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Hydro-Quebec reports first-quarter net income of $1.6 billion

MONTREAL – Hydro-Quebec has reported first-quarter net income of $1.6 billion, compared with $1.8 billion a year earlier.

“These are excellent results,” chief financial officer Lise Croteau said Friday.

Croteau noted that winter temperatures last year were exceptionally cold.

In Quebec, milder-than-normal temperatures in this year’s first quarter led to a reduction in electricity sales compared to 2015 and to a $223-million decrease in supplies provided by Hydro-Quebec Production to Hydro-Quebec Distribution.

In markets outside Quebec, net electricity exports accounted for $571 million, comparable to the 2015 figure.

The utility also invested $618 million in property, plant and equipment and intangible assets in the first three months of 2016, compared with $612 million a year earlier.