Exhibit 99.2

 

First Quarter 2020

 

 

Page 2		First Quarter 2020

 

First Quarter 2020		Page 3

 

		Jacynthe Côté		Sophie Brochu
		Chair of the Board		President and Chief Executive Officer
		May 15, 2020

 

 

 

 

Page 4		First Quarter 2020

CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

CONSOLIDATED STATEMENTS OF OPERATIONS

 

In millions of Canadian dollars (unaudited)				Three months ended March 31
		Notes		2020				2019
Revenue		12			4,371				4,640
Expenditure
Operations					753				694
Other components of employee future benefit cost		9			(124	)			(139	)
Electricity and fuel purchases					579				687
Depreciation and amortization		4			647				637
Taxes					320				325
					2,175				2,204
Income before financial expenses					2,196				2,436
Financial expenses		5			671				662
Net income					1,525				1,774

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

In millions of Canadian dollars (unaudited)						Three months ended March 31
		Notes				2020				2019
Net income							1,525				1,774
Other comprehensive income			10
Net change in items designated as cash flow hedges			7				158				(132	)
Net change in employee future benefits							31				12
Translation differences in financial statements of foreign operations							4				(1	)
							193				(121	)
Comprehensive income							1,718				1,653

The accompanying notes are an integral part of the consolidated financial statements.

 

 

First Quarter 2020		Page 5

CONSOLIDATED BALANCE SHEETS

 

In millions of Canadian dollars (unaudited)		Notes			As at March 31, 2020				As at December 31, 2019
ASSETS
Current assets
Cash and cash equivalents					3,252				1,115
Short-term investments					684				445
Accounts receivable and other receivables					3,007				2,488
Derivative instruments		7			236				186
Regulatory assets					120				118
Materials, fuel and supplies					291				291
					7,590				4,643
Property, plant and equipment					66,086				65,992
Intangible assets					942				925
Investments		6			1,798				1,132
Derivative instruments		7			277				24
Regulatory assets					4,859				4,959
Other assets					897				888
					82,449				78,563
LIABILITIES
Current liabilities
Borrowings					3,445				40
Accounts payable and accrued liabilities					2,377				2,897
Dividend payable					–				2,192
Accrued interest					495				911
Asset retirement obligations					73				66
Derivative instruments		7			24				30
Current portion of long-term debt		7			2,840				1,817
					9,254				7,953
Long-term debt		7			44,691				43,690
Asset retirement obligations					816				821
Regulatory liabilities					340				343
Other liabilities					3,898				4,048
Perpetual debt		7			284				260
					59,283				57,115
EQUITY
Share capital					4,374				4,374
Retained earnings					21,007				19,482
Accumulated other comprehensive income		10			(2,215	)			(2,408	)
					23,166				21,448
					82,449				78,563
Contingencies		11

The accompanying notes are an integral part of the consolidated financial statements.

 

On behalf of the Board of Directors,
/s/ Geneviève Brouillette		/s/ Jacynthe Côté
Chair of the Audit Committee		Chair of the Board

 

 

Page 6		First Quarter 2020

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

In millions of Canadian dollars (unaudited)												Three months ended March 31
		Note		Share capital				Retained earnings				Accumulated other comprehensive income				Total equity
Balance as at December 31, 2019					4,374				19,482				(2,408	)			21,448
Net income					–				1,525				–				1,525
Other comprehensive income		10			–				–				193				193
Balance as at March 31, 2020					4,374				21,007				(2,215	)			23,166
Balance as at December 31, 2018					4,374				18,741				(1,906	)			21,209
Adjustments related to a change in accounting policy					–				10				–				10
Net income					–				1,774				–				1,774
Other comprehensive income		10			–				–				(121	)			(121	)
Balance as at March 31, 2019					4,374				20,525				(2,027	)			22,872

The accompanying notes are an integral part of the consolidated financial statements.

 

First Quarter 2020		Page 7

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

In millions of Canadian dollars (unaudited)				Three months ended March 31
		Notes		2020				2019
Operating activities
Net income					1,525				1,774
Adjustments to determine net cash flows from operating activities
Depreciation and amortization		4			647				637
Amortization of premiums, discounts and issue expenses related to debt securities					49				53
Deficit of net cost recognized with respect to amounts paid for employee future benefits					(36	)			(112	)
Other					(186	)			(19	)
Regulatory assets and liabilities					(9	)			55
Change in non-cash working capital items		8			(1,405	)			(1,255	)
					585				1,133
Investing activities
Additions to property, plant and equipment					(702	)			(530	)
Additions to intangible assets					(36	)			(36	)
Acquisition of an investment		6			(661	)			–
Net change in short-term investments and sinking fund					(231	)			(9	)
Other					–				2
					(1,630	)			(573	)
Financing activities
Issuance of long-term debt					1,278				487
Repayment of long-term debt					(190	)			(485	)
Cash receipts arising from credit risk management					2,252				770
Cash payments arising from credit risk management					(1,255	)			(778	)
Net change in borrowings					3,209				3,744
Dividend paid					(2,192	)			(2,394	)
Other					26				10
					3,128				1,354
Foreign currency effect on cash and cash equivalents					54				(2	)
Net change in cash and cash equivalents					2,137				1,912
Cash and cash equivalents, beginning of period					1,115				1,335
Cash and cash equivalents, end of period					3,252				3,247
Supplementary cash flow information		8

The accompanying notes are an integral part of the consolidated financial statements.

 

 

Page 8		First Quarter 2020

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

For the three-month periods ended March 31, 2020 and 2019

Amounts in tables are in millions of Canadian dollars, unless otherwise indicated.

 

Note 1

Basis of Presentation

Hydro-Québec’s consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

These quarterly consolidated financial statements, including these notes, do not contain all the required information regarding annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements and accompanying notes in Hydro-Québec’s Annual Report 2019.

The accounting policies used to prepare the quarterly consolidated financial statements are consistent with those presented in Hydro-Québec’s Annual Report 2019.

Management is of the opinion that these quarterly consolidated financial statements present fairly, in all material respects, the consolidated financial position of Hydro-Québec.

Hydro-Québec’s quarterly results are not necessarily indicative of results for the year on account of seasonal temperature fluctuations. Because of higher electricity demand during winter months, revenue from electricity sales in Québec is higher during the first and fourth quarters.

Management has reviewed events occurring until May 15, 2020, the date of approval of these quarterly consolidated financial statements by the Board of Directors, to determine whether circumstances warranted consideration of events subsequent to the balance sheet date.

 

Note 2

Change to Accounting Policy

STANDARD ISSUED BUT NOT YET ADOPTED

Financial instruments

In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU provides new guidance on the impairment of financial assets that are not accounted for at fair value through net income. It will be applied on a modified retrospective basis to the financial statements for interim and annual periods beginning on or after January 1, 2023. Hydro-Québec is currently examining the impact of this ASU on its consolidated financial statements.

 

Note 3

Regulation

DISTRIBUTION

Under the Act to simplify the process for establishing electricity distribution rates (S.Q. 2019, c. 27), which was passed by Québec’s National Assembly and came into force on December 8, 2019, electricity distribution rates are frozen until March 31, 2021.

TRANSMISSION

In decision D-2020-041 of April 17, 2020, the Régie de l’énergie handed down a partial decision regarding Hydro-Québec’s power transmission rates for 2020. The authorized return on the rate base was set at 6.78%, assuming a capitalization with 30% equity. The final decision concerning these rates is expected soon.

 

 

First Quarter 2020		Page 9

Note 4

Depreciation and Amortization

 

		Three months ended March 31
		2020				2019
Property, plant and equipment			589				581
Intangible assets			25				25
Regulatory assets and liabilities			27				29
Retirement of capital assets			6				2
			647				637

 

Note 5

Financial Expenses

 

		Three months ended March 31
		2020				2019
Interest on debt securities			686				672
Net foreign exchange (gain) loss			(2	)			3
Guarantee fees related to debt securitiesa			54				55
			738				730
Less
Capitalized financial expenses			45				43
Net investment income			22				25
			67				68
			671				662

 

a)	Guarantee fees related to debt securities are charged at a rate of 0.5% and are paid to the Québec government.

 

Note 6

Investments

On February 6, 2020, Hydro-Québec acquired a 19.9% stake in Innergex énergie renouvelable inc. (TSX: INE) (“Innergex”), a renewable power producer that builds, acquires, owns and operates hydroelectric facilities, wind farms and solar farms. The purchase price was $661 million. The investment in Innergex is accounted for using the equity method.

 

 

Page 10		First Quarter 2020

Note 7

Financial Instruments

In the course of its operations, Hydro-Québec carries out transactions that expose it to certain financial risks, such as market, liquidity and credit risk. Exposure to such risks and the impact on results are reduced through careful monitoring and implementation of strategies that include the use of derivative instruments.

MARKET RISK

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market prices. Hydro-Québec is exposed to three main types of market risk: currency risk, interest rate risk and risk associated with energy and aluminum prices. Active integrated management of these three types of risk aims to limit exposure to each risk and reduce their overall impact on results.

MANAGEMENT OF LONG-TERM RISK

Management of risk associated with debt

Currency risk and interest rate risk – Hydro-Québec uses currency forward contracts and swaps to manage the currency risk associated with long-term debt and perpetual debt, as well as interest rate forward contracts and swaps to modify long-term exposure to interest rate risk. When designated as hedging items, these derivative instruments are recognized as cash flow hedges or fair value hedges, depending on the risk hedged. The impact on results of foreign currency hedging transactions and those associated with debt interest rates is recognized in Financial expenses.

The following table shows the notional amounts, expressed in Canadian dollars and foreign currencies, of forward contracts and swaps used to manage long-term risk:

 

			As at March 31, 2020	a			As at December 31, 2019	a
Forward contracts
Canadian dollars			(2,000	)			(1,900	)
U.S. dollars			201				203
Swaps
Canadian dollars			(6,915	)			(6,893	)
U.S. dollars			5,730				5,730

 

a)	Figures in parentheses represent amounts to be paid.

MANAGEMENT OF SHORT-TERM RISK

Currency risk – Hydro-Québec uses forward contracts to manage its foreign currency risk exposure over the short term. When designated as hedging items, these derivative instruments are recognized as cash flow hedges. The impact of currency risk hedging transactions on results is recognized in the line items affected by the hedged item, namely Revenue, Electricity and fuel purchases, or Financial expenses. In this context, Hydro-Québec traded foreign currency sales and purchase contracts for which the notional amounts of open positions as at March 31, 2020, were US$1,980 million and US$2,327 million, respectively (US$1,542 million for sales contracts and nil for purchase contracts as at December 31, 2019).

Interest rate risk – Hydro-Québec uses interest rate forward contracts and swaps to manage short-term interest rate risk. When designated as hedging items, these derivative instruments are recognized as cash flow hedges. The impact on results of transactions to hedge short-term interest rate risk is recognized in the line item affected by the hedged item, namely Financial expenses.

Price risk – Hydro-Québec uses mainly commodity futures and swaps to manage risk resulting from fluctuations in energy and aluminum prices. When designated as hedging items, these derivative instruments are recognized as cash flow hedges. The impact on results of transactions to hedge the risk related to energy and aluminum prices is recognized in the line items affected by the hedged item, namely Revenue or Electricity and fuel purchases. In this context, Hydro-Québec traded electricity futures and swaps for which open positions as at March 31, 2020, totaled 22.4 TWh (23.4 TWh as at December 31, 2019), petroleum product swaps for which open positions as at March 31, 2020, totaled 22.1 million litres (22.3 million litres as at December 31, 2019), as well as aluminum swaps for which open positions as at March 31, 2020, totaled 187,575 tonnes (187,775 tonnes as at December 31, 2019). There were no natural gas futures with open positions as at March 31, 2020 (2.8 million MMBtu as at December 31, 2019).

 

 

First Quarter 2020		Page 11

Note 7

Financial Instruments (continued)

FAIR VALUE

FAIR VALUE OF DERIVATIVE INSTRUMENTS

The following tables present the fair value of derivative instruments, excluding the impact of offsets, by type and depending on whether they are designated as fair value hedges or cash flow hedges, or not designated as hedges:

 

											As at March 31, 2020
			Derivatives designated as fair value hedges				Derivatives designated as cash flow hedges				Derivatives not designated as hedges	a			Gross amounts of derivatives recognized	b
Assets
Contracts – Currency risk			–				1,965				188				2,153
Contracts – Interest rate risk			611				61				–				672
Contracts – Price risk			–				295				131				426
			611				2,321				319				3,251
Liabilities
Contracts – Currency risk			–				(107	)			(208	)			(315	)
Contracts – Interest rate risk			–				(66	)			–				(66	)
Contracts – Price risk			–				(6	)			(10	)			(16	)
			–				(179	)			(218	)			(397	)
Total			611				2,142				101				2,854

 

											As at December 31, 2019
			Derivatives designated as fair value hedges				Derivatives designated as cash flow hedges				Derivatives not designated as hedges	a			Gross amounts of derivatives recognized	b
Assets
Contracts – Currency risk			–				1,085				9				1,094
Contracts – Interest rate risk			413				81				–				494
Contracts – Price risk			–				145				51				196
			413				1,311				60				1,784
Liabilities
Contracts – Currency risk			–				(101	)			(174	)			(275	)
Contracts – Interest rate risk			–				(1	)			–				(1	)
Contracts – Price risk			–				(2	)			(10	)			(12	)
			–				(104	)			(184	)			(288	)
Total			413				1,207				(124	)			1,496

 

a)

These derivative instruments are mainly traded as part of Hydro-Québec’s risk management. As at March 31, 2020, $(187) million was in consideration of amounts received or disbursed [$(165) million as at December 31, 2019] with respect to agreements to limit the market value of the main portfolios of derivative instruments. These agreements arise from frameworks applied by Hydro-Québec to reduce its credit risk exposure and limit risk concentration.

 

b)

Fair value measurements of derivative instruments are Level 2 measurements. These measurements are obtained by discounting future cash flows, which are estimated on the basis of the spot rates, forward rates or forward prices (foreign exchange rates, interest rates, and energy or aluminum prices) in effect on the balance sheet date and take into account the credit risk assessment. The valuation techniques make use of observable market data.

 

 

Page 12		First Quarter 2020

Note 7

Financial Instruments (continued)

The impact of offsetting derivative instruments is presented in the table below:

 

			As at March 31, 2020																As at December 31, 2019
			Gross amounts of derivatives recognized				Gross amounts offset	a			Cash (received) paid as collateral	b			Net amounts presented on the balance sheet				Gross amounts of derivatives recognized				Gross amounts offset	a			Cash (received) paid as collateral	b			Net amounts presented on the balance sheet
Assets
Current			823				(193	)			(394	)			236				297				(18	)			(93	)			186
Long-term			2,428				(161	)			(1,990	)			277				1,487				(240	)			(1,223	)			24
			3,251				(354	)			(2,384	)			513				1,784				(258	)			(1,316	)			210
Liabilities
Current			(397	)			354				19				(24	)			(186	)			156				–				(30	)
Long-term			–				–				–				–				(102	)			102				–				–
			(397	)			354				19				(24	)			(288	)			258				–				(30	)
Total			2,854				–				(2,365	)			489				1,496				–				(1,316	)			180

 

a)

The gross amounts of derivatives offset are related to contracts traded according to International Swaps and Derivatives Association (“ISDA”) guidelines and constituting enforceable master netting arrangements. Such master netting arrangements apply to all derivative instrument contracts traded over the counter.

 

b)	Cash amounts offset are amounts received or paid under collateral exchange agreements signed in compliance with ISDA guidelines.

Moreover, although certain derivatives cannot be offset for lack of enforceable master netting arrangements, margin calls may result in amounts received from or paid to clearing agents, based on the fair value of the instruments concerned. As at March 31, 2020, $314 million payable in consideration of net cash receipts was included in Accounts payable and accrued liabilities ($133 million as at December 31, 2019).

 

 

First Quarter 2020		Page 13

Note 7

Financial Instruments (continued)

The impact of derivative instruments on results and other comprehensive income is presented in the tables below. It should be noted that most derivative instruments traded are designated as cash flow hedges or fair value hedges and therefore reduce the volatility of results. Derivative instruments which are not designated as hedges, but which nonetheless provide an economic hedge for at-risk opposite positions, also reduce the volatility of results. The sensitivity of results is thus limited to net exposure to unhedged risks.

 

														Three months ended March 31, 2020
		Losses (gains) on derivatives designated as fair value hedges				Losses (gains) on derivatives designated as cash flow hedges								Losses (gains) on derivatives not designated as hedges
		Recognized in results				Recognized in Other comprehensive income				Reclassified from Other comprehensive income to results				Recognized in results
Contracts – Currency risk			–				(862	)			(650	)a			(209	)
Contracts – Interest rate risk			(210	)			219				2	b			14
Contracts – Price risk			–				(317	)			(154	)c			(34	)
			(210	)b, d			(960	)			(802	)d			(229	)d, e
Impact of hedged items on results			211								804				216

 

														Three months ended March 31, 2019
		Losses (gains) on derivatives designated as fair value hedges				Losses (gains) on derivatives designated as cash flow hedges								Losses (gains) on derivatives not designated as hedges
		Recognized in results				Recognized in Other comprehensive income				Reclassified from Other comprehensive income to results				Recognized in results
Contracts – Currency risk			–				215				167	a			(5	)
Contracts – Interest rate risk			(73	)			74				1	b			2
Contracts – Price risk			–				(76	)			(87	)c			(2	)
			(73	)b, d			213				81	d			(5	)d, e
Impact of hedged items on results			74								(98	)			1

 

a)	In 2020, $2 million was recognized in Revenue ($6 million in 2019), and $(652) million in Financial expenses ($161 million in 2019).

 

b)	These amounts were recognized in Financial expenses.

 

c)	These amounts were recognized in Revenue.

 

d)	In 2020, the items Revenue, Electricity and fuel purchases, and Financial expenses totaled $4,371 million, $579 million and $671 million, respectively ($4,640 million, $687 million and $662 million in 2019).

 

e)

These instruments are essentially related to integrated risk management transactions. Their impact on results is recognized in the line items affected by the managed risk. Therefore, in 2020, $(37) million was recognized in Revenue [$(5) million in 2019], $8 million in Electricity and fuel purchases ($3 million in 2019), and $(200) million in Financial expenses [$(3) million in 2019].

 

 

Page 14		First Quarter 2020

Note 7

Financial Instruments (continued)

During the first three months of 2020, Hydro-Québec reclassified a net loss of $2 million from Accumulated other comprehensive income to results after having discontinued cash flow hedges (net gain of $17 million for the first three months of 2019).

As at March 31, 2020, Hydro-Québec estimated the net amount of gains presented in Accumulated other comprehensive income that would be reclassified to results in the next 12 months to be $153 million ($24 million as at March 31, 2019).

As at March 31, 2020 and 2019, the maximum period during which Hydro-Québec hedged its exposure to the variability of cash flows related to anticipated transactions was three years.

FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS

Fair value measurements for other financial instruments are Level 2 measurements. Fair value is obtained by discounting future cash flows, based on rates observed on the balance sheet date for similar instruments traded on capital markets.

The fair value of cash equivalents, receivables – accounts receivable, other receivables and financial liabilities approximates their carrying amount because of the short-term nature of these financial instruments, except for the items presented in the table below:

 

		As at March 31, 2020								As at December 31, 2019
		Carrying amount				Fair value				Carrying amount				Fair value
Long-term debta			47,531	b			65,202				45,507	b			63,643
Perpetual debt			284				209				260				245

 

a)	Including the current portion.

 

b)

Including an amount of $1,998 million as at March 31, 2020, and December 31, 2019, for debts subject to a fair value hedge, which resulted in an adjustment of $598 million ($390 million as at December 31, 2019) in connection with the hedged risk for existing hedging relationships and of $(84) million [$(87) million as at December 31, 2019] for discontinued relationships.

ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

As at March 31, 2020, accounts receivable and other receivables included $2,276 million ($2,145 million as at December 31, 2019) from contracts with customers, of which unbilled electricity deliveries totaled $1,101 million ($1,317 million as at December 31, 2019).

 

Note 8

Supplementary Cash Flow Information

 

		Three months ended March 31
		2020				2019
Change in non-cash working capital items
Accounts receivable and other receivables			(493	)			(802	)
Materials, fuel and supplies			1				(5	)
Accounts payable and accrued liabilities			(483	)			(19	)
Accrued interest			(430	)			(429	)
			(1,405	)			(1,255	)
Activities not affecting cash
Increase in property, plant and equipment and intangible assets			11				13
Increase in operating lease assets and liabilities			1				23
			12				36
Interest paid			1,099				945

 

 

First Quarter 2020		Page 15

Note 9

Employee Future Benefits

 

										Three months ended March 31
		Pension Plan								Other plans
		2020				2019				2020				2019
Current service cost			153				107				13				11
Other components of employee future benefit cost
Interest on obligations			212				227				13				13
Expected return on plan assets			(429	)			(406	)			(1	)			(1	)
Amortization of net actuarial loss			72				23				8				4
Amortization of past service costs (credits)			2				2				(1	)			(1	)
			(143	)			(154	)			19				15
Net cost (credit) recognized			10				(47	)			32				26

 

Note 10

Accumulated Other Comprehensive Income

 

										Three months ended March 31, 2020
		Cash flow hedges				Employee future benefits				Translation differences				Accumulated other comprehensive income
Balance as at December 31, 2019			67				(2,476	)			1				(2,408	)
Other comprehensive income before reclassifications			960				–				4				964
Amounts reclassified to results			(802	)			31				–				(771	)
Other comprehensive income			158				31	a			4				193
Balance as at March 31, 2020			225				(2,445	)			5				(2,215	)
										Three months ended March 31, 2019
		Cash flow hedges				Employee future benefits				Translation differences				Accumulated other comprehensive income
Balance as at December 31, 2018			(193	)			(1,717	)			4				(1,906	)
Other comprehensive income before reclassifications			(213	)			–				(1	)			(214	)
Amounts reclassified to results			81				12				–				93
Other comprehensive income			(132	)			12	a			(1	)			(121	)
Balance as at March 31, 2019			(325	)			(1,705	)			3				(2,027	)

 

a)	Other comprehensive income includes the change in the employee future benefit regulatory asset, which totaled $(50) million as at March 31, 2020 [$(16) million as at March 31, 2019].

 

 

Page 16		First Quarter 2020

Note 11

Contingencies

GUARANTEES

In accordance with the terms and conditions of certain debt securities issued outside Canada, Hydro-Québec has undertaken to increase the amount of interest paid to non-residents in the event of changes to Canadian tax legislation governing the taxation of non-residents’ income. Hydro-Québec cannot estimate the maximum amount it might have to pay under such circumstances. Should an amount become payable, Hydro-Québec has the option of redeeming most of the securities in question. As at March 31, 2020, the amortized cost of the long-term debts concerned was $3,327 million ($3,303 million as at December 31, 2019).

LITIGATION

In the normal course of its development and operating activities, Hydro-Québec is sometimes party to claims and legal proceedings. Management is of the opinion that an adequate provision has been made for these legal actions. Consequently, it does not foresee any significant adverse effect of such contingent liabilities on Hydro-Québec’s consolidated results or financial position.

Among other ongoing actions, some Indigenous communities have instituted proceedings against the governments of Canada and Québec, as well as against Hydro-Québec, based on demands concerning their ancestral rights. In particular, the Innus of Uashat mak Mani-Utenam are demanding $1.5 billion in damages resulting from various activities carried out on land they claim as their own. Hydro-Québec is challenging the legitimacy of this claim.

As well, in November 2006 the Innus of Pessamit reactivated an action brought in 1998, aimed at obtaining, among other things, the recognition of ancestral rights related to Québec lands on which certain hydroelectric generating facilities of the Manic–Outardes complex are located. This community is claiming $500 million. Hydro-Québec is challenging the legitimacy of this claim.

 

Note 12

Segmented Information

The following tables present information on segment results and assets:

 

		Three months ended   March 31, 2020
		Generation				Transmission				Distribution				Construction				Corporate and Other Activities				Total
Revenue
External customers			494				49				3,855				1				(28	)			4,371a
Intersegment customers			1,607				866				20				496				(2,989	)b			–
Net income (loss)			910				172				521				–				(78	)			1,525
Total assets as at March 31, 2020			33,733				23,957				14,285				37				10,437				82,449

 

		Three months ended   March 31, 2019
		Generation				Transmission				Distribution				Construction				Corporate and Other Activities				Total
Revenue
External customers			580				9				4,046				–				5				4,640a
Intersegment customers			1,672				882				21				332				(2,907	)b			–
Net income (loss)			1,036				192				567				–				(21	)			1,774
Total assets as at March 31, 2019			33,208				23,369				14,644				42				8,535				79,798

 

a)	Including $84 million from sources other than contracts with customers [$(17) million in 2019], of which no amount relates to alternative revenue programs involving certain regulatory assets and liabilities [$(10) million in 2019].

 

b)	Including intersegment eliminations of $(3,442) million [$(3,347) million in 2019].

 

 

First Quarter 2020		Page 17