Photo: BC Hydro logo - mag3737's photostream, Flickr, Creative Commons

BC Hydro today announced its financial results for Fiscal 2009, including a consolidated net income of $366 million for the year ended March 31, 2009, which is comparable to the prior year's net income.

"Overall, our financial results for Fiscal 2009 are in line with expectations and I am very pleased that the energy saved through our Power Smart programs exceeded expectations," said Bob Elton, BC Hydro President and CEO.

"We have also made good progress in our capital plan to upgrade aging assets to meet growing customer demand and improve system resiliency. Unfortunately, the economic downturn has affected many industries, especially forestry, which resulted in decreased demand for electricity from the industrial sector."

Domestic revenues were $130 million lower than the previous year, which BC Hydro attributed to the loss of revenues in the industrial sector. Power Smart program savings surpassed their expectations, producing comulative energy savings of 983 giga-watt hours (GWh) in their 2008 fiscal year, the equivalent of powering 65,700 homes for a year.