Income Statements

Annual

(in millions of Canadian dollars except per share amounts)

For the year ended Dec. 31		Restated	Restated
	2009	2008	2007
Revenues	2,770	3,110	2,775
Fuel and purchased power	(1,228)	(1,493)	(1,231)
Gross Margin	1,542	1,617	1,544
Operations, maintenance, and administration	667	637	577
Depreciation and amortization	475	428	406
Taxes, other than income taxes	22	19	20
Operating Expenses	1,164	1,084	1,003
Operating Income	378	533	541
Foreign exchange gain (loss)	8	(12)	3
Writedown of mining development costs	(16)	-	-
Net interest expense	(144)	(110)	(133)
Equity loss	-	(97)	(50)
Other income	8	5	16
Earnings before non-controlling interests and income taxes	234	319	377
Non-controlling interests	38	61	48
Earnings before income taxes	196	258	329
Income tax expense	15	23	20
Net earnings	181	235	309
Retained earnings
Opening balance	688	763	710
Common share dividends	(235)	(215)	(202)
Shares cancelled under NCIB	-	(95)	(54)
Closing balance	634	688	763
Weighted average number of common shares outstanding in the period	201	199	202
Net earnings per share, basic and diluted	0.90	1.18	1.53

Quarterly

(in millions of Canadian dollars except per share amounts)

	Three months ended Dec. 31		Year ended Dec. 31
Unaudited	2009	2008	2009	2008

Revenues	763	808	2,770	3,110
Fuel and purchased power	(328)	(398)	(1,228)	(1,493)
Gross margin	435	410	1,542	1,617
Operations, maintenance, and administration	142	163	667	637
Depreciation and amortization	129	116	475	428
Taxes, other than income taxes	5	4	22	19
Operating expenses	276	283	1,164	1,084
Operating income	159	127	378	533
Foreign exchange gain (loss)	4	(7)	8	(12)
Writedown of mining development costs	(16)	-	(16)	-
Net interest expense	(42)	(9)	(144)	(110)
Equity loss	-	-	-	(97)
Other income	-	-	8	5
Earnings before non-controlling interests and income taxes	105	111	234	319
Non-controlling interests	11	23	38	61
Earnings before income taxes	94	88	196	258
Income tax expense (recovery)	15	(6)	15	23
Net earnings	79	94	181	235
Retained earnings
Opening balance	618	648	688	763
Common share dividends	(63)	(54)	(235)	(215)
Shares cancelled under NCIB	-	-	-	(95)
Closing balance	634	688	634	688
Weighted average number of common shares outstanding in the period	211	198	201	199

Net earnings per share, basic and diluted	$0.37	$0.47	$0.90	$1.18

Notes to financial statements

Last updated: February 24, 2010