BC Hydro Annual Report 2001

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Winnipeg Montréal Vancouver Seattle Edmonton Toronto Portland San Francisco New York Vancouver Seattle Winnipeg Edmonton Portland Toronto Montréal San Francisco New York SOURCES OF REVENUE Other 2% Large industrial 7% Light industrial and commercial 11% Residential 11% Electricity trade 69% COMPARATIVE INDEX OF ELECTRICITY PRICES– RESIDENTIAL CUSTOMERS CONSUMPTION: 1000 kW . h/MONTH 98 100 101 112 125 138 155 285 352 Hydro-Québec = 100 Monthly billings (excluding all taxes) Rates in effect May 1, 2000 Source: Hydro-Québec: Comparison of Electricity Prices in Major North American Cities. COMPARATIVE INDEX OF ELECTRICITY PRICES– LIGHT INDUSTRIAL AND COMMERCIAL CUSTOMERS CONSUMPTION: 100 000 kW . h/MONTH 65 65 72 72 83 96 100 191 260 Hydro-Québec = 100 Monthly billings (excluding all taxes) Rates in effect May 1, 2000 Source: Hydro-Québec: Comparison of Electricity Prices in Major North American Cities. 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 900 800 700 600 500 400 300 200 100 0 ALLOCATION OF REVENUE RSA 1% Retained earnings 1% Taxes 2% Customer profit sharing 4% Depreciation 5% Payment to the Province 5% Finance charges 7% OMA 10% RETURN ON EQUITY 97 98 99 00 01 97 Actual Allowed 98 99 00 01 Taxes Water Rental Energy costs 65% PAYMENTS TO THE PROVINCE $ IN MILLIONS Dividend FINANCIAL HIGHLIGHTS
M I N I S T E R ' S M E S S A G E GOVERNMENT OF BRITISH COLUMBIA Minister of Energy and Mines Minister Responsible for BC Hydro Vancouver June 2001 The Honourable Garde Gardom Lieutenant Governor of the Province of British Columbia Dear Sir, As our leading Crown corporation, BC Hydro is making an important contribution to the social and economic well-being of our province. Hydro’s low rates, competitive success and commitment to sound environmental policies are an asset for all British Columbians. I am pleased to submit BC Hydro’s annual report for the year ended March 31, 2001. Yours respectfully, Richard Neufeld L E T T E R F R O M T H E C H A I R The North American electric industry has experienced dramatic changes in the past several years. Four years ago, there were adequate supplies of energy, prices were low, the demand for electricity was stable and markets were moving towards deregulation. Today, there are regional shortfalls in energy supply, wholesale electricity prices have soared, demand for electricity is increasing and the momentum towards deregulation appears to be slowing. While British Columbia is blessed with an adequate supply of energy and BC Hydro has been able to maintain low prices, predicting the future has never been more challenging. While there has been considerable volatility in our industry, let me assure you that BC Hydro is well positioned to compete and prosper in this dramatically changing environment. We have the basic ingredients – low-cost, renewable and clean hydroelectric power, a growing stature in international electricity trade and an experienced, dedicated workforce – to be one of the most profitable and respected energy companies in North America. We have made considerable strides in our policy of sustainability, putting us at the forefront of the industry. We intend to stay there. BC Hydro will meet the challenges ahead and aggressively pursue the opportunities presented by an industry in transition. We remain committed to our vision of being a competitive, commercial Crown corporation that provides superior value for our customers and our shareholder – the provincial government. Our success over the past year was shared directly with our customers through low electricity rates and the provincial government-directed $200 energy rebate, applied to all residential accounts. Our achievements are due, in large part, to the extraordinary contributions of our 5900 employees. Sincerely, Robert A. Fairweather Acting Chair
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BC Hydro Annual Report 2001

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