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multilang-release

        PRESS RELEASE
16 February 2018
 
 
 

2017 annual results
2017 financial targets achieved. 2018 targets confirmed
Performance plan in advance

2017 key figures   Highlights
 

EBITDA  €13.7bn
  -14.8% organic[1]
-10.0% excluding regulated tariff adjustment[2] in France

  Strengthening of the balance sheet and deployment of the performance plan Capital increase and 2015-2017 dividends in shares: ~€9bn; Asset disposals of €6.2bn over 2017 fiscal year: 80% of the
2015-2020 target reached at the half-way mark (i.e. €8.1bn); Reduction of Opex7 and optimisation of the WCR: targets reached one year early. Acceleration in wind and solar energy Growth in net installed capacity (+23%, i.e. +1.6GW)[3] to 8.8GW, and in generated electricity (+13% to 13.8TWh)[4]; EDF EN's portfolio of projects under construction: 1.9GW gross; EDF EN's pipeline: 22.5GW (+22%); Acquisition of Futuren (onshore wind power) and OWS (maintenance in offshore wind power); EDF's Solar Plan in France: 30GW over the period 2020-2035. Strategic priorities confirmed Signing of the acquisition of Gas Natural Vendita Italia in Italy (expected closing date at the end of February 2018) and acquisition of Imtech in the United Kingdom; Commercial offensive: new offers "Vert Electrique" and rapid adjustment of commercial costs in a context of heightened competition in France. Strengthening of the French nuclear industry Acquisition of Framatome - refocused as a designer & supplier of nuclear steam supply systems; Resumption of the manufacturing of forged components at the Creusot site approved by the ASN; Creation of Edvance: bringing together of EDF and Framatome's engineering teams in order to improve efficiency and increase competitiveness; Progress on track on the Flamanville 3 project. First political and regulatory changes Implementation of the capacity market in France in 2017 and authorisation received by the European Commission in Italy and in Belgium in 2018; Simplification announced of the regulatory framework for the development of renewable energies in France; Reform of the European Union's CO2 emissions trading (scheme ETS); In France, postponement of the 2025 target on reducing the share of nuclear power ahead of the PPE (multi-year energy plan).
Net income excluding non-recurring items[5] €2.8bn
-31.0%
Net income - Group share  €3.2bn
+11.3%
Net financial debt[6]  €33.0bn
Net financial debt/EBITDA  2.4x
Proposed dividend for 2017:   €0.46/share
  i.e. a payout ratio of 60%
   
Electricity Output
Nuclear France:  379.1TWh
Nuclear United Kingdom:  63.9TWh
Hydropower France:  37.1TWh
EDF Énergies Nouvelles:  12.6TWh
 

-1.3%
-1.8%
-12.5%
+10.9%

   
Performance plan

 

Operating expenses[7]  -€0.7bn compared to 2015
initial target reached one year early

WCR optimisation plan  €1.9bn compared to 2015
target exceeded one year early

Assets disposal plan realised (2015-2017)  ~€8.1bn[8]
more than 80% of target reached at the half-way mark

 

2018 targets confirmed

 

Operating expenses7:  -€0.8bn compared to 2015 EBITDA[9]:    €14.6 - 15.3bn Cash flow9,[10] excluding Linky[11], new developments and 2015-20 assets disposal plan:  ~0 Assets disposal plan since 2015    ~€10bn[12] Net investments excluding Linky11, new developments and 2015-20 assets disposal plan:  ~€11bn Total net investments excluding acquisitions and 2015-20 assets disposal plan  <= €15bn Net financial debt/EBITDA9:  <= 2.7x Target payout ratio of net income excluding non-recurring items[13]:  50%

EDF's Board of Directors meeting on 15 February 2018, under the chairmanship of Jean-Bernard Lévy, approved the consolidated financial statements at 31 December 2017.

Jean-Bernard Lévy, EDF's Chairman and CEO, stated: "In line with our forecasts, the 2017 results demonstrate EDF's solidity, once again profitable, in a difficult market context. Continuing the deployment of its CAP 2030 strategy and the successful execution of its performance plan, the Group strengthened its balance sheet and reduced its financial debt by €4.4bn in 2017. We are beginning an unprecedented acceleration in renewable energies with the launch of EDF's Solar Plan, at the same time that we are strengthening our commercial initiatives. Supported by our staff dedicated to working in the service of the energy transition and by a newly reorganized nuclear industry, EDF now enjoys a solid basis to achieve the rebound expected in 2018."

Change in EDF group's results

(in millions of Euros) 2016 2017 Change
(%)
Organic change
(%)
1
Organic change (%)
Excluding tariff adjustment2 in France
Sales 71,203 69,632 -2.2 -1.0 +0.4
EBITDA 16,414 13,742 -16.3 -14.8 -10.0
EBIT 7,514 5,637 -25.0  
Net income - Group share 2,851 3,173 +11.3    
Net income excluding non-recurring items3 4,085 2,820 -31.0  

Change in EDF group's EBITDA

(in millions of Euros) 2016 2017 Organic change (%)1 Organic change (%)
Excluding tariff adjustment2 in France
France - Generation and supply activities 6,156 4,876 -20.8 -7.9
France - Regulated activities 5,102 4,898 -4.0 -3.8
United Kingdom 1,713 1,035 -33.3  
Italy 641 910 +42.1  
Other activities 2,091 1,566 -24.7  
of which EDF Énergies Nouvelles 861 751 -14.8  
of which Dalkia 252 259 -1.6  
of which EDF Trading Group 729 358 -46.8  
Other international 711 457 -17.9  
Total Group 16,414 13,742 -14.8 -10.0

The results of the 2017 fiscal year are in line with expectations, despite the decline in nuclear and hydropower output in France and the unfavourable price conditions in almost all geographic areas where the Group is active. Actions undertaken to optimize operations and accelerate cost reductions have helped generate an EBITDA of €13.7 billion, in line with the initial targets.
EBITDA for the France - Generation and supply activities segment amounted to €4,876 million. Restated for the impact of the tariff adjustment[14], which took place in 2016, EBITDA was down 7.9% in organic terms. This change is mainly due to the decline in nuclear and hydropower output, to the impact of the purchases of the volumes required to cover the ARENH subscriptions in a tense market environment, and, to a lesser extent, to the unfavourable conditions in the downstream market.

EBITDA for France - Regulated activities[15] amounted to €4,898 million. Restated for the impact of the tariff adjustment14 which took place in 2016, EBITDA was down 3.8% in organic terms. This change is attributable to the downward trend in volumes delivered by Enedis, the impact of storms and hurricanes and the positive factors in 2016 that had no equivalent in 2017.

In the United Kingdom, EBITDA was down 33.3% in organic terms to €1,035 million, mainly due to the significant impact of lower realised nuclear prices.

In Italy, EBITDA recorded an organic increase of 42.1% to €910 million due in particular to favourable trends in electricity sale prices and to the optimisation of the gas-fired generation fleet. The performance of the exploration-production activities for hydrocarbons, in a context of higher Brent oil and gas prices and higher output after a new platform came online, also contributed to this positive development in EBITDA.

EDF Énergies Nouvelles' performance benefitted from an 11% increase in renewable power output in connection with an increase of 1.6GW in net installed capacities to 7.8 GW. EBITDA stood at €751 million, down 14.8 % in organic terms, due to lower asset rotation activity than in 2016. EBITDA from generation rose by 8.5% organically to €741 million.

EBITDA for the Other international segment stood at €457 million, an organic decrease of 17.9%, attributable essentially to the drop in electricity prices and to lower power generation in Belgium. The unfavourable revision of the index of the price of the Power Purchase Agreement in Brazil also contributed to the decrease.

Operating performance 

In France, nuclear output stood at 379.1TWh, a decrease of -1.3% (4.9TWh) compared to 2016.

In 2017, nuclear generation was affected by technical unavailabilities (in particular the extended unplanned outages at Flamanville 1 and Cattenom 1) and by the extension of outages to conduct maintenance work on several reactors. The provisional shutdown of the four Tricastin reactors, as requested by the ASN, also led to a drop in output of 6TWh over the final quarter.

Hydropower output stood at 37.1TWh[16], down by 5.3TWh from 2016 due to particularly unfavourable hydrological conditions, 2017 being the driest year since 2011.

Dispatch of thermal generation facilities increased in relation with lower nuclear and hydro output. Their output, up 4.1TWh compared to 2016, reached 16.1TWh.

In the United Kingdom, nuclear output stood at 63.9TWh, confirming the good operating performance by the fleet. The slight decrease of 1.2TWh compared to the record high level in 2016, was due in particular to a low level of planned outages in 2016 and to the extended outage at Sizewell B at the end of 2017.

EDF Énergies Nouvelles output reached 12.6TWh, an increase of 11% over 2016.

In France, heightened competition led to a drop in market share of residential customers to 85.5%, representing a net loss of around one million customers. Market share in the business customers segment held up more robustly, and now stands at 64.6%, thanks in particular to the winning back of previous customers. The EDF group has put into place a response plan with the launching of new offers (in particular the "Vert électrique") and the rapid adjustment of commercial costs. In Europe, the Group is resisting well in the residential customers segment, in particular in the United Kingdom, Belgium and Italy, where the acquisition currently in progress of GNVI will provide a growth driver starting in 2018.

Dalkia's sales growth (+6.1% in organic change) was notably driven by the development of activities in heating and cooling networks, new contracts in the industry and abroad, and the acquisition of Imtech in the United Kingdom. Moreover, the share of renewable and recovery energies in the energy mix represents 37%, i.e. +8% compared to 2016. Citelum signed numerous agreements in 2017, notably with the city of Dijon, Mexico City and the city of Albuquerque. Fenice renewed its agreement with Fiat for five years, renewable one time.

Net income

The financial result was up by €1,097 million compared to 2016, thanks in particular to an increase in capital gains on the sales of dedicated assets and to lower unwinding costs attributable primarily to a decrease in the discount rate on nuclear provisions in France at 31 December 2017 compared to the preceding financial year-end (-0.1% in the real rate), which was less marked than the decrease recorded at 31 December 2016 (-0.2%).

Net income excluding non-recurring items stood at €2,820 million in 2017, down by 31.0% from 2016. This includes the drop in EBITDA, which was partially offset by the improvement of the financial result and by the drop in corporate income tax.

The Group's share of net income totalled €3,173 million in 2017, up €322 million compared to 2016 (+11.3%), thanks in particular to the positive effect of the capital gain recorded for the sale of 49.9% of CTE[17].

Performance plan in advance

2017 was marked by the significant progress made in the deployment of the performance plan announced in April 2016. Firstly, operating expenses[18] were reduced by €431 million in 2017 compared to 2016, i.e. a cumulative reduction of approximately €706 million between 2015 and 2017. All segments contributed to this financial result, with, in particular, a decrease in 2017 of 5.2% in operating expenses in the France - Generation and supply activities segment, notably thanks to a decrease in costs for support functions and to the adjustment of the costs of the commercial functions. Italy recorded a drop of 4.1%, and Belgium 3.0%.

Optimisation plans had a positive impact of €431 million on the working capital requirement in 2017, representing a cumulated optimisation of €1.9 billion over the period 2015-2017, which allowed the target to be exceeded one year early.

The disposal plan was carried out with success, with €8.1 billion in disposals over the 2015-2017 period, i.e. more than 80% of the 2020 target has been reached at the half-way point.

Proposed dividend for 2017: €0.46/share, i.e. a payout ratio of 60%
with an option of payment in new shares

At its 15 February 2018 meeting, EDF's Board of Directors decided to propose the payment of a €0.46 per share dividend for the 2017 fiscal year at the General shareholder's meeting of 15 May 2018. This would correspond to a payout ratio of 60% of net income excluding non-recurring items[19].

When subtracting the interim dividend of €0.15 per share paid out in December 2017, the balance of the dividend to be paid out on the 2017 financial year comes to €0.31 per share for shares receiving the ordinary dividend.

Subject to approval at the Shareholders' Meeting, in accordance with Article L. 232-18 of the French Commercial Code and Article 25 of the Company's articles of association, EDF's Board of Directors decided on 15 February 2018 to offer each shareholder the option of being paid in new EDF stocks on the remaining dividend to be paid for the year exercice ending at 31 December 2017. In case the option is exercised, the new shares will be issued at a price equal to 90% of the average of opening prices of the EDF share on the Euronext Paris regulated market over the twenty trading days preceding the day of the Shareholders' Meeting, reduced by the amount of the balance of the dividend to be paid for the 2017 financial year, rounded up to the nearest euro cent.

On 15 February 2018, EDF's Board of Directors set the terms of payment of the balance of the dividend for the 2017 financial year which will be submitted for approval during the General meeting of shareholders to be held on 15 May 2018:

  • ordinary and loyalty dividend ex-date on 25 May 2018;
  • exercise period for payment in new shares from 25 May to 11 June 2018 inclusive;
  • payment date of the balance of the dividend and settlement/delivery of the shares on 19 June 2018.

Cash flow and Net financial debt

Total net investments including acquisitions but excluding the disposal plan reached €16 billion. Taking into account the significant asset disposals in 2017 (€6,193 million in 2017 compared to €1,139 in 2016), the total net investments and acquisitions amounted to €9,810 million in 2017, compared to €11,663 million in 2016. Moreover, total net investments excluding Linky[20], new developments[21] and the disposal plan amounted to €11,968 million, up slightly by 1.3% compared to 2016, in line with the acceleration of investments in renewable energies.

Cash flow after net investments stood at €1,853 million, a significant improvement of €2,392 million, despite the drop in EBITDA, thanks mainly to the assets disposals in 2017 and to the inflow of most of the tariff adjustment, which took place in 2016[22]. Group cash flow[23] amounted to -€209 million, up €1,356 million despite the allocation of dedicated assets of €1,095 million requested by a ministerial letter of 10 February 2017.

  31/12/2016 31/12/2017
Net financial debt[24] (in billions of Euros) 37.4 33.0
Net financial debt/EBITDA: 2.3x 2.4x

The Group's net financial debt reached €33.0 billion at the end of 2017. It was €37.4 billion at 31 December 2016. This improvement is mainly attributable to the capital increase of €4 billion and to asset disposals carried out in 2017. The ratio of net financial debt/EBITDA stood at 2.4x at 31 December 2017.

Outlook

The Group is continuing the deployment of its strategic plan and confirms its 2018 targets[25]:

  • Operating expenses[26]: €800 million reduction compared to 2015
  • EBITDA[27]: between €14.6 and €15.3 billion
  • Cash flow27,[28] excluding Linky[29], new developments and 2015-20 assets disposal plan: slightly positive or close to balance
  • Assets disposal plan: around €10 billion over 2015-2018[30]
  • Net investments excluding Linky29, new developments and 2015-20 assets disposal plan: around €11 billion
  • Total net investments excluding acquisitions and 2015-20 assets disposal plan: around €15 billion
  • Net financial debt/EBITDA27: less than or equal to 2.7x
  • Target payout ratio, based on net income excluding non-recurring items[31]: 50%

In 2019, in a context marked by an expected decline in nuclear generation in France compared to 2018, the measures to reduce operating expenses26 will be increased, with the target being revised upwards to €1.1 billion compared to 2015.

The 2019 target payout ratio of the net income excluding non-recurring items31 is confirmed at 45%-50%.

Main Group results by segment

France - Generation and supply activities 

 

 

 

(in millions of Euros)

2016 2017 Organic change (%)[32] Organic change (%)
Excluding tariff adjustment[33]
Sales 35,191 35,606 +1.2 +4.1
EBITDA 6,156 4,876 -20.8 -7.9

Sales in France - Generation and supply activities amounted to €35,606 million. Restated for the impact of the tariff adjustment33 which took place in 2016, sales were up 4.1% in organic terms. EBITDA stood at €4,876 million. Restated for the impact of the tariff adjustment33 which amounted to €859 million, EBITDA was down -7.9% in organic terms.

The lower level of nuclear power and hydropower output compared to 2016 had an unfavourable impact estimated at -€504 million.

EBITDA also declined by around €311 million in 2017 due to the net effect of operations on the wholesale markets, particularly for additional purchases while prices were high, required to cover 2017 ARENH subscriptions. These purchases were also to make up for lower nuclear power output due to additional controls in connection with the carbon segregation issue, in particular during the first half of the year. This effect was partly counterbalanced in the second half-year of 2017 as purchases had been made at particularly high prices in the final quarter of 2016 due to lower nuclear plant availability.

Heightened competition, reflected in a net loss of around one million residential customers, and negative price effects on new offers also had an estimated net effect of -€341 million on EBITDA.

Tariff changes, excluding remuneration of capacity in the tariff "stacking" calculation, led to an estimated decrease of -€363 million[34] compared to 2016.

The introduction of the capacity mechanism had a favourable +€580 million estimated impact on EBITDA for 2017. The capacity price is included in regulated tariffs and market-price offers, and excess capacities are sold off on the wholesale markets.

The weather, which was generally milder than in 2016 with a particularly cold spell early in 2017, and the "leap year effect" of 2016 had a negative effect estimated at -€186 million in 2017.

Under the EDF group's performance plan, operating expenses[35]  were brought down by an estimated €494 million (-5.2%) through actions to improve operating performance and control of payroll costs. These measures are being applied across all entities, notably through cost-cutting in support functions and adjustment of the costs of commercial activities.

France - Regulated activities[36]

 

 

 

(in millions of Euros)

2016 2017 Organic change (%)[37] Organic change (%)
Excluding tariff adjustment[38]
Sales 15,728 15,896 +1.1 +1.3
EBITDA 5,102 4,898 -4.0 -3.8

Sales for the France - Regulated activities segment amounted to €15,896 million. Restated for the impact of the tariff adjustment38 for Électricité de Strasbourg which took place in 2016, it was up 1.3% in organic terms.

EBITDA stood at €4,898 million. Without the impact of regulated sales tariff adjustment, EBITDA registered an organic decline of -3.8%, including the unfavourable €42 million[39] effect of a decline in volumes delivered by Enedis[40]. Demand was down 0.4TWh (i.e. -0.2%). As a reminder, the impacts related to the drop in demand are eligible for the tariff rectification mechanism (CRCP).

2017 was also marked by exceptionally fierce storms in mainland France, with an estimated negative impact
of -€60 million corresponding to the operating expenses incurred for work and power cut indemnities. The hurricanes on St Martin and St Barthélémy generated costs estimated at -€23 million.

All these unfavourable factors were only partially offset by tariff increases for Enedis associated with the introduction of the TURPE 5 tariff from 1 August 2017 (raising delivery tariffs on the distribution network by +2.71%) amounting to an estimated +€102 million.

The residual decrease of €168 million in EBITDA is essentially caused by the existence of favourable developments in 2016 that had no equivalent in 2017, principally concerning the island activities.

United Kingdom 

(in millions of Euros) 2016 2017 Organic change (%)
Sales 9,267 8,688 -0.8
EBITDA 1,713 1,035 -33.3

The United Kingdom's contribution to Group sales amounted to €8,688 million in 2017, down 0.8% in organic terms compared to 2016. EBITDA stood at €1,035 million, down by 33.3% in organic terms from 2016.

EBITDA was penalised by the effect of the downturn in realised prices for nuclear power (-12%). Nuclear generation output amounted to 63.9TWh confirming the good operating performance by the fleet, after an exceptional 2016.

The number of residential customer accounts declined only slightly compared to end 2016, indicating resilience in a highly competitive market. Moreover, consumption was lower in connection with rising energy efficiency.

In addition, the Infrastructure and Projects Authority (IPA) guarantee, granted under the framework of the HPC project, was formally cancelled on 5 February 2018 on EDF's request.

Italy 

(in millions of Euros) 2016 2017 Organic change (%)
Sales 11,125 9,940 -10.6
EBITDA 641 910 +42.1

Sales in Italy amounted to €9,940 million, down 10.6% organically from 2016, due on one hand to the drop in Electricity activities caused by lower volumes sold, and on the other by the "derivatives" component of hedges, the latter not significantly affecting the margin. EBITDA recorded an organic increase of 42.1% to €910 million.

EBITDA for the electricity activities showed organic growth of €26 million or +10.0% from 2016. It benefited from favourable trends in sale prices and optimisation of the gas-fired plants' generation capacities.

EBITDA for the hydrocarbon activities registered organic growth of €96 million or +19.7% compared to 2016. It benefited from favourable movements in Brent oil and gas prices, and higher output after a new platform came online in Egypt. Maintenance costs for the exploration-production activity were also optimised.

EBITDA also benefited from the positive effect of the sale of the Milan headquarters for around €100 million[41].

Other activities

(in millions of Euros) 2016 2017 Organic change (%)
Sales
of which EDF Énergies Nouvelles
of which Dalkia
7,734
1,169
3,600
7,813
1,280
4,051
-1.0
+3.6
+6.1
EBITDA
of which EDF Énergies Nouvelles
of which Dalkia
2,091
861
252
1,566
751
259
-24.7
-14.8
-1.6

Sales in Other activities amounted to €7,813 million, down 1.0% in organic terms compared to 2016. EBITDA recorded an organic decrease of 24.7% to €1,566 million.

EDF Énergies Nouvelles' contribution to consolidated EBITDA totalled €751 million, corresponding to an organic decrease of €127 million (-14.8%) from 2016, due to lower sales of assets than in 2016 which registered a high level of such operations. However, production (including Futuren) showed strong growth of close to +11% (+1.2TWh) and contributed €741 million to 2017 EBITDA. Sales of assets covered the structure and development costs. Against this background, the net installed capacity was up by +1.6GW to 7.8GW at 31 December 2017. The portfolio of projects under construction by EDF Énergies Nouvelles totalled 1.9GW, a significant share of 0.9GW concerning solar power projects.

Dalkia's EBITDA was €259 million, corresponding to an organic decrease of €4 million (-1.6%). Conclusions and renewals of a large number of commercial contracts, favourable trends in the indexes for revising service prices, and the positive effect of rising energy prices all made positive contributions to EBITDA. However, financial performance is penalised by a one-off operating issue on a contract led by a subsidiary.

EBITDA at EDF Trading amounted to €358 million in 2017, an organic decline of 46.8% after an exceptional 2016, characterized by a sharp rise in electricity prices and volatility in Europe at the end of the year, as well as the difficult market conditions in North America. A reorganisation is currently underway in that region. As part of a new strategic partnership, the EDF Group and JERA joined their coal negotiation and trading activities in April 2017 in a joint venture in which EDF Trading holds a 33% stake.

Other international 

(in millions of Euros) 2016 2017 Organic change (%)
Sales
of which Belgium
of which Brazil
5,286
3,203
488
4,822
3,375
453
+0.5
+4.7
-14.3
EBITDA
of which Belgium
of which Brazil
711[42]
205
190
457[43]
145
150
-17.9
-30.2
-28.4

Sales in Other international amounted to €4,822 million, up 0.5% in organic terms over 2016. EBITDA recorded an organic decrease of 17.9% to €457 million.

In Belgium, EBITDA was down organically by 30.2% to €145 million mainly as a result of the downturn in electricity prices and lower nuclear power generation due in particular to the maintenance programme and unplanned outages at Doel 3. Wind power continued to grow as installed capacities were increased, reaching 376MW
at 31 December 2017 (+25% compared with 31 December 2016).

Brazil's EBITDA was negatively affected by the annual revision of the Power Purchase Agreement (PPA) price with Norte Fluminense, after an exceptional year in 2016. This was partly offset by optimisation actions on the markets as spot prices were high while unplanned unavailability was at its lowest point, and also by a steady decrease in operating expenses.

2017 also saw the sale of EDF Polska's assets, on 13 November 2017[44].

Significant events[45]
since the 2017 third quarter press release

Major events

  • The EDF group launched the Solar Power Plan to develop 30GW of solar capacity in France by 2035 (see press release of 11 December 2017).
  • EDF confirmed its 2017 EBITDA target (see press release of 15 December 2017).
  • Nuclear industry:
    • Framatome announced it was continuing to ramp up production at its Le Creusot site. (see press release of 25 January 2018).
    • Framatome announced that it will acquire Schneider Electric's nuclear instrumentation and control business (see press release of 18 January 2018). 
    • EDF completed the cold functional test phase for the Flamanville EPR (see press release of 8 January 2018).
    • New NP, a subsidiary of AREVA NP, became Framatome, a company whose capital is owned by the
      EDF group (75.5%), Mitsubishi Heavy Industries (MHI 19.5%) and Assystem (5%), (see press release
      of 4 January 2018 available on the website http://www.framatome.com).
    • On 31 December 2017, EDF completed the acquisition of a 75.5% stake in Framatome (formerly New NP) (see press release of 2 January 2018).
  • Edison sold its Milan headquarters (see Edison press release of 21 November 2017 available on the website www.edison.it).

New investments, partnerships and investment projects

Development of renewable energies, EDF Énergies Nouvelles[46]

  • On 14 February 2018, EDF Énergies Nouvelles and ACC Announced China Joint Venture (Distributed solar energy).
  • On 31 January 2018, EDF Énergies Nouvelles commissioned a 200MW wind farm in the United States.
  • On 15 January 2018, EDF Énergies Nouvelles commissioned a new 115MWp solar power plant in Chile.
  • On 11 January 2018, EDF Énergies Nouvelles commissioned a 224MW wind farm in Canada.
  • On 8 January 2018, EDF Énergies Nouvelles announced that Photowatt[47] has embarked on a new project of industrial development and innovation.
  • On 14 December 2017, EDF Renewable Energy, a North American subsidiary of EDF Énergies Nouvelles, and Kimberly-Clark announced the commercial operation of the Rock Falls wind farm in the United States.
  • On 30 November 2017, EDF Renewable Energy, a North American subsidiary of EDF Énergies Nouvelles, signed an agreement with Google to supply 200MW of wind energy in the United States.

Development of energy services

  • On 9 January 2017, EDF strengthened its position in China with two new energy service contracts.

Sustainable development

  • On 15 January 2018, the EDF group launched "Vert Électrique Auto", using an roaming solution offered by Sodetrel, a subsidiary of EDF.
  • On 11 December 2017, the EDF group announced that it will convert its entire fleet to electric vehicles by 2030.
  • On 11 December 2017, industrial issuers of €26 billion of "green bonds" announced their commitment to further developing one of the most dynamic segments of sustainable finance today, the green bond market.

Other significant events

  • On 6 February 2018, the EDF group won its first nuclear waste treatment contract with SOGIN[48].
  • On 19 January 2018, riding the wave of success in Côte d'Ivoire, EDF and OGE embarked on the off-grid market in Ghana.

APPENDICES :

Consolidated income statement

   

(in millions of Euros)

  2017 2016  
Sales   69,632 71,203
Fuel and energy purchases   (37,641) (36,050)
Other external expenses   (8,739) (8,902)
Personnel expenses   (12,456) (12,543)
Taxes other than income taxes   (3,541) (3,656)
Other operating income and expenses   6,487 6,362
Operating profit before depreciation and amortisation   13,742 16,414
Net changes in fair value on Energy and Commodity derivatives,
excluding trading activities
  (355) (262)
Net depreciation and amortisation   (8,537) (7,966)
Net increases in provisions for renewal of property, plant and equipment operated under concessions   (58) (41)
(Impairment)/reversals   (518) (639)
Other income and expenses   1,363 8
Operating profit   5,637 7,514
Cost of gross financial indebtedness   (1,778) (1,827)
Discount effect   (2,959) (3,417)
Other financial income and expenses   2,501 1,911
Financial result   (2,236) (3,333)
Income before taxes of consolidated companies   3,401 4,181
Income taxes   (147) (1,388)
Share in net income of associates and joint ventures   35 218
GROUP NET INCOME   3,289 3,011
EDF net income   3,173 2,851
Net income attributable to non-controlling interests   116 160
       
Earnings per share (EDF share) in Euros:      
Earnings per share   0.98 1.15
Diluted earnings per share   0.98 1.15

Consolidated balance sheet

ASSETS
(in millions of Euros)
  31/12/2017 31/12/16
Goodwill   10,036 8,923
Other intangible assets   8,896 7,450
Property, plant and equipment operated under French public electricity distribution concessions   54,739 53,064
Property, plant and equipment operated under concessions for other activities   7,607 7,616
Property, plant and equipment used in generation and other tangible assets owned by the Group   75,622 70,573
Investments in associates and joint ventures   7,249 8,645
Non-current financial assets   36,787 35,129
Other non-current receivables   2,168 2,268
Deferred tax assets   1,220 1,641
Non-current assets   204,324 195,309
Inventories   14,138 14,101
Trade receivables   23,411 23,296
Current financial assets   24,953 29,986
Current tax assets   673 183
Other current receivables   9,561 10,652
Cash and cash equivalents   3,692 2,893
Current assets   76,428 81,111
Assets classified as held for sale   - 5,220
TOTAL ASSETS   280,752 281,640
         
EQUITY AND LIABILITIES
(in millions of Euros)
  31/12/2017 31/12/16
Capital   1,464 1,055
EDF net income and consolidated reserves   39,893 33,383
Equity (EDF share)   41,357 34,438
Equity (non-controlling interests)   7,341 6,924
Total equity   48,698 41,362
Provisions related to nuclear generation - back-end of the nuclear cycle, plant decommissioning and last cores   46,410 44,843
Other provisions for decommissioning   1,977 1,506
Provisions for employee benefits   20,630 21,234
Other provisions   2,356 2,155
Non-current provisions   71,373 69,738
Special French public electricity distribution concession liabilities   46,323 45,692
Non-current financial liabilities   51,365 54,276
Other non-current liabilities   4,864 4,810
Deferred tax liabilities   2,362 2,272
Non-current liabilities   176,287 176,788
Current provisions   5,484 5,228
Trade payables   13,994 13,031
Current financial liabilities   11,142 18,289
Current tax liabilities   187 419
Other current liabilities   24,960 24,414
Current liabilities   55,767 61,381
Liabilities related to assets classified as held for sale   - 2,109
TOTAL EQUITY AND LIABILITIES   280,752 281,640

Consolidated cash flow statement

(in millions of Euros)   2017 2016
Operating activities:      
Income before taxes of consolidated companies   3,401 4,181
Impairment/(reversals)   518 639
Accumulated depreciation and amortisation, provisions and changes in fair value   9,980 9,814
Financial income and expenses   764 948
Dividends received from associates and joint ventures   243 330
Capital gains/losses   (2,739) (877)
Change in working capital   1,476 (1,935)
Net cash flow from operations   13,643 13,100
Net financial expenses disbursed   (1,209) (1,137)
Income taxes paid   (771) (838)
Net cash flow from operating activities   11,663 11,125
 

Investing activities:

     
Acquisitions of equity investments, net of cash acquired   (2,463) (127)
Disposals of equity investments, net of cash transferred   2,472 372
Investments in intangible assets and property, plant and equipment   (14,747) (14,397)
Net proceeds from sale of intangible assets and property, plant and equipment   1,140 508
Changes in financial assets   1,885 (2,913)
Net cash flow used in investing activities   (11,713) (16,557)
 

Financing activities:

     
EDF Capital increase   4,005 -
Transactions with non-controlling interests   481 1,368
Dividends paid by parent company   (109) (165)
Dividends paid to non-controlling interests   (183) (289)
Purchases/sales of treasury shares   (6) (2)
Cash flows with shareholders   4,188 912
Issuance of borrowings   2,901 9,424
Repayment of borrowings   (6,304) (6,176)
Payments to bearers of perpetual subordinated bonds   (565) (582)
Funding contributions received for assets operated under concessions   144 143
Investment subsidies   348 417
Other cash flows from financing activities   (3,476) 3,226
Net cash flow from financing activities   712 4,138
Net increase/(decrease) in cash and cash equivalents   662 (1,294)
       
CASH AND CASH EQUIVALENTS - OPENING BALANCE   2,893 4,182
Net increase/(decrease) in cash and cash equivalents   662 (1,294)
Effect of currency fluctuations   (13) 102
Financial income on cash and cash equivalents   21 20
Effect of reclassifications   129 (117)
CASH AND CASH EQUIVALENTS - CLOSING BALANCE   3,692 2,893

A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a

diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 35.1 million custumers accounts, 26.5 million of which are in France. The Group generated consolidated sales of €70 billion in 2017. EDF is listed on the Paris Stock Exchange.

This press release is certified. You can check that it is authentic at medias.edf.com

Disclaimer

This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction.
No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained in this presentation, and none of EDF representatives shall bear any liability for any loss arising from any use of this presentation or its contents.
The present document may contain forward-looking statements and targets concerning the Group's strategy, financial position or results. EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present document publication, which can be however inaccurate and are subject to numerous risks and uncertainties. There is no certainty that the forecast events will take place or that the expected results will actually be achieved. Important factors that could cause actual results, performance or achievements of the Group to differ materially from those contemplated in this document include in particular the successful implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated operator, changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the Group's activities, its international scope, the climatic environment, the volatility of raw materials prices and currency exchange rates,  technological changes, changes in the general economic situation.
Detailed information regarding these uncertainties and potential risks are available in the reference document (Documentde référence) of EDF filed with the Autorité des marchés finaciers on 6 March 2017, wich is available on the AMF's website at www.amf-france.org and on EDF website at www.edf.fr.
EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation to reflect any unexpected events or circumstances arising after the date of this presentation.

 
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EDF SA
French société anonyme
with a share capital of €1,463,719,402 
Registered head office: 22-30, avenue de Wagram
75382 Paris cedex 08
552 081 317 RCS Paris

www.edf.fr

   

CONTACTS

 

Press: +33(0) 1 40 42 46 37

 

Analysts and investors: +33(0) 1 40 42 40 38

[1] Organic change at comparable scope and exchange rate

[2] Excluding the impact related to the positive effect in 2016 of the regulated sales tariff adjustment for the period from 1 August 2014 to 31 July 2015 following the French State Council's decision of 15 June 2016

[3] Capacity representing the share owned by the Group

[4] Generation by entities accounted for using the full consolidation method

[5] Net income excluding non-recurring items is not defined by IFRS, and is not directly visible in the consolidated income statement. It corresponds to the Group net income excluding non-recurring items and net changes in fair value on Energy and Commodity derivatives, excluding trading activities, net of tax

[6] Net financial debt is not defined in the accounting standards and is not directly visible in the Group's consolidated balance sheet. It comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or securities with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy

[7] Sum of personnel expenses and other external expenses. At comparable consolidation scope and exchange rates. At constant pension discount rates. Excluding change in operating expenses of the service activities

[8] Impact on net financial debt

[9] At comparable exchange rates and "normal" weather conditions, on the basis of a nuclear output in France assumption of >395TWh. At constant pension discount rates

[10] Excluding eventual interim dividend for the 2018 fiscal year

[11] Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code

[12] Disposals signed or realised

[13] Adjusted for the remuneration of hybrid bonds accounted for in equity

[14] Favourable effect in 2016 of the regulated sales tariff adjustment for the period from 1 August 2014 to 31 July 2015 following the French State Council's decision of 15 June 2016

[15] Regulated activities: Enedis, Électricité de Strasbourg and island activities. Enedis is an independent EDF subsidiary as defined in the French Energy Code.

[16] After deduction of pumped volumes, hydropower production stood at 30.0TWh for 2017 (35.8TWh for 2016)

[17] Capital gain before taxes; CTE, the entity holding 100% of RTE shares

[18] Sum of personnel expenses and other external expenses. At comparable consolidation scope and exchange rates. At constant pension discount rates. Excluding change in operating expenses of the service activities

[19] Adjusted for the remuneration of hybrid bonds accounted for in equity

[20] Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code

[21] New developments: in particular the UK NNB projects, offshore wind power and the acquisition of Framatome

[22] Favourable effect in 2016 of the regulated sales tariff adjustment for the period from 1 August 2014 to 31 July 2015 following the French State Council's decision of 15 June 2016

[23] Cash flow after dividends without taking into consideration the capital increase

[24] Net financial debt is not defined by accounting standards and is not directly visible in the Group's consolidated income statement. It comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or securities with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy

[25] See EDF press release dated 13 November 2017

[26] Sum of personnel expenses and other external expenses. At comparable consolidation scope and exchange rates. At constant pension discount rates. Excluding change in operating expenses of the service activities

[27] At comparable exchange rates and "normal" weather conditions, on the basis of a nuclear output in France assumption of >395TWh. At constant pension discount rates

[28]  Excluding eventual interim dividend for the 2018 fiscal year

[29] Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code

[30] Disposals signed or realised

 [31] Adjusted for the remuneration of hybrid bonds accounted for in equity

[32] Organic change at comparable scope and exchange rate

[33] Excluding the impact related to the positive effect in 2016 of the regulated sales tariff adjustment for the period from 1 August 2014 to 31 July 2015 following the French State Council's decision of 15 June 2016

[34] Tariffs excluding the incorporation of the cost of capacity obligation in the tariff "stacking" - tariff changes of -0.5% and -1.5% at 1 August 2016 respectively on the "blue" residential and non-residential tariffs, and +1.7 % at 1 August 2017 on both segments

[35] Sum of personnel expenses and other external expenses. At comparable consolidation scope and exchange rate. At constant pension discount rates. Excluding change in operating expenses of the service activities

[36] Regulated activities include Enedis, ÉS and island activities

[37] Organic change at comparable scope and exchange rate

[38] Excluding the impact related to the positive effect in 2016 of the regulated sales tariff adjustment for the period from 1 August 2014 to 31 July 2015 following the French State Council's decision of 15 June 2016

[39] Including the impacts of weather changes and the "leap year effect" 

[40] Enedis is an independent EDF subsidiary as defined in French Energy Code

[41] In line with the Group's practice

[42] 2016 EBITDA, including the activities of EDF Demasz in Hungary, sold on 31 January 2017

[43] 2017 EBITDA, including the activities of EDF Polska in Poland, sold on 13 November 2017

[44] See the EDF press release of 14 November 2017

[45] The complete list of press releases is available on the website: www.edf.fr

[46] A full list of EDF Énergies Nouvelles' press releases is available from the website www.edf-energies-nouvelles.com

[47] Photowatt is a subsidiary of EDF Énergies Nouvelles established in France. It is a European company specialized in the manufacture of photovoltaic cells and modules

[48] SOGIN (Societe Gestione Impianti Nucleari) is Italy's public entity tasked with the dismantling of nuclear facilities and the management of radioactive waste in Italy

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Read more: EDF : 2017 annual results 2017 financial targets...

Abstract

ESMAP (Energy Sector Management Assistance Program) is a technical assistance program managed by the World Bank and supported by 11 bilateral donors. ESMAP launched in January 2013 an initiative to support the efforts of countries to improve the knowledge... See More + ESMAP (Energy Sector Management Assistance Program) is a technical assistance program managed by the World Bank and supported by 11 bilateral donors. ESMAP launched in January 2013 an initiative to support the efforts of countries to improve the knowledge of renewable energy (RE) resources, establish appropriate institutional framework for the development of RE and provide "free access" to geospatial resources and data. This initiative will also support the IRENA-GlobalAtlas program by improving data availability and quality, consulted through an interactive atlas. This "Renewable Energy Mapping: Small Hydro Tanzania" study, is part of a technical assistance project, ESMAP funded, being implemented by Africa Energy Practice 1 (AFTG1) of the World Bank in Tanzania (the ‘Client’) which aims at supporting resource mapping and geospatial planning for small hydro. It is being undertaken in close coordination with the Rural Energy Agency (REA) of Tanzania, the World Bank’s primary Client country counterpart for this study. The prefeasibility study of the Luegere River is characterized by a good guaranteed low-flow that should be confirmed by hydrological monitoring of the River. The preliminary investigation of the surface geology concludes that from a geological point of view the site is favorable for the construction of the project as long as the appropriate mitigation measures are put in place. The site has no major problems of stability and leakages. Beyond the development of the Luegere hydroelectric project, it is strongly recommended that the Government of Tanzania further develop the existing hydrological monitoring network for its rivers with high hydropower potential in order to better understand the available water resources and thus promote the development of hydroelectric projects across the country. It is only in a context of reduced uncertainties through reliable, recent and long-term records (more than 20 years) that technical parameters and economic and financial analyzes of hydroelectric developments can be defined accurately, enabling optimization of their design and their flood control infrastructure (temporary and permanent).  See Less -

Read more: Small hydro resource mapping in...

Abstract

ESMAP (Energy Sector Management Assistance Program) is a technical assistance program managed by the World Bank and supported by eleven bilateral donors. ESMAP launched in January 2013 an initiative to support the efforts of countries to improve the knowledge... See More + ESMAP (Energy Sector Management Assistance Program) is a technical assistance program managed by the World Bank and supported by eleven bilateral donors. ESMAP launched in January 2013 an initiative to support the efforts of countries to improve the knowledge of renewable energy (RE) resources, establish appropriate institutional framework for the development of RE and provide free access to geospatial resources and data. This study is part of a technical assistance project, ESMAP funded, being implemented by Africa Energy Practice 1 (AFTG1) of the World Bank in Tanzania which aims at supporting resource mapping and geospatial planning for small hydro. It is being undertaken in close coordination with the Rural Energy Agency (REA) of Tanzania, the World Bank’s primary client country counterpart for this study. The prefeasibility study of the Muyovozi River is characterized by a good guaranteed low-flow which should be confirmed by hydrological monitoring of the River. Beyond the development of the Muyovozi hydroelectric project, it is strongly recommended that the government of Tanzania further develop the existing hydrological monitoring network for its rivers with high hydropower potential in order to better understand the available water resources and thus promote the development of hydroelectric projects across the country. This report is delivered in the context of Phase 2 (Ground-based data collection).  See Less -

Read more: Small hydro resource mapping in...

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ET | Source: Statkraft AS

multilang-release

Strong quarter

(Oslo, 15 February 2018) Statkraft recorded an underlying EBITDA of NOK 4786 million in the fourth quarter of 2017. This was an increase of NOK 115 million compared with the corresponding period in 2016. The quarterly net profit ended at NOK 5317 million, an increase of NOK 4569 million from the same quarter in 2016. Solid underlying performance, gains from divestments of offshore wind assets and reversal of impairments led to the strong result.

The average Nordic system price in the quarter was 30.6 EUR/MWh, a decrease of 11 per cent compared with the price level experienced in the same period in 2016. Statkraft's total generation was 17.3 TWh, a decrease of nine per cent from a very high level in the fourth quarter in 2016.

- We are very satisfied with the strongest result since 2008, demonstrating high performance and successful divestments, says CEO Christian Rynning-Tønnesen. 

Increased need for flexibility in the German market and improved outlook for future gas to power margin has led to a reversal of impairments of NOK 914 million for gas-fired power plants.

Statkraft divested its 40 per cent shareholding in the Sheringham Shoal offshore wind farm and its 50 per cent shareholding in the Triton Knoll offshore wind project. Recognised gains from these transactions were NOK 3061 million. In addition, Statkraft has signed an agreement to divest the 30 per cent shareholding in the Dudgeon offshore wind farm. Closing of the Dudgeon transaction is expected to take place in the first quarter of 2018. The transactions are in line with Statkraft's strategy to divest offshore wind assets.

- The sales of offshore wind assets combined with the new long term dividend model significantly strengthens our financial capacity. Together with the performance improvement programme, this gives a solid foundation for further growth in renewable energy, says Rynning-Tønnesen.

Statkraft is actively exploring new business within hydropower, wind power, solar power and other opportunities within renewable energy. Silva Green Fuel, a company owned by Statkraft and Södra, has decided to build a demonstration plant for advanced biofuel in Norway.

Statkraft has entered into a new long-term power contract with Eramet. The contract runs from 2021 to 2030 with a total volume of 8 TWh. The contract reaffirms Statkraft's position as a competitive supplier to Norwegian industry and will have a stabilising effect on Statkraft's revenues.

Financial statements for Statkraft AS Group for 2017 has been approved by the Board of Directors of Statkraft AS. Statkraft's generation reached 62.6 TWh in 2017, down 5 per cent from the record high level in 2016. The average system price at Nord Pool was 29.4 EUR/MWh, an increase of 9 per cent year-on-year. The underlying EBITDA ended at a solid NOK 14 432 million, compared to NOK 12 705 million in 2016. The result for 2017 was significantly influenced by gains from transactions. Profit before tax was NOK 15 693 million and net profit ended at NOK 11 732 million.

The annual report for 2017 will be disclosed 28 February 2018.

For further information, please contact:

Debt Capital Markets:
Funding manager Stephan Skaane, tel: +47 905 13 652, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Press spokesperson Knut Fjerdingstad, tel: +47 901 86 310, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Press spokesperson Lars Magnus Günther, tel: +47 912 41636, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

or www.statkraft.com

Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 3600 employees in 16 countries.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments:

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Read more: Statkraft AS: Result for the fourth quarter and...


Details

Author: Makumbe,Pedzisayi ; 
Document Date: 2018/01/10 02:44:02
Document Type: Brief
Report Number: 122590
Volume No: 1
 

Abstract

The synergies between rooftop solar PV (RPV) and energy efficiency (EE) investments in the built environment include lower specific transaction costs, optimized RPV systems, shorter project payback periods (compared to RPV-only projects), and, for EE, enhanced project visibility. These synergies improve the likelihood of project implementation, which in turn helps to reduce peak demand, increase environmental benefits, improve energy security, and lower energy bills. Because the methods of financing and implementing RPV and EE in the built environment are often similar, it is wise to consider including an EE component when investing in an RPV project, and vice versa.
 
 

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ET | Source: Valener Inc.

MONTRÉAL, Feb. 09, 2018 (GLOBE NEWSWIRE) --  

Valener

  • Adjusted net income (1) (2) of $0.51 per common share in the first quarter of fiscal 2018 compared to $0.52 per share in the first quarter of fiscal 2017;
  • Normalized operating cash flows (1) per common share of $0.29 for the first quarter of fiscal 2018 compared to $0.32 per common share for the first quarter of fiscal 2017

Énergir, L.P., the new Gaz Métro

  • Adjusted net income (1) (3) of $84.5 million for the first quarter of fiscal 2018 compared to $88.9 million for the first quarter of fiscal 2017;
  • Adjusted net income (1) (3) per unit of $0.49 for the first quarter of fiscal 2018 compared to $0.53 per unit in the same quarter of fiscal 2017;
  • Excellent results from the Québec Energy Distribution segment: at $64.1 million, net income (3) exceeded the rate case projection, mainly due to a notable increase in consumption; 
  • First injections of renewable natural gas into QDA’s distribution network; and
  • A negative $24.2 million one-time impact on net income arising from the U.S. tax reform. 

(1) Financial measures not defined by U.S. generally accepted accounting principles (“GAAP”). A reconciliation of non-GAAP financial measures is presented hereafter.
(2) Adjusted net income (loss) attributable to common shareholders.
(3) Adjusted net income (loss) attributable to Partners.

Valener Inc. (“Valener”) (TSX:VNR) (TSX:VNR.PR.A), the public investment vehicle in Énergir, L.P., today reported its fiscal 2018 first quarter results.

“On the strength of an unflagging Québec economy and cold December temperatures, our gas distribution activities in Québec more than offset the earnings reduction anticipated in the 2018 rate case,” said Sophie Brochu, President and Chief Executive Officer. “South of the border, the U.S. tax reform is proving to be a net positive for customers of our regulated businesses. Both Green Mountain Power and Vermont Gas Systems have announced that they will reduce customer energy bills by returning all of the legislation-generated savings to customers for the current fiscal year. We are beginning our first fiscal year as Énergir, the new Gaz Métro, and this first quarter has us favourably positioned to realize our ambitions for 2018.”

On December 22, 2017, the U.S. government adopted exhaustive tax legislation commonly referred to as the Tax Cuts and Jobs Act tax reform. This reform has introduced complex and significant U.S. tax code changes that are applicable to Énergir, L.P.’s U.S. subsidiaries and entities subject to significant influence. Given that Énergir, L.P.’s businesses in the U.S. consist essentially of regulated utilities, most of the tax reductions will prove beneficial to customers through rate reductions.

With respect to Énergir, L.P.’s consolidated financial statements for the first quarter of fiscal 2018, the impact of this reform is a reduction in the U.S. federal income tax rate (from 35% to 21%), which reduced deferred income tax liabilities, resulting in an amount of approximately $245 million (regulatory liabilities) to be returned to customers as well as a one-time decrease in net income attributable to Partners of $24.2 million while having no impact on cash flows for the first quarter.

The regulatory liabilities recorded as a result of these adjustments are the amounts collected using past rates in excess of the new 21% rate and that are expected to be repaid through future rates over amortization periods to be subsequently set and approved by the regulatory agencies. The U.S. subsidiaries and entities subject to significant influence are currently examining the impacts of various changes resulting from the tax reform, notably impacts on their future rates.

Valener reported adjusted net income attributable to common shareholders of $20.0 million for the first quarter of fiscal 2018 compared to $20.3 million in the first quarter of fiscal 2017. This result stems mainly from a $4.4 million decrease in the adjusted net income of Énergir, L.P., partly offset by favourable wind conditions at the Seigneurie de Beaupré wind farms.

Net income attributable to shareholders totalled $13.2 million in the first quarter of fiscal 2018 compared to $23.0 million in the first quarter of fiscal 2017. This result stems from a decrease in the share in the earnings of Énergir, L.P., mainly due to the impact of the U.S. tax reform.

For the first quarter of fiscal 2018, Valener generated normalized operating cash flows of $11.3 million compared to $12.2 million in the first quarter of fiscal 2017. This change came mainly from a $1.6 million increase in income taxes paid related to a timing difference in the payment of income taxes payable, partly offset by an increase in the distributions received from Énergir, L.P.

“Énergir, Québec’s leading natural gas distributor, had the foresight to transform itself from a public utility to a driving force and visionary in both renewable energy development and sustainable growth in Québec and the U.S.,” said Pierre Monahan, Chairman of Valener’s board of directors. “Valener is proud to be so closely associated with such a dynamic leader in the energy industry.”


Summary of Valener’s results
    For the quarters
ended December 31
(in millions of dollars, unless otherwise indicated) 2017 2016
Net income      14.4 24.1
Net income attributable to common shareholders 13.2 23.0
Adjusted net income attributable to common shareholders (1) 20.0 20.3
Per common share (in $) (1) 0.51 0.52
Normalized operating cash flows (1) 11.3 12.2
Per common share (in $) (1) 0.29 0.32
(1) These financial measures are not defined by GAAP. A reconciliation of non-GAAP financial measures is presented hereafter
Results of Énergir, L.P.

For the first quarter of fiscal 2018, and excluding one-time adjustments, Énergir, L.P.’s adjusted net income attributable to Partners totalled $84.5 million compared to $88.9 million in the first quarter of fiscal 2017. This change came mainly from higher expenses incurred in the Corporate Affairs segment and from an unfavourable impact of the appreciation of the Canadian dollar.

Énergir, L.P.’s net income attributable to Partners totalled $60.3 million for the first quarter of fiscal 2018 compared to $101.4 million in the first quarter of fiscal 2017 as a result of the above-mentioned factors and from one-time adjustments recorded to reflect the impact of the U.S. tax reform.

Seigneurie de Beaupré wind farms – Valener and Énergir, L.P.
  For the quarters
ended December 31
(in millions of dollars, unless otherwise indicated) 2017 2016
Actual output (in MWh)                341,995 268,544
Cash flows related to operating activities 23.7 15.8
Distributions paid 1.6 0.7

In the first quarter of fiscal 2018, Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership (“Wind Farms 2 and 3”) and Seigneurie de Beaupré Wind Farm 4 General Partnership (“Wind Farm 4”) generated a combined 341,995 MWh of electricity, a 27% increase driven by stronger winds than those of the first quarter of fiscal 2017.

The resulting operating cash flows totalled $23.7 million in the first quarter of fiscal 2018, up $7.9 million from the first quarter of fiscal 2017.

Énergir, L.P.’s segment results – Adjusted net income (loss) attributable to Partners (1)
  For the quarters
ended December 31
 
(in millions of dollars) 2017   2016  
Energy Distribution    
QDA                64.1    64.1  
Vermont (2) 27.1      27.3  
Impact of the U.S. tax reform (2) (6.4 ) -  
Natural Gas Transportation  4.0   5.5  
Impact of the U.S. tax reform (2) 2.5   -  
Electricity Production  0.7   0.8  
Energy Services, Storage and Other  1.8   1.4  
Gain on remeasuring CDH following the acquisition (3) -   12.5  
Corporate Affairs (13.2 ) (10.2 )
Impact of the U.S. tax reform (2) (20.3 ) -  
Net income attributable to Partners 60.3   101.4  
Adjustments (2) (3) 24.2   (12.5 )
Adjusted net income attributable to Partners (1) 84.5   88.9  
(1) This financial measure is not defined by GAAP. A reconciliation of non-GAAP financial measures is presented hereafter.  
(2) Corresponds to the impacts of the above-explained tax reform in the U.S. 
(3) A $12.5 million gain recognized during the first quarter of fiscal 2017 upon remeasurement at fair value of Énergir, L.P.’s ownership interest in CDH Solutions & Operations Limited Partnership (“CDH”), an      entity that owns 100% of the issued and outstanding units of Climatisation et Chauffage Urbains de Montréal, s.e.c., ("CCUM") following Énergir, L.P.’s acquisition of an additional 50% equity interest. 


SEGMENT INFORMATION

Energy Distribution

In Québec

Énergir L.P.’s distribution activities, carried out through QDA, generated net income attributable to Partners of $64.1 million in the first quarter of fiscal 2018, unchanged from the same quarter of last year, mainly due to:

  • the positive impact of a timing difference between revenue and expense recognition, with most of the difference expected to reverse at the end of fiscal 2018; and
  • the favourable impact of an increase in normalized natural gas deliveries as a result of economic growth;

offset by certain parameters in the 2018 rate case, as filed with the Régie de l’énergie (the “Régie”), which had anticipated a $12.4 million decrease in net income.

Given the change in volumes during the first quarter of 2018, Énergir, L.P. expects the fiscal 2018 net income generated by the Québec Energy Distribution segment to exceed earnings anticipated in the 2018 rate case by at least $3 million.

2019 rate case

In December 2017, the Régie issued a favourable decision under which it renewed, for the 2019 rate year, the 8.90% rate of return on deemed common equity as well as the method for sharing performance variances in effect since fiscal 2015.

Renewable natural gas (“RNG”)

Énergir, L.P. began distributing RNG in Québec in November 2017. The city of Saint-Hyacinthe, the leading municipal producer injecting RNG into the Énergir, L.P. network, is expected to inject approximately 13 million cubic metres this year. Ultimately, the city plans on injecting between 13 and 16 million cubic metres of RNG per year.

In addition, L'Oréal Canada, an Énergir, L.P. customer, has committed to achieving carbon neutrality and has been purchasing RNG since December 2017. Other customers interested in joining the energy transition will also be able to purchase RNG, depending on the quantities available.

In Vermont

Through Green Mountain Power Corporation (“GMP”) and Vermont Gas Systems, Inc. (“VGS”), the Energy Distribution segment in Vermont recorded adjusted net income attributable to Partners of $27.1 million in the first quarter of fiscal 2018 compared to $27.3 million in the same quarter last year. This change was mainly due to:

  • the impact of VGS’s 2018 rate case parameters, which anticipates an increase in the rate base to reflect the April 2017 commissioning of the Addison project; and
  • a timing difference between revenue and expense recognition;

partly offset by an unfavourable exchange rate impact.

In the first quarter of fiscal 2018, the Vermont energy distribution activities generated net income attributable to Partners of $20.7 million, as a one-time impact of U.S. tax reform reduced net income by $6.4 million but did not affect the quarter’s cash flows.

As per current regulations, GMP and VGS will pass on the savings resulting from the U.S. tax reform to their customers. Most of the impact of remeasuring deferred income tax liabilities as a result of the reform has been recognized in regulatory liabilities. The $6.4 million decrease in this quarter’s net income is related to the portion not included in rate setting.

As for the current year’s income taxes, GMP and VGS announced that, starting with the February 2018 billing cycle, they would be remitting, respectively, amounts of US$6 million and US$2.4 million. It should be noted that this remittance will not affect return, as it is offset by an equivalent reduction in income tax expense.

Natural Gas Transportation

For the first quarter of fiscal 2018, the Natural Gas Transportation segment generated adjusted net income attributable to Partners of $4.0 million, down $1.5 million year over year mainly because of a decrease in volumes transported by Portland Natural Gas Transmission Systems (“PNGTS”) given fewer short-term contracts. 

As for the segment’s first-quarter net income attributable to Partners, it stood at $6.5 million, up $1.0 million year over year, as the one-time impact of the U.S. tax reform generated a $2.5 million favourable impact on net income but had no impact on this quarter’s cash flows, partly offset by the above-explained decrease in volumes transported by PNGTS.

Electricity Production

For the first quarter of fiscal 2018, the Electricity Production segment recorded net income attributable to Partners of $0.7 million, a comparable result to the $0.8 million posted in the same quarter of fiscal 2017. Higher first-quarter revenues driven by favourable winds in the first three months of fiscal 2018 were offset by a net loss recorded by Standard Solar Inc. (“Standard Solar”) as it continues to implement the new business model.

Development of Standard Solar

Standard Solar has now completed two projects totalling 1.9 MW that came into service in fall 2017. At present, projects with a total installed capacity of 21.1 MW are under construction.

In October 2017, Standard Solar signed an agreement with an investor to finance solar farms in exchange for tax benefits. The agreement calls for a total amount of approximately US$50 million to be invested in Solar Project I LLC, with US$31 million coming from Standard Solar and US$19 million from the investor.

U.S. decision to impose tariffs on foreign solar panels

On January 22, 2018, the White House announced its decision to impose tariffs on solar panels. Declining safeguard tariffs will be imposed on solar panel and cell manufacturers for the next five years, starting at 30% and reaching 15% in the fourth year. Neither Mexico nor Canada will be exempt from these tariffs. The decision also exempts 2.5 GW of solar cell imports per year.

Energy Services, Storage and Other

The Energy Services, Storage and Other segment generated adjusted net income attributable to Partners of $1.8 million in the first quarter of fiscal 2018, a $0.4 million year-over-year increase resulting, among other factors, from an increase in CCUM’s net income (given the acquisition of an additional ownership interest in this entity in December 2016) and from higher LNG deliveries, partly offset by a portion of Gaz Métro LNG’s net income being attributed to Investissement Québec (42%) since the second liquefaction train was put into service in April 2017.

Corporate Affairs (4)

Reflected in the Corporate Affairs segment are, among other items, the costs of financing equity interests, various project development costs, and corporate revenues and expenses not allocated to other Énergir, L.P. segments. In the first quarter of fiscal 2018, this segment recorded an adjusted net loss attributable to Partners of $13.2 million compared to $10.2 million during the first quarter of fiscal 2017. The increase in corporate expenses is essentially due to an increase in interest expenses arising from the issuance of long-term debt in the third quarter of fiscal 2017 but also to an increase in tax burdens in certain subsidiaries related to various reforms presently underway and certain changes to holding structures made during this quarter.

As for the segment’s first-quarter net loss attributable to Partners, it stood at $33.5 million, a $20.3 million increase from the $10.2 million loss posted in the first quarter of fiscal 2017. This increase stems mainly from a one-time impact of the U.S. tax reform, specifically a decrease in the deferred tax assets of Northern New England Energy Corporation related to net deferred operating losses.

(4) In the first quarter of fiscal 2018, the financial reporting structure for segment information was changed to better reflect how management analyzes this information. As a result of these changes, the interest portion of long-term debt and the income taxes related to the financing of Énergir, L.P.'s ownership interests were reported in the Corporate Affairs segment. These items were previously being allocated to each business segment using a method based on the carrying values of the ownership interests. Prior-year figures were reclassified to conform to the current quarter’s presentation.

Reconciliation of non-GAAP financial measures

For additional information on non-GAAP financial measures, refer to Valener’s MD&A for the quarters ended December 31, 2017 and 2016.

Valener 
Reconciliation of normalized operating cash flows
  For the quarters ended
December 31
 
(in millions of dollars)   2017    2016  
Cash flows related to operating activities                     12.4   13.3  
Dividends to preferred shareholders (1.1 ) (1.1 )
Normalized operating cash flows 11.3   12.2  
Per common share (in $)                                                     0.29       0.32  

 

Valener
Reconciliation of adjusted net income attributable to common shareholders
    For the quarters ended
December 31
 
(in millions of dollars) 2017   2016  
Net income 14.4   24.1  
Gain on derivative financial instruments   (0.8 )
Income taxes on the gain (loss) on derivative financial instruments -   0.2  
Share in Énergir, L.P.’s net income adjustments 7.0   (3.6 )
Income taxes on Énergir, L.P.’s net income adjustments -   0.7  
Deferred income taxes related to the outside-basis temporary difference on the interest in Énergir, L.P. (0.2 ) 0.8  
Cumulative dividends on Series A preferred shares (1.2 ) (1.1 )
Adjusted net income (loss) attributable to common shareholders 20.0   20.3  
Per common share (in $) 0.51   0.52  

 

Énergir, L.P.
Reconciliation of adjusted net income attributable to Partners
    For the quarters ended
December 31
 
(in millions of dollars)          2017   2016  
Net income (loss) attributable to Partners                          60.3   101.4  
Impact of U.S. tax reform   24.2   -  
Gain on remeasuring CDH following the acquisition -   (12.5 )
Adjusted net income (loss) attributable to Partners 84.5   88.9  
Per unit, basic and diluted (in $) 0.49   0.53  

Conference call

Valener will hold a conference call today at 1:30 pm (Eastern Time) to discuss its results and those of Énergir, L.P. for the period ended December 31, 2017. The public is invited to join the call at 647-788-4922 or toll-free at 877-223-4471. A simultaneous webcast will also be available using the link provided under “Events and Presentations” in the “Investors” section of www.valener.com. A replay of the webcast will be archived on the Company’s website for 365 days following the call; a phone replay will be available for 30 days by dialing 416-621-4642 or toll-free 800-585-8367 (access code: 3091506).

Overview of Valener

Valener is a public company held entirely by its shareholders and serves as the investment vehicle in Énergir, L.P. Through its investment in Énergir, L.P., Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Québec and Vermont. As a strategic partner, Valener, on the one hand, contributes to the growth of Énergir, L.P., and on the other, invests in wind power production in Québec alongside Énergir, L.P. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener’s common and preferred shares are listed on the Toronto Stock Exchange under the “VNR” symbol for common shares and the “VNR.PR.A” symbol for Series A preferred shares. www.valener.com

Overview of Énergir, L.P.

With more than $7 billion in assets, Énergir, L.P. is a diversified energy company whose mission is to meet the energy needs of approximately 520,000 customers and the communities it serves in an increasingly sustainable way. Énergir, L.P. is the largest natural gas distribution company in Québec; through its subsidiaries, it also generates electricity from wind power. In the United States, through its subsidiaries, the company operates in nearly fifteen states, where it produces electricity from hydraulic, wind and solar sources, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont. Énergir, L.P. values energy efficiency and invests both resources and efforts in innovative energy projects such as renewable natural gas and liquefied and compressed natural gas. Through its subsidiaries, it also offers a wide range of energy services. Énergir, L.P. hopes to become the partner of choice for those striving toward a better energy future. www.energir.com

Cautionary note regarding forward-looking statements

This press release may contain forward-looking information within the meaning of applicable securities laws. Such forward-looking information reflects the intentions, plans, expectations and opinions of the management of Énergir Inc., in its capacity as General Partner of Énergir, L.P., acting as manager of Valener (“the management of the manager”), and is based on information currently available to the management of the manager and assumptions about future events. Forward-looking statements can often be identified by words such as “plans,” “expects,” “estimates,” “seeks,” “targets,” “forecasts,” “intends,” “anticipates” or “believes” or similar expressions, including the negative and conjugated forms of these words. Forward-looking statements involve known and unknown risks and uncertainties and other factors beyond the control of the management of the manager. A number of factors could cause the actual results of Valener or of Énergir, L.P. to differ significantly from historical results or current expectations, as described in the forward-looking statements, including but not limited to the general nature of the aforementioned, terms of decisions rendered by regulatory agencies, uncertainty that approvals will be obtained by Énergir, L.P. from regulatory agencies and interested parties to carry out all of its activities and the socio-economic risks associated with such activities, uncertainty related to the implementation of Québec’s 2030 Energy Policy, the competitiveness of natural gas in relation to other energy sources in the context of fluctuating global oil prices, the reliability or costs of natural gas supply and electricity supply, the integrity of the natural gas and electricity distribution and transportation systems, the evolution and profitability of Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership (“Wind Farms 2 and 3”) and Seigneurie de Beaupré Wind Farm 4 GP (“Wind Farm 4”) and other development projects, Valener’s ability to generate sufficient cash to support its anticipated target annual dividend growth rate on its common shares, the ability to complete attractive acquisitions and the related financing and integration aspects, the ability to complete new development projects, the ability to secure future financing, general economic conditions, exchange rate and interest rate fluctuations, uncertainty surrounding the December 2017 U.S. tax reform commonly referred to as Tax Cuts and Jobs Act, the weather conditions and other factors described in section E) Risk Factors Relating to Valener and in section R) Risk Factors Relating to Énergir, L.P. (formerly Gaz Métro Limited Partnership) of Valener’s MD&A for the fiscal year ended September 30, 2017 and in subsequent Valener quarterly MD&As that might address changes to these risks. Although the forward-looking statements contained herein are based on what the management of the manager believes to be reasonable assumptions, in particular assumptions that no unforeseen changes in the legislative and regulatory framework of energy markets in Québec and in the United States will occur; that the applications filed with various regulatory agencies will be approved as submitted; that natural gas prices will remain competitive; that the supply of natural gas and electricity will be maintained or will be available at competitive costs; that no significant event will occur outside the ordinary course of business, such as a natural disaster or any other type of calamity, a major service interruption, or a threat to cybersecurity (or cyberattack); that Énergir, L.P. can continue to distribute substantially all of its adjusted net income; that Wind Farms 2 and 3 and Wind Farm 4 will be able to make distribution payments to their partners; that Valener will be able to generate sufficient cash to support its anticipated target annual dividend growth rate on its common shares; that Green Mountain Power Corporation will be able to continue achieving efficiency gains and synergies from the merger with Central Vermont Public Service Corporation; that Valener and Énergir, L.P. will be able to present their information in accordance with U.S. GAAP beyond 2018 or, after 2018, will adopt International Financial Reporting Standards (“IFRS”) that permit the recognition of regulatory assets and liabilities; that liquidity needs for Énergir, L.P.’s development projects will be obtained through a combination of operating cash flows, borrowings on credit facilities, capital injections from partners, and issuances of debt securities; and that the subsidiaries will obtain the required authorizations and funds needed to finance their development projects. In addition to the other assumptions described in the Valener MD&A for the quarter ended December 31, 2017, the management of the manager cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of this date, and the management of the manager assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws. These statements do not reflect the potential impact of any unusual item or any business combination or other transaction that may be announced or that may occur after the date hereof. Readers are cautioned to not place undue reliance on these forward-looking statements.

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ET | Source: Consolidated Edison Company Of NY

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Con Edison
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A Con Edison worker near solar panels atop a high school in Brooklyn.

Consolidated Edison Company Of NY

NEW YORK, Feb. 13, 2018 (GLOBE NEWSWIRE) --

Five Con Edison researchers have earned recognition for findings that help the energy industry manage solar projects, keep their systems safe from cyber attacks, and take advantage of the benefits of microgrids.

The employees earned the Technology Transfer Award from the Electric Power Research Institute, a national organization dedicated to the safe, reliable delivery of power.

“Rapid advances in technology give us new ways to serve customers, but also challenge us to understand complex, new concepts,” said Tim Cawley, the president of Con Edison. “The work our researchers have done with EPRI will help Con Edison and other energy companies keep their service safe and reliable as customer needs and technology continue to evolve.”

James Skillman, a project manager in Con Edison’s Distribution Planning department, helped develop a model that uses data like energy prices, the cost of solar panels and income levels to predict the number of customers who will choose solar for their homes and businesses.

Energy companies like Con Edison can use the information to help plan how they deploy and manage solar energy on their electric-delivery systems in ways that keep service reliable for all customers.

Andrew Reid, a senior planning analyst in Distributed Resource Integration, won for research into the planning, designing and operation of microgrids.

Microgrids are local energy networks that are able to separate from the larger electrical grid during extreme weather events or emergencies, providing power to individual customers and crucial public services such as hospitals, first responders, and water treatment facilities.

Three researchers developed a system to help energy companies evaluate the strength of their substation cyber security protections. The method can help energy companies plan cyber security investments to protect their equipment and customers.

Those winners were: Arman Shiplu, a section manager in Protective Systems Testing, William Vesely, a project specialist in Control Systems Engineering, and Selena Ley, a technical specialist in Corporate Security.

Con Edison is a subsidiary of Consolidated Edison, Inc. (NYSE:ED), one of the nation’s largest investor-owned energy companies, with approximately $12 billion in annual revenues and $49 billion in assets. The utility delivers electricity, natural gas and steam to 3.4 million customers in New York City and Westchester County, N.Y. For financial, operations and customer service information, visit conEd.com. For energy efficiency information, visit coned.com/energyefficiency. Also, visit us on Twitter and Facebook.

CONNECT WITH US:

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Contact: Media Relations
212-460-4111

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A Con Edison worker near solar panels atop a high school in Brooklyn.

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ET | Source : Valener inc.

MONTRÉAL, 09 févr. 2018 (GLOBE NEWSWIRE) --  

Valener

  • Bénéfice net ajusté 1,2 de 0,51 $ par action ordinaire pour le premier trimestre de l’exercice 2018, comparativement à 0,52 $ par action pour le premier trimestre de l’exercice 2017;
  • Liquidités provenant de l’exploitation normalisées 1 de 0,29 $ par action ordinaire pour le premier trimestre de l’exercice 2018, comparativement à 0,32 $ par action ordinaire pour le trimestre correspondant de l’exercice précédent.

Énergir, s.e.c., le nouveau Gaz Métro

  • Bénéfice net ajusté 1,3 de 84,5 millions $ pour le premier trimestre de l’exercice 2018, comparativement à 88,9 millions $ pour le premier trimestre de l’exercice 2017;
  • Bénéfice net ajusté 1,3 par part de 0,49 $ pour le premier trimestre de l’exercice 2018, comparativement à 0,53 $ par part pour l’exercice correspondant de 2017;
  • Excellents résultats du secteur de la distribution d’énergie au Québec : bénéfice net 3 de 64,1 millions $, plus élevé que prévu au dossier tarifaire, principalement en raison de la croissance marquée de la consommation; 
  • Début des injections de gaz naturel renouvelable dans le réseau de distribution de la DaQ; et
  • Impact négatif ponctuel de 24,2 millions $ sur le bénéfice net en lien avec la réforme fiscale américaine.
1 Mesures financières non définies en vertu des principes comptables généralement reconnus des États-Unis (« PCGR »). Le rapprochement des mesures financières non conformes aux PCGR est présenté ci-après.
2 Bénéfice net (perte nette) ajusté(e) attribuable aux actionnaires ordinaires.
3 Bénéfice net (perte nette) ajusté(e) attribuable aux associés.

Valener Inc. (« Valener ») (TSX:VNR) (TSX:VNR.PR.A), véhicule d’investissement pour le public dans Énergir, s.e.c., a annoncé aujourd’hui ses résultats du premier trimestre de l’exercice 2018.

« L’économie québécoise qui ne dérougit pas ainsi que les températures froides de décembre ont permis à notre activité de distribution gazière au Québec de compenser pleinement la réduction du bénéfice prévue dans la cause tarifaire 2018. Au sud de la frontière, la réforme fiscale américaine s’avère un gain net positif pour nos clients de nos activités réglementées. Green Mountain Power et Vermont Gas Systems ont annoncé des réductions de la facture énergétique de leurs clients afin de leur retourner la totalité des économies générées par la nouvelle législation pour l’exercice en cours. Voici que nous entamons notre tout premier exercice sous l’emblème d’Énergir, le nouveau Gaz Métro et ce premier trimestre nous positionne favorablement pour nos ambitions de 2018 », a souligné la présidente et chef de la direction, Sophie Brochu.

Le 22 décembre 2017, le gouvernement américain a adopté une législation fiscale exhaustive, communément appelée Tax Cuts and Jobs Act (« réforme fiscale américaine »), apportant des changements importants et complexes au code fiscal américain applicables aux filiales et satellites américains d’Énergir, s.e.c. L’essentiel de nos activités aux États-Unis étant des utilités publiques réglementées, la majorité des réductions d’impôts sera pour le bénéfice des clients, par le biais de  baisses de tarifs.

De façon plus détaillée, l’impact de cette réforme sur les états financiers consolidés d’Énergir, s.e.c. du premier trimestre de l’exercice 2018 est la réduction du taux d’impôt fédéral américain qui passe de 35 % à 21 %, entraînant une réduction des passifs d’impôts reportés et occasionnant ainsi la création de sommes à retourner aux clients d’environ 245 millions $ (passifs réglementaires) et une baisse ponctuelle du bénéfice net comptable attribuable aux associés de 24,2 millions $, sans toutefois affecter les flux de trésorerie du premier trimestre.

Les passifs réglementaires constatés à la suite de ces ajustements correspondent aux sommes collectées dans les tarifs passés en excédent du nouveau taux en vigueur de 21 % et dont le remboursement est prévu via les tarifs futurs sur des périodes d’amortissement qui seront établies et approuvées ultérieurement par les organismes de réglementation. Les filiales et satellites américains analysent actuellement les impacts des différents changements apportés par la réforme fiscale, notamment sur leurs tarifs futurs.

Valener a réalisé un bénéfice net ajusté attribuable aux actionnaires ordinaires de 20,0 millions $ pour le premier trimestre de l’exercice 2018, comparativement à 20,3 millions $ au premier trimestre de l’exercice 2017. Ces résultats s’expliquent principalement par le bénéfice net ajusté d’Énergir, s.e.c. qui accuse un recul de 4,4 millions $, partiellement compensé par des vents favorables observés aux parcs éoliens de la Seigneurie de Beaupré.

Le bénéfice net attribuable aux actionnaires s’est pour sa part élevé à 13,2 millions $ au premier trimestre de l’exercice 2018, comparativement à 23,0 millions $ au premier trimestre de l’exercice 2017, en raison de la baisse de la quote-part du bénéfice net d’Énergir, s.e.c., principalement en raison de l’effet de la réforme fiscale américaine.

Valener a généré des liquidités provenant de l’exploitation normalisées de 11,3 millions $ au premier trimestre de l’exercice 2018, comparativement à 12,2 millions $ au trimestre correspondant de l’exercice 2017. Cette variation s’explique principalement par la hausse des impôts versés de 1,6 million $ liée à un décalage dans le paiement des impôts exigibles, atténuée par la hausse des distributions reçues d’Énergir, s.e.c.

« Énergir, premier distributeur de gaz naturel au Québec, a eu la vision de faire de ce rôle d’utilité publique le levier d’un développement visionnaire dans le domaine des énergies renouvelables et de la mise en œuvre d’une croissance soutenue au Québec et aux États Unis. Valener réitère sa fierté d’être associée de si près au développement de ce joyau de l’énergie », souligne Pierre Monahan, président du conseil d’administration de Valener.

Sommaire des résultats de Valener
    Pour les trimestres
clos les 31 décembre
(en millions de dollars, sauf lorsque indiqué autrement) 2017 2016
Bénéfice net 14,4 24,1
Bénéfice net attribuable aux actionnaires ordinaires 13,2 23,0
Bénéfice net ajusté attribuable aux actionnaires ordinaires (1) 20,0 20,3
Par action ordinaire (en $) (1) 0,51 0,52
Liquidités provenant de l’exploitation normalisées (1) 11,3 12,2
Par action ordinaire (en $) (1) 0,29 0,32
(1) Ces mesures financières sont non définies en vertu des PCGR. Le rapprochement des mesures financières non conformes aux PCGR est présenté ci-après

 

Résultats d’Énergir, s.e.c.

Le bénéfice net ajusté attribuable aux associés d’Énergir, s.e.c., lequel exclut des éléments d’ajustements ponctuels, s’est établi à 84,5 millions $ au premier trimestre de l’exercice 2018, comparativement à 88,9 millions $ au trimestre correspondant de l’exercice précédent. Cette variation s’explique principalement par des frais plus élevés encourus dans le secteur Affaires corporatives ainsi  que l’effet défavorable de l’appréciation du dollar canadien.

Le bénéfice net attribuable aux associés d’Énergir, s.e.c. s’est quant à lui élevé à 60,3 millions $ au premier trimestre de l’exercice 2018, comparé à 101,4 millions $ au premier trimestre de l’exercice 2017, en raison des éléments cités précédemment et d’ajustements ponctuels comptabilisés afin de refléter l’impact de la réforme fiscale américaine.

Parcs éoliens de la Seigneurie de Beaupré – Valener et Énergir, s.e.c.
  Pour les trimestres
clos les 31 décembre
(en millions de dollars, sauf lorsque indiqué autrement) 2017 2016
Production réelle (en MWh)     341 995 268 544
Flux de trésorerie liés aux activités d’exploitation 23,7 15,8
Distributions versées 1,6 0,7

Parcs éoliens de la Seigneurie de Beaupré 2 et 3, Société en nom collectif (« Parcs 2 et 3 ») ainsi que Parc éolien de la Seigneurie de Beaupré 4 S.E.N.C. (« Parc 4 ») ont globalement généré 341 995 MWh d’électricité au cours du premier trimestre de l’exercice 2018, soit une hausse de 27 % en raison de vents supérieurs à ceux observés au premier trimestre de l’exercice 2017.

Les parcs éoliens ont généré des flux de trésorerie liés aux activités d’exploitation de 23,7 million $ au premier trimestre de l’exercice 2018, soit une hausse de 7,9 million $ par rapport au trimestre correspondant de l’exercice 2017.

Résultats sectoriels d’Énergir, s.e.c. - Bénéfice net ajusté attribuable aux associés (1)
  Pour les trimestres
clos les 31 décembre
 
(en millions de dollars) 2017   2016  
Distribution d’énergie    
DaQ 64,1      64,1  
Vermont (2)        27,1   27,3  
Effet de la réforme fiscale américaine (2) (6,4 ) -  
Transport de gaz naturel  4,0   5,5  
Effet de la réforme fiscale américaine (2) 2,5   -  
Production d’électricité  0,7   0,8  
Services énergétiques, entreposage et autres  1,8   1,4  
Gain sur réévaluation de CDH à la suite de l’acquisition (3) -   12,5  
Affaires corporatives (13,2 ) (10,2 )
Effet de la réforme fiscale américaine (2) (20,3 ) -  
Bénéfice net attribuable aux associés 60,3   101,4  
Ajustements (2) (3) 24,2   (12,5 )
Bénéfice net ajusté attribuable aux associés (1) 84,5   88,9  
(1) Cette mesure financière est non définie en vertu des PCGR. Le rapprochement des mesures financières non conformes aux PCGR est présenté ci-après.  
(2) Correspond aux impacts de la réforme fiscale américaine, tel qu’expliqué précédemment. 
(3) Gain de 12,5 millions $ comptabilisé au cours du premier trimestre de l’exercice 2017 à la suite de la réévaluation à la juste valeur de la participation d’Énergir, s.e.c. dans Société en commandite CDH Solutions & Opérations (« CDH »), entité détenant 100 % des parts émises et en circulation de Climatisation et Chauffage Urbains de Montréal, s.e.c. (« CCUM ») à la suite de l’acquisition d’une participation additionnelle de 50 %. 


INFORMATIONS SECTORIELLES

Distribution d’énergie

Au Québec

Le bénéfice net attribuable aux associés provenant des activités de distribution d’Énergir, s.e.c. par l’entremise de la DaQ s’est élevé à 64,1 millions $ au premier trimestre de l’exercice 2018, soit un niveau comparable au premier trimestre de l’exercice 2017 en raison principalement de :

  • l’effet positif d’un décalage entre le profil de reconnaissance des revenus et des coûts, la majeure partie de cet écart devant se résorber au terme de l’exercice 2018; et
  • l’effet favorable découlant de la hausse des volumes de gaz naturel normalisés distribués en raison de la croissance économique,

atténué par les différents paramètres du dossier tarifaire 2018, tel que déposé à la Régie de l’énergie (« Régie »), qui laissaient anticiper une baisse du bénéfice net de l’ordre de 12,4 millions $.

Compte tenu l’évolution des volumes du premier trimestre de l’exercice 2018, Énergir, s.e.c. prévoit que le bénéfice net du secteur de la Distribution d’énergie au Québec pour l’exercice 2018 devrait dépasser d’au moins 3 millions $ le bénéfice anticipé au dossier tarifaire 2018.

Dossier tarifaire 2019

En décembre 2017, la Régie a rendu une décision favorable dans laquelle elle reconduit, pour l’année tarifaire 2019, le taux de rendement de 8,90 % sur l’avoir ordinaire présumé et les paramètres du mode de partage des écarts de rendement, en vigueur depuis l’exercice 2015.

Gaz naturel renouvelable (« GNR »)

Énergir, s.e.c. distribue depuis novembre 2017 du GNR au Québec. À cet effet, la Ville de Saint-Hyacinthe, premier producteur municipal à injecter dans le réseau d'Énergir, s.e.c. devrait injecter environ 13 millions de mètres cubes de GNR cette année. À terme, la ville prévoit injecter entre 13 et 16 millions de mètres cubes de GNR par année.

Par ailleurs, L'Oréal Canada, cliente d'Énergir, s.e.c. s'est engagée sur la voie de la carboneutralité grâce à un approvisionnement en GNR depuis décembre 2017. D'autres clients désirant contribuer à la transition énergétique pourront s'approvisionner en GNR en fonction des quantités disponibles.

Au Vermont

Le secteur Distribution d’énergie au Vermont, par l’entremise de Green Mountain Power Corporation (« GMP ») et Vermont Gas Systems, Inc. (« VGS »), a réalisé un bénéfice net ajusté attribuable aux associés de 27,1 millions $ au premier trimestre de l’exercice 2018, comparativement à 27,3 millions $ au trimestre correspondant de l’exercice précédent. La variation s’explique principalement par :

  • l’effet des paramètres du dossier tarifaire 2018 de VGS, qui inclut une hausse de la base de tarification pour refléter la mise en service du projet Addison, depuis avril 2017; et
  • un décalage entre le profil de reconnaissance des revenus et des coûts,

atténués par l’effet défavorable du taux de change.

Les activités de distribution d’énergie au Vermont ont généré un bénéfice net attribuable aux associés de 20,7 millions $ au premier trimestre de l’exercice 2018 en raison de la comptabilisation de l’effet ponctuel de la réforme fiscale américaine, affectant négativement le bénéfice net d’un montant de 6,4 millions $, mais n’ayant toutefois aucun impact sur les flux de trésorerie du trimestre en cours.

Considérant les processus réglementaires en vigueur, GMP et VGS remettront les économies liées à la réforme fiscale américaine à leurs clients. Ainsi, la majeure partie de l’impact de la réévaluation des passifs d’impôts reportés à la suite de la réforme a été comptabilisée à titre de passifs réglementaires. L’effet à la baisse de 6,4 millions $ sur le bénéfice net du trimestre est relatif à la portion non incluse dans l’établissement des tarifs.

Pour ce qui est des impôts de l’exercice en cours, GMP et VGS ont annoncé la remise de 6 millions $ US et de 2,4 millions $ US, respectivement, à compter du cycle de facturation de février 2018. À titre de rappel, cette remise n’affectera pas le rendement, celui-ci étant compensé par une réduction équivalente de la charge d’impôts.

Transport de gaz naturel

Le bénéfice net ajusté attribuable aux associés du secteur Transport de gaz naturel s’est élevé à 4,0 millions $ au premier trimestre de l’exercice 2018, soit un recul de 1,5 million $ par rapport au premier trimestre de l’exercice 2017, principalement en raison d’une baisse des volumes transportés par Portland Natural Gas Transmission Systems (« PNGTS ») liée à un nombre de contrats à court terme moins important.

Le secteur du Transport de gaz naturel a enregistré un bénéfice net attribuable aux associés de 6,5 millions $ au premier trimestre de l’exercice 2018, en hausse de 1,0 million $ comparativement au premier trimestre de l’exercice 2017 en raison de la comptabilisation de l’effet ponctuel de la réforme fiscale américaine, affectant positivement le bénéfice net d’un montant de 2,5 millions $, mais n’ayant toutefois aucun impact sur les flux des trésorerie du trimestre en cours, en partie atténué par la baisse des volumes transportés par PNGTS, tel qu’expliqué précédemment.

Production d’électricité

Le secteur Production d’électricité a réalisé un bénéfice net attribuable aux associés de 0,7 million $ au premier trimestre de l’exercice 2018, comparable au 0,8 million $ de bénéfice net réalisé au premier trimestre de l’exercice précédent. La hausse des revenus due aux vents favorables observés au cours des trois premiers mois de l’exercice 2018 a été compensée par une perte nette enregistrée par Standard Solar Inc. (« Standard Solar ») qui poursuit ses activités de mise en œuvre de son nouveau modèle d'affaires.

Développement de Standard Solar

Standard Solar a maintenant complété la construction de deux projets totalisant 1,9 MW dont la mise en service fut réalisée à l'automne 2017. À ce jour, des projets totalisant une capacité installée de 21,1 MW sont en cours de construction.

En octobre 2017, Standard Solar a signé une entente avec un investisseur afin de financer des parcs solaires en échange d’avantages fiscaux. L'entente prévoit un investissement total d'environ 50 millions $ US dans Solar Project I LLC, dont 31 millions $ US par Standard Solar et 19 millions $ US par l'investisseur.

Décision sur la tarification des modules solaires étrangers aux États-Unis

Le 22 janvier 2018, la Maison-Blanche a rendu sa décision concernant la tarification des modules solaires. Des tarifs de sauvegarde dégressifs seront imposés aux fabricants de modules et de cellules solaires pour les cinq prochaines années, commençant à 30% et atteignant 15% la quatrième année. Ni le Mexique ni le Canada ne seront exemptés de ces tarifs. La décision exempte également 2,5 GW d'importations de cellules par an.

Services énergétiques, entreposage et autres

Le secteur Services énergétiques, entreposage et autres a réalisé un bénéfice net ajusté attribuable aux associés de 1,8 million $ au premier trimestre de l’exercice 2018, en hausse de 0,4 million $ par rapport à celui réalisé au trimestre correspondant de l’exercice 2017. Cette progression s’explique, entre autres, par la hausse du bénéfice net de CCUM en raison de l’acquisition de la participation additionnelle dans CDH en décembre 2016 et la hausse des volumes de GNL livrés, partiellement atténué par l’attribution d’une portion du bénéfice net de Gaz Métro GNL à Investissement Québec (42 %) depuis la mise en service du 2e train de liquéfaction en avril 2017.

Affaires corporatives4

Le secteur des affaires corporatives, qui reflète, entre autres, les frais de financement des participations, les frais de développement reliés à différents projets, ainsi que des revenus et des frais corporatifs non alloués aux autres secteurs d’Énergir, s.e.c., a enregistré une perte nette ajustée attribuable aux associés de 13,2 millions $ au premier trimestre de l’exercice 2018, comparativement à une perte nette ajustée de 10,2 millions $ au premier trimestre de l’exercice précédent. L’augmentation des charges corporatives est essentiellement due à une augmentation des dépenses  d’intérêts reliés à l’émission d’une dette à long terme au troisième trimestre de l’exercice 2017, mais également à une augmentation des charges fiscales dans certaines filiales en lien avec les diverses réformes présentement en cours et certaines modifications de structures de détention faites au cours du présent trimestre.

La perte nette attribuable aux associés s’est établie à 33,5 millions $ pour le secteur Affaires corporatives au premier trimestre de l’exercice 2018, en hausse de 20,3 millions $ comparativement à 10,2 millions $ au premier trimestre de l’exercice 2017. Cette hausse s’explique principalement par l’effet ponctuel de la réforme fiscale américaine donnant lieu à une réduction des actifs d’impôts reportés de Northern New England Energy Corporation liés aux pertes nettes d’exploitation reportées.

4 Au cours du premier trimestre de l’exercice 2018, la structure de présentation de l’information financière sectorielle a été modifiée afin de refléter la façon dont celle-ci est analysée par la direction. Ces modifications ont mené au regroupement dans le secteur Affaires corporatives de la portion des intérêts sur la dette à long terme et des impôts sur les bénéfices liés au financement des participations détenues par Énergir, s.e.c. Ces éléments étaient auparavant alloués à chacun des secteurs d’exploitation en fonction d’une méthode basée sur la valeur comptable des participations. Les données de l’exercice précédent ont été reclassées afin de se conformer à la présentation adoptée dans le présent trimestre.

Rapprochement des mesures financières non définies en vertu des PCGR

Pour plus d’informations sur les mesures financières non définies en vertu des PCGR, se référer au rapport de gestion de Valener pour les trimestres clos les 31 décembre 2017 et 2016.

Valener 
Rapprochement des liquidités provenant de l’exploitation normalisées
  Pour les trimestres clos
les 31 décembre
 
(en millions de dollars)         2017   2016  
Flux de trésorerie liés aux activités d’exploitation 12,4   13,3  
Dividendes aux actionnaires privilégiés (1,1 ) (1,1 )
Liquidités provenant de l’exploitation normalisées 11,3   12,2  
Par action ordinaire (en $)                0,29   0,32  

 

Valener
Rapprochement du bénéfice net ajusté attribuable aux actionnaires ordinaires
    Pour les trimestres clos
les 31 décembre
 
(en millions de dollars) 2017   2016  
Bénéfice net    14,4   24,1  
Gain sur instruments financiers dérivés   (0,8 )
Impôts sur les bénéfices relatifs au gain (pertes) sur les instruments financiers dérivés -   0,2  
Quote-part des ajustements du bénéfice net d’Énergir, s.e.c. 7,0   (3,6 )
Impôts sur les bénéfices relatifs aux ajustements du bénéfice net d’Énergir, s.e.c. -   0,7  
Impôts reportés liés à l’écart temporaire externe sur la participation dans Énergir, s.e.c. (0,2 ) 0,8  
Dividendes cumulatifs sur actions privilégiées de série A (1,2 ) (1,1 )
Bénéfice net (perte nette) ajusté(e) attribuable aux actionnaires ordinaires 20,0   20,3  
Par action ordinaire (en $) 0,51   0,52  

 

Énergir, s.e.c.
Rapprochement du bénéfice net ajusté attribuable aux associés
    Pour les trimestres clos
les 31 décembre
 
(en millions de dollars) 2017   2016  
Bénéfice net (perte nette) attribuable aux associés                60,3   101,4  
Effet de la réforme fiscale américaine 24,2   -  
Gain sur réévaluation de CDH à la suite de l’acquisition -   (12,5 )
Bénéfice net (perte nette) ajusté(e) attribuable aux associés 84,5   88,9  
Par part, de base et dilué (en $) 0,49   0,53  

Conférence téléphonique

Valener tiendra une conférence téléphonique aujourd’hui à 13 h 30 (heure de l’Est) afin de discuter de ses résultats et de ceux d’Énergir, s.e.c. pour l’exercice clos le 31 décembre 2017. Le public est invité à se joindre à la téléconférence en composant le 647 788‑4922 ou sans frais le 877 223‑4471. La téléconférence sera également diffusée en direct à partir du site web de Valener (www.valener.com) dans la section « Investisseurs » sous « Événements et présentations » et pourra être réentendue au cours des 365 jours suivant l'appel. Une rediffusion de la conférence téléphonique sera disponible durant une période de 30 jours en composant le 416 621‑4642 ou sans frais le 800 585‑8367 (code d'accès : 3091506).

Valener en bref

Valener est une société ouverte détenue à 100 % par le public investisseur. Elle est le véhicule d’investissement pour le public dans Énergir, s.e.c. Par l’entremise de son investissement dans Énergir, s.e.c., Valener offre à ses actionnaires un placement solide dans un portefeuille énergétique diversifié et en grande partie réglementé, au Québec et au Vermont. En tant que partenaire stratégique, Valener, d’une part, participe à la croissance d’Énergir, s.e.c., et d’autre part investit conjointement avec cette dernière dans la production d’énergie éolienne au Québec. Valener privilégie des sources et des utilisations d’énergie innovantes, propres, concurrentielles et rentables. Les actions ordinaires et privilégiées de Valener sont inscrites à la cote de la Bourse de Toronto sous le symbole « VNR » dans le cas des actions ordinaires et sous le symbole « VNR.PR.A » dans le cas des actions privilégiées de série A. www.valener.com

Énergir en bref

Comptant plus de 7 milliards de dollars d’actifs, Énergir, s.e.c. est une entreprise diversifiée du secteur énergétique dont la mission est de répondre de manière de plus en plus durable aux besoins énergétiques de ses quelque 520 000 clients et des communautés qu’elle dessert. Principale entreprise de distribution de gaz naturel au Québec, Énergir, s.e.c. y produit également, par le biais de filiales, de l’électricité à partir d’énergie éolienne. Aux États-Unis, par le biais de filiales, l’entreprise est présente dans près d’une quinzaine d’États où elle produit de l’électricité de sources hydraulique, éolienne et solaire, en plus d’être le principal distributeur d’électricité et le seul distributeur de gaz naturel de l’État du Vermont. Énergir, s.e.c. valorise l’efficacité énergétique, investit et s’investit dans des projets énergétiques novateurs tels que le gaz naturel renouvelable et le gaz naturel liquéfié et comprimé. Par le biais de ses filiales, elle offre également une variété de services énergétiques. Énergir, s.e.c. souhaite devenir le partenaire recherché et apprécié par tous ceux et celles qui aspirent à un avenir énergétique meilleur. www.energir.com

Mise en garde relativement aux déclarations prospectives

Le présent communiqué de presse peut contenir des informations prospectives au sens des lois applicables en matière de valeurs mobilières. Ces informations prospectives tiennent compte des intentions, des projets, des attentes et des opinions de la direction d’Énergir inc., en sa qualité de commandité d’Énergir, s.e.c., agissant à titre de gestionnaire de Valener (« la direction du gestionnaire »), et sont fondées sur des renseignements qui sont actuellement à la disposition de la direction du gestionnaire et des hypothèses à l’égard d’événements futurs. Les informations prospectives se remarquent par l’utilisation de mots comme « projette », « s’attend », « estime », « vise », « cible » « prévoit », « a l’intention », « anticipe » ou « croit » ou d’autres expressions similaires, de même que leurs formes négatives et leurs conjugaisons. Les informations prospectives mettent en cause des risques et incertitudes connus et inconnus ainsi que d’autres facteurs indépendants de la volonté de la direction du gestionnaire. Un certain nombre de facteurs pourraient faire en sorte que les résultats réels de Valener ou d’Énergir, s.e.c. diffèrent de façon importante des résultats historiques ou des attentes actuelles telles qu’elles sont exprimées dans les informations prospectives, notamment, sans limiter la généralité de ce qui précède, la teneur des décisions rendues par les organismes de réglementation, les incertitudes liées à l’obtention par Énergir, s.e.c. des approbations des organismes de réglementation et des parties intéressées pour exercer l’ensemble de ses activités et les risques socio-économiques associés à de telles activités, les incertitudes liées à la mise en œuvre de la Politique énergétique du Québec 2030, le caractère concurrentiel du gaz naturel par rapport à d’autres sources d’énergie dans un contexte de fluctuations des prix des produits pétroliers observée à l’échelle mondiale, la fiabilité ou les coûts des approvisionnements en gaz naturel et en électricité, l’intégrité des systèmes de transport et de distribution de gaz naturel et d’électricité, l’évolution et la rentabilité de Parcs éoliens de la Seigneurie de Beaupré 2 et 3, Société en nom collectif (« Parcs 2 et 3 ») et de Parc éolien de la Seigneurie de Beaupré 4 S.E.N.C (« Parc 4 ») et d’autres projets de développement, la capacité de Valener de générer suffisamment de liquidités pour soutenir la cible de croissance annuelle anticipée de son dividende ayant trait aux actions ordinaires, la capacité de réaliser des acquisitions attrayantes y compris leur financement et intégration, la capacité de réaliser de nouveaux projets de développement, la capacité d’obtenir du financement dans le futur, la conjoncture économique générale, les fluctuations des taux de change et des taux d’intérêt, les incertitudes liées à la réforme fiscale américaine de décembre 2017, communément appelée Tax Cuts and Jobs Act, les conditions climatiques et d’autres facteurs décrits à la section E « Facteurs de risque de Valener » et à la section R « Facteurs de risque d’Énergir, s.e.c. » (anciennement Société en commandite Gaz Métro) du rapport de gestion de Valener de l’exercice clos le 30 septembre 2017 et les rapports de gestion trimestriels subséquents de Valener qui pourraient traiter de l’évolution de ces risques. Bien que les informations prospectives figurant aux présentes soient fondées sur ce que la direction du gestionnaire juge être des hypothèses raisonnables, notamment aucun changement imprévu du cadre législatif et réglementaire du contexte d’exploitation des marchés de l’énergie au Québec et aux États-Unis n’aura lieu, les demandes déposées auprès des divers organismes de réglementation seront approuvées telles que soumises, les prix du gaz naturel demeureront compétitifs, l’approvisionnement en gaz naturel et en électricité sera maintenu ou sera disponible à des coûts compétitifs, aucun événement important ne sera survenu autrement que dans le cours normal des activités, tel qu’un désastre naturel ou tout autre type de sinistre, une interruption de service importante ou une menace à la cybersécurité (ou cyberattaque), Énergir, s.e.c. pourra continuer de distribuer la quasi-totalité de son bénéfice net ajusté, Parcs 2 et 3 et Parc 4 pourront procéder à des versements de distributions à leurs associés, Valener pourra générer suffisamment de liquidités pour soutenir la cible de croissance annuelle anticipée du dividende ayant trait à ses actions ordinaires, Green Mountain Power Corporation aura la capacité de continuer à réaliser des gains d’efficacité et de synergies à la suite de sa fusion avec Central Vermont Public Service Corporation, Valener et Énergir, s.e.c. auront la capacité de présenter leurs informations conformément aux PCGR des États-Unis au-delà de 2018 ou adopteront après 2018 des normes internationales d’information financière (IFRS) permettant la comptabilisation d’actifs et de passifs réglementaires, les besoins de liquidités pour les projets de développement d’Énergir, s.e.c. seront pourvus grâce à une combinaison de flux de trésorerie d’exploitation, d’emprunts sur les facilités de crédit, d’injections de capitaux par les associés et d’émissions de titres de créance et les filiales pourront obtenir les autorisations requises et les fonds nécessaires au financement de leurs projets de développement, ainsi que d’autres hypothèses décrites dans le rapport de gestion de Valener pour le trimestre clos le 31 décembre 2017, la direction du gestionnaire ne peut garantir aux investisseurs que les résultats réels seront conformes à ces informations prospectives. Ces informations prospectives sont présentées à la date des présentes et la direction du gestionnaire n’a pas l’obligation de les mettre à jour ni de les réviser afin de tenir compte de faits nouveaux ou de circonstances nouvelles sauf si les lois sur les valeurs mobilières applicables l’y obligent. Ces informations ne tiennent pas compte des incidences que pourraient avoir un élément inhabituel, un regroupement d’entreprises ou une autre transaction pouvant être annoncés ou pouvant survenir après la date des présentes. Les lecteurs sont priés de ne pas se fier indûment à ces informations prospectives.

Pour plus de renseignements :

Des photos, vidéos (B-Roll) et logos de l’entreprise sont disponibles dans la médiathèque.

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