BC Hydro quarterly net income nudges higher Hydro, quarterly, income, higher, nudges

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BC Hydro quarterly net income nudges higher

Higher electrcity trade revenue boosted BC Hydro's second quarter net income to $119 million, $4 million higher than the same period a year earlier.

Year to date, net income is $210 million, which is $21 million higher than the first six months of the previous fiscal year.

Hydro reported in a news release accompanying the second quarter report that water inflows into system reservoirs during the quarter were 23 per cent below historical average - due to low winter snowpack levels and lower than normal precipitation during the spring and summer of 2010.

" BC Hydro was required to increase market energy purchases in the quarter in order to meet domestic load requirements," the release said.

"While we are pleased with our overall financial results, historically low water levels in our reservoirs - which is where we store water for generating electricity - remain a concern and are placing upward pressure on rates," said Hydro president and CEO Dave Cobb said in the release.

"Our hydroelectric system relies on winter snowpack runoff and ongoing precipitation, and overall water inflows this year are forecast to be only 83 per cent of average, the second lowest level in the 50 years. As a result, we've had to continue purchasing additional energy and more expensive energy from the market to meet our domestic needs, and this means ratepayers are seeing an increase in our overall energy costs. If water inflows are as low as forecast, we will become more reliant on market energy to meet domestic needs, especially as we move into the winter season and peak electricity use," he said.




view of the BC Hydro right-of-way on 138th Street, between 93A Avenue and Kenmore Drive, in Surrey, B.C.