MONTREAL--Hydro-Quebec says it had a net profit of $860 million, down from $2.6 billion in 2011 after accounting for the provincial government's decision to close the Gentilly-2 nuclear power plant.
Revenue was almost the same in each year: $12.23 billion in 2012 and $12.24 billion in 2011.
However, Hydro-Quebec's annual dividend was reduced to $645 million in 2012 from $1.95 billion in 2011.
The utility giant says its result from continuing operations totalled $2.7 billion in 2012, a $50 million increase over 2011.
The increase in the result from continuing operations is due in part to net electricity exports, which amounted to $1.23 billion, a $99-million increase over the $1.13 billion recorded in 2011.
However, revenue from electricity sales in Quebec was down because of a $109 million decrease in demand from industrial customers, but that was partly offset by a $72 million increase in residential demand.
