make major investments totaling $7.8 billion. The division will carry out large projects to integrate new wind power capacity, develop the transmission system and ensure its long-term operability, and build a new interconnection with New England. By 2015, nearly 4,000 MW of wind power will be available.

Between now and 2013, Hydro-Québec Distribution will invest $6.2 billion in its grid and in energy efficiency, including $1.7 billion under the Energy Efficiency Plan.  

Performance

Hydro-Québec forecasts net income of $2.7 billion in 2009 and $2.4 billion a year from 2010 to 2013. Its contribution to the Québec economy will take the form of $9.2 billion in dividends, $13.4 billion in purchases of goods and services out of a total of $15.0 billion, $3.1 billion in water-power royalties, 271,400 person-years in direct and indirect jobs, and $100 million invested annually in research and development.

Sustainable development

Hydroelectric generation allows Québec to post Canada’s best per capita performance in terms of GHG emissions. In addition to continuing to develop renewable energies, Hydro-Québec will achieve 8 billion kWh in energy savings in Québec by 2013, with a target of 11 billion kWh by 2015.

Transportation electrification

Hydro-Québec will implement a plan to support transportation electrification. This plan is aimed at providing financial support for the development of infrastructure for public transit, developing and marketing advanced technologies, test-driving electric vehicles and experimenting with their integration into the power grid, and planning infrastructure for vehicle charging.

2010 rate adjustment

Today, Hydro-Québec Distribution also filed its application to the Régie de l’énergie for a rate adjustment for 2010. The 0.2% adjustment is in line with the forecasts presented in the Strategic Plan. For an average house, it will mean an increase of less than $5 in annual electricity costs.

In cooperation with the organizations concerned, Hydro-Québec will continue to offer low-income customers having difficulties paying their bills the possibility of entering into payment arrangements adapted to their means.  The company will also step up its energy efficiency initiatives targeting low-income customers.

Next stages

The Strategic Plan 2009–2013 has been submitted to the Minister of Natural Resources and Wildlife. It will be tabled in a parliamentary commission in fall 2009.