2001 Triple Bottom Line Report - BC Hydro
2001 Triple Bottom Line Report - BC Hydro
2001 Triple Bottom Line Report - BC Hydro
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F I N A N C I A L E F F I C I E N C Y A N D<br />
P R O D U C T I V I T Y<br />
E C O N O M I C B O T T O M L I N E | 5 8<br />
CUSTOMER VALUE<br />
NEW BUSINESS OPPORTUNITIES<br />
FINANCIAL EFFICIENCY<br />
AND PRODUCTIVITY<br />
<strong>BC</strong> <strong>Hydro</strong> has a fiscal responsibility to generate profits for the people of British Columbia. We support the economic lifeblood of the province,<br />
and the value we create produces revenue to help the B.C. government provide essential services such as hospitals, schools and roads.<br />
F I N A N C I A L O V E R V I E W<br />
Our 2000/<strong>2001</strong> financial performance was exceptional.<br />
We generated record profits and export sales, allowing us<br />
to invest significant sums of money in long-term sustainability<br />
ventures underway within <strong>BC</strong> <strong>Hydro</strong>, and in communities<br />
throughout the province. We also contributed substantial<br />
sums of money to the provincial treasury through dividends,<br />
resources rents and taxes (including water rental fees),<br />
corporation capital tax and school taxes.<br />
Our strong earnings led us to pay $372 million to the B.C.<br />
government as a dividend; credit our residential customers a<br />
total of $310 million as a government-directed rebate to help<br />
offset high natural gas costs; and channel $103 million to our<br />
Rate Stabilization Account, a fund designed to protect domestic<br />
customers from electricity rate increases. We also expanded our<br />
existing commitments by allocating approximately $80 million in<br />
new funding for a range of projects including sustainability,<br />
environmental clean-up, gain sharing, scholarships and maintenance.<br />
00/01 Actual<br />
00/01 Target<br />
99/00 Actual<br />
SHAREHOLDER VALUE-ADDED<br />
MILLIONS OF DOLLARS<br />
$(55)<br />
$103<br />
Our strong financial performance and the benefits that<br />
flowed from it were primarily due to increased revenue<br />
from electricity trade activities during extreme energy market<br />
volatility in North America in 2000/<strong>2001</strong>. Domestic revenues<br />
also increased as a result of customer growth in the residential,<br />
light industrial and commercial sectors, including the return to<br />
production of several major mining customers who had shut<br />
down part of the previous year.<br />
At the end of the fiscal year, our statement of operations<br />
sheet showed profit of $446 million from total sales of<br />
$7,889 million. Sector performance for 2000/<strong>2001</strong> included<br />
electricity trade of $5,458 million, domestic sales of $2,431 million,<br />
and $524 million in revenue from large industrial customers.<br />
The year before, totals were $1,129 million, $2,351 million,<br />
and $482 million, respectively.<br />
$129