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Profits on the up at Hydro-Quebec

Hydro-Quebec, one of the largest hydro utilities in North America, has reported a 33% jump in its 1999 net income to C$906M (US$616M) due to stronger power sales inside and outside Quebec. The utility had previously forecast a C$925M (US$629M) net profit.

Overall, Hydro-Quebec exported 24TWh of electricity in 1999, compared with 20TWh a year earlier. The utility pays half of its net income, or C$453M (US$308M), to the Quebec government in the form of dividends. The other half will be used to improve customer services, especially through further capital projects to increase system reliability, according to Hydro-Quebec.

The utility also expects to put its Ste Marguerite 3 dam near Sept-Iles, Quebec, in service by the end of 2001. The facility is expected to produce about 800MW.