Thanks to a return to major hydroelectric development projects and groundbreaking at two construction sites, Hydro-Québec is once again acting as an economic lever, a role it played in the 1970s and 1980s. In 2004, our activities generated 46,000 direct or indirect jobs. Hydro-Québec posted net income of $2,435 million in fiscal 2004, compared to $1,938 million in 2003. Our profitability has continued to rise, confirming the soundness of our business strategies, and all of our divisions have met sizable challenges in a context marked by a freeze on expenses. Download the complete document Annual Report 2004 [PDF—5.2 MB]

Contents

• Financial Highlights
• 2004 Highlights
• Message from the Chairman of the Board
  and the President and Chief Executive Officer
  Download pages 01 to 07 [PDF—234 KB]
  

Review of Operations

• Hydro-Québec Production
• Hydro-Québec Pétrole et gaz
• Hydro-Québec TransÉnergie
• Hydro-Québec Distribution
• Hydro-Québec Équipement
• Hydro-Québec Technologie et développement industriel
• Sustainable Development
  Download pages 08 to 53 [PDF—797 KB]

Financial Review

• Management's Discussion and Analysis
• Consolidated Financial Statements
  In Excel format [XLS–203 KB]
• Supplementary Information
  Download pages 54 to 111 [PDF—383 KB]
  

Corporate Administration

• Corporate Management
• Board of Directors
• Corporate Governance
• Report of Activities of the Board of Directors and Board Committees
• Code of Ethics and Rules of Professional Conduct for Directors, Executives and Controllers of Hydro-Québec
• Generating and Transmission Facilities
• Major Facilities (map)
  Download pages 112 to 126 [PDF—565 KB]