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Hydro-Québec FY'17 earnings up on record net electricity exports

Hydro-Québec reported a C$30 million year-over-year increase in full-year 2017 adjusted net income to C$2.89 billion, from C$2.86 billion in 2016.

The result reflects a surge in net electricity exports to a record 34.4 TWh in 2017, a 1.8-TWh increase over the previous year due to the company's sales strategy, smooth operation of generating and transmission facilities and high runoff. Higher net exports contributed C$780 million towards 2017 net income.

Hydro-Québec Production posted net income of C$1.95 billion in 2017, a C$78 million increase over the previous year.

Hydro-Québec TransÉnergie's adjusted net income rose to C$581 million, compared with C$561 million in 2016. Hydro-Québec Distribution recorded adjusted net income of C$351 million, an increase from C$342 million in 2016.

Full-year revenue grew to C$13.47 billion in 2017, from C$13.34 billion in 2016, with revenue from electricity sales increasing by C$215 million to C$13.41 billion, results released March 13 showed.

Total expenditure was C$8.11 billion in 2017, compared with C$7.95 billion a year earlier. In 2017, the company invested C$3.75 billion in major development projects in the generation and transmission segments, as well as increased in maintaining and improving the quality of its assets.

The company will pay a dividend to the Quebec government for 2017 of C$2.14 billion.