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Hydro-Quebec, North America's largest electricity producer, reported a record net profit on Wednesday of C$1.108 billion ($697 million) in 2001, a 2.8 percent increase over 2000, thanks to its exports to the United States and profitable trading operations.

The provincially owned utility exceeded its profit target of C$1.025 million and half of the net income, or C$554 million, will be paid to the Quebec government as a dividend.

The utility said that the rest of the profit will help finance its 2002 capital program, ensure the long-term operations of Hydro-Quebec facilities and provide customers with better services.

"This excellent performance is essentially attributable to an increased volume of transactions outside Quebec and the stability of financial expenses," the utility said.

Hydro also said that its growth was largely explained by the increase in power prices and in the volume of trading operations on U.S. markets.

Sales of electricity outside Quebec have risen substantially since wholesale markets opened up, increasing from C$600 million in 1997 to more than C$3 billion in 2001.

Total electricity sales -- including power sold in Quebec-- increased to C$12.6 billion in 2001, a 10.1 percent rise from 2000. There was however a slight decrease in total sales of electricity in Quebec because of the unusually mild weather in December.

The utility said its return on equity was 7.6 percent and on course for its target of 9.1 percent in 2006. That ratio is lower than most North American power utilities.

($1=$1.59 Canadian)

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