British Columbia Hydro and Power Authority
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1 2016/17 SECOND QUARTER REPORT
2 MANAGEMENT S DISCUSSION AND ANALYSIS This Management s Discussion and Analysis (MD&A) reports on British Columbia Hydro and Power Authority s (BC Hydro or the Company) consolidated results and financial position for the three and six months ended September 30, 2016 and should be read in conjunction with the MD&A presented in the 2016 Annual Service Plan Report, the 2016 Audited Consolidated Financial Statements and related notes of the Company, and the Unaudited Condensed Consolidated Interim Financial Statements and related notes of the Company for the three and six months ended September 30, The Company applies accounting standards as prescribed by the Province of British Columbia (the Province) which combines the accounting principles of International Financial Reporting Standards (IFRS) with regulatory accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification 980, Regulated Operations (ASC 980) (collectively, the Prescribed Standards). All financial information is expressed in Canadian dollars unless otherwise specified. This report contains forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties that may cause actual results to differ from those contemplated in the forward-looking statements. HIGHLIGHTS Net income for the three months ended September 30, 2016 was $28 million, $45 million lower than the same period in the prior fiscal year. The significant variances from the prior fiscal year were primarily due to $38 million higher domestic revenues primarily due to higher average customer rates reflecting an average interim rate increase as approved by the British Columbia Utilities Commission (BCUC) of 4 per cent effective April 1, 2016 and $33 million lower finance charges primarily due to lower long-term and short-term interest rates, lower interest charges on electricity purchase agreements accounted for as finance leases, and higher interest during construction. This was offset by $87 million higher domestic energy costs and $16 million higher grants, taxes and other costs mainly due to higher asset related costs incurred from asset disposals, retirements, asset removals, and site restoration. Net income for the six months ended September 30, 2016 was $116 million, $17 million lower than the same period in the prior fiscal year. The significant variances from the prior fiscal year were primarily due to $66 million higher domestic revenues primarily due to higher average customer rates reflecting an average interim rate increase as approved by the BCUC of 4 per cent effective April 1, 2016 and $72 million lower finance charges primarily due to lower long-term and short-term interest rates, lower interest charges on electricity purchase agreements accounted for as finance leases, and higher interest during construction. This was offset by $119 million higher domestic energy costs and $26 million higher grants, taxes and other costs mainly due to higher asset related costs incurred from asset disposals, retirements, asset removals, and site restoration. Water inflows to the system during the six months ended September 30, 2016 were 95 per cent of average, compared to 92 per cent of average in the same period in the prior fiscal year. Observed inflows to Williston and Kinbasket reservoirs were 98 per cent and 101 per cent of average, respectively, compared to 93 per cent and 106 per cent, respectively, in the prior fiscal Fiscal 2017 Second Quarter Report 2
3 year. The higher system inflows in fiscal 2017 were the result of higher precipitation across the province partially offset by drier conditions in the second quarter. Capital expenditures, before contributions in aid of construction, for the three and six months ended September 30, 2016 were $593 million and $1,173 million, respectively. This is a $55 million and $200 million increase, respectively, over the same periods in the prior fiscal year. BC Hydro continues to invest significantly in capital projects to refurbish its ageing infrastructure and build new assets for future growth, including Site C Clean Energy project, John Hart Generating Station Replacement project, Ruskin Dam Safety and Powerhouse Upgrade project, and Big Bend Substation project. CONSOLIDATED RESULTS OF OPERATIONS For the three months For the six months ended September 30 ended September 30 ($ in millions) Change Change Total Revenues $ 1,311 $ 1,262 $ 49 $ 2,638 $ 2,570 $ 68 Net Income $ 28 $ 73 $ (45) $ 116 $ 133 $ (17) Capital Expenditures $ 593 $ 538 $ 55 $ 1,173 $ 973 $ 200 GWh Sold (Domestic) 13,401 13,917 (516) 26,860 28,527 (1,667) As at As at ($ in millions) September 30, 2016 March 31, 2016 Change Total Assets $ 31,003 $ 30,034 $ 969 Shareholder's Equity $ 4,362 $ 4,500 $ (138) Accrued Payment to the Province $ 259 $ 326 $ (67) Retained Earnings $ 4,254 $ 4,397 $ (143) Debt to Equity 82 : : 20 n/a Number of Domestic Customer Accounts 1,972,914 1,960,555 12,359 Total Reservoir Storage (GWh) 28,511 16,518 11,993 REVENUES Total revenues after regulatory account transfers for the three months ended September 30, 2016 were $1,311 million, an increase of $49 million or 4 per cent compared to the same period in the prior fiscal year. Total revenues after regulatory account transfers for the six months ended September 30, 2016 were $2,638 million, an increase of $68 million or 3 per cent compared to the same period in the prior fiscal year. The increase after regulatory account transfers was primarily due to higher domestic revenue mainly due to higher average customer rates and higher transfers to the Rate Smoothing regulatory account to smooth the rate impacts of the rate increases in the 10 Year Rates Plan. Fiscal 2017 Second Quarter Report 3
4 (in millions) (gigawatt hours) ($ per MWh) for the three months ended September Domestic Residential $ 356 $ 345 3,310 3,335 $ $ Light industrial and commercial ,427 4, Large industrial ,382 3, Other energy sales ,282 2, Total Domestic Revenue Before Regulatory Transfers 1,098 1,089 13,401 13, Rate smoothing and energy deferral regulatory transfers Total Domestic $ 1,154 $ 1,116 13,401 13,917 $ $ Trade Electricity - Gross 1 $ 228 $ 168 3,871 2,981 $ $ Less: forward electricity purchases (119) (52) Electricity - Net Gas - Gross ,249 3, Less: forward gas purchases (81) (78) Gas - Net Total Trade 2 $ 157 $ 146 8,120 6,489 $ $ Total $ 1,311 $ 1,262 21,521 20,406 $ $ (in millions) (gigawatt hours) ($ per MWh) for the six months ended September Domestic Residential $ 748 $ 737 6,904 7,100 $ $ Light industrial and commercial ,985 9, Large industrial ,507 6, Other energy sales ,464 5, Total Domestic Revenue Before Regulatory Transfers 2,192 2,214 26,860 28, Rate smoothing and energy deferral regulatory transfers Total Domestic $ 2,324 $ 2,258 26,860 28,527 $ $ Trade Electricity - Gross 1 $ 406 $ 360 9,752 6,821 $ $ Less: forward electricity purchases (172) (117) Electricity - Net Gas - Gross ,050 7, Less: forward gas purchases (119) (146) Gas - Net Total Trade 2 $ 314 $ ,802 14,213 $ $ Total $ 2,638 $ 2,570 44,662 42,740 $ $ The Trade $/MWh figures are based on total gross sales which includes physical and financial transactions whereas the volumes only include physical transactions. 2 Trade revenue regulatory transfer is netted with the trade cost of energy transfer to reflect a trade margin transfer and this is reflected in the cost of energy table. The $ per MWh is a simple average calculation and does not reflect actual trade energy prices during the period. Domestic Revenues Total domestic revenues after regulatory account transfers for the three months ended September 30, 2016 were $1,154 million, an increase of $38 million or 3 per cent compared to the same period in the prior fiscal year. Total domestic revenues after regulatory account transfers for the six months ended September 30, 2016 were $2,324 million, an increase of $66 million or 3 per cent compared to the same period in the prior fiscal year. The increase in revenues, after regulatory transfers, for both periods was primarily due to higher average customer rates and higher transfers to the Rate Smoothing regulatory account to smooth the rate impacts of the rate increases in the 10 Year Rates Plan. Fiscal 2017 Second Quarter Report 4
5 Domestic revenues before regulatory account transfers for the three months ended September 30, 2016 were $1,098 million, comparable to total domestic revenues before regulatory account transfers of $1,089 million in the same period in the prior fiscal year. Domestic revenues before regulatory account transfers for the six months ended September 30, 2016 were $2,192 million, a decrease of $22 million or 1 per cent compared to the same period in the prior fiscal year. The decrease compared to the prior fiscal year was primarily due to lower other energy sales, partially offset by higher light industrial and commercial revenues and higher residential revenues. Other energy sales were lower as a result of less surplus energy sold, a component of other energy sales, into the market as compared to the same period in the prior fiscal year due to less spill risk (3,829 GWh for the six months ended September 30, 2016 compared to 5,017 GWh for the six months ended September 30, 2015). Higher light industrial and commercial revenues were mainly due to higher average customer rates which reflect an average interim rate increase as approved by the BCUC of 4 percent effective April 1, 2016, partially offset by lower commercial load. Variances between actual and planned load are deferred to the Non-Heritage Deferral Account (NHDA) and variances between actual and planned other energy sales are deferred to the Heritage Deferral Account (HDA) and NHDA. Trade Revenues Powerex, a wholly owned subsidiary of the Company, is an active participant in western energy markets, buying and selling wholesale power, natural gas, ancillary services, clean and renewable power, and environmental products. The Company s electricity system is interconnected with systems in Alberta and the Western United States, facilitating sales and purchases of electricity outside of British Columbia. Powerex s trade activities earn income to lower the Company s customer rates and to help balance its system by being able to import energy to meet domestic demand when there is a supply shortage and exporting energy when there is a supply surplus. Trade outside the Company s system is made only after ensuring domestic demand requirements are met. Total trade revenues for the three months ended September 30, 2016 were $157 million, an increase of $11 million or 8 per cent compared with the same period in the prior fiscal year. The increase in revenue was primarily due to a 30 per cent increase in the volume of physical electricity sold and a 21 per cent increase in the volume of physical gas sold. The increase in the volume of physical electricity sold was primarily due to an outage for a key third party transmission line to California in the prior year. The increase in the volume of physical gas sold was primarily due to increased gas trading opportunities. Total trade revenues for the six months ended September 30, 2016 were $314 million, which was comparable with trade revenues for the same period in the prior fiscal year. Variances between actual and planned trade revenues are transferred to the Trade Income Deferral Account (TIDA). Fiscal 2017 Second Quarter Report 5
6 OPERATING EXPENSES For the three and six months ended September 30, 2016, operating expenses after regulatory transfers of $1,129 million and $2,219 million, respectively, were $127 million and $157 million higher than in the same periods in the prior fiscal year. The increase in both periods was primarily due to higher purchases from Independent Power Producers and higher asset related costs incurred from asset disposals, retirements, asset removals, and site restoration. Cost of Energy Energy costs are comprised of electricity and gas purchases for domestic and trade customers, water rentals and transmission charges and other charges. Energy costs are influenced primarily by the volume of energy consumed by customers, the mix of sources of supply and market prices of energy. The mix of sources of supply is influenced by variables such as the current and forecast market prices of energy, water inflows, reservoir levels, energy demand, and environmental and social impacts. Total energy costs after regulatory transfers for the three months ended September 30, 2016 were $532 million, $102 million or 24 per cent higher than the same period in the prior fiscal year. Total energy costs after regulatory transfers for the six months ended September 30, 2016 were $1,013 million, $124 million or 14 per cent higher than the same period in the prior fiscal year. The increase in both periods over the prior fiscal year was primarily due to higher purchases from Independent Power Producers. (in millions) (gigawatt hours) ($ per MWh) for the three months ended September Domestic Water rental payments (hydro generation) 1 $ 90 $ 75 10,498 11,141 $ 8.57 $ 6.73 Purchases from Independent Power Producers ,867 3, Other electricity purchases - Domestic Gas for thermal generation Transmission charges and other expenses Non-treaty storage / Libby Coordination Agreement (4) Allocation from (to) trade energy Total Domestic Cost of Energy Before Regulatory Transfers ,550 15, Domestic cost of energy regulatory transfers (25) (79) Total Domestic $ 422 $ ,550 15,125 $ $ Trade Electricity - Gross $ 117 $ 91 3,984 2,940 $ $ Less: forward electricity purchases (119) (52) Electricity - Net (2) Remarketed gas - Gross ,336 3, Less: forward gas purchases (81) (78) Remarketed gas - Net Transmission charges and other expenses Allocation (to) from domestic energy (7) - (116) (7) Total Trade Cost of Energy Before Regulatory Transfers ,204 6, Trade net margin regulatory transfer 36 (7) Total Trade ,204 6, Total Energy Costs $ 532 $ ,754 21,626 $ $ Water rental payments are based on the previous calendar year's generation volumes. The volumes are actual hydro generation during the period. The $ per MWh is a simple average calculation and does not reflect actual water rental rates during the period. 2 The $ per MWh is a simple average calculation and does not reflect actual trade energy prices during the period. Fiscal 2017 Second Quarter Report 6
7 (in millions) (gigawatt hours) ($ per MWh) for the six months ended September Domestic Water rental payments (hydro generation) 1 $ 178 $ ,674 23,439 $ 8.61 $ 6.61 Purchases from Independent Power Producers ,889 7, Other electricity purchases - Domestic Gas for thermal generation Transmission charges and other expenses Non-treaty storage / Libby Coordination Agreement (4) Allocation from (to) trade energy 7 (6) 160 (236) Total Domestic Cost of Energy Before Regulatory Transfers ,869 30, Domestic cost of energy regulatory transfers (45) (98) Total Domestic $ 793 $ ,869 30,987 $ $ Trade Electricity - Gross $ 204 $ 184 9,903 6,483 $ $ Less: forward electricity purchases (172) (117) Electricity - Net Remarketed gas - Gross ,236 7, Less: forward gas purchases (119) (146) Remarketed gas - Net Transmission charges and other expenses Allocation (to) from domestic energy (7) 6 (160) Total Trade Cost of Energy Before Regulatory Transfers ,979 14, Trade net margin regulatory transfer 35 (3) Total Trade ,979 14, Total Energy Costs $ 1,013 $ ,848 45,247 $ $ Water rental payments are based on the previous calendar year's generation volumes. The volumes are actual hydro generation during the period. The $ per MWh is a simple average calculation and does not reflect actual water rental rates during the period. 2 The $ per MWh is a simple average calculation and does not reflect actual trade energy prices during the period. Domestic Energy Costs Total domestic energy costs after regulatory transfers for the three months ended September 30, 2016 were $422 million, $87 million or 26 per cent higher than the same period in the prior fiscal year. Total domestic energy costs after regulatory transfers for the six months ended September 30, 2016 were $793 million, $119 million or 18 per cent higher than the same period in the prior fiscal year. The increase in costs, after regulatory transfers, for both periods was primarily due to higher purchases from Independent Power Producers. Domestic energy costs before regulatory transfers for the three months ended September 30, 2016 were $447 million, $33 million or 9 per cent higher than the same period in the prior fiscal year. Domestic energy costs before regulatory transfers for the six months ended September 30, 2016 were $838 million, $66 million or 9 per cent higher than the same period in the prior fiscal year. The increase in costs, before regulatory transfers, for both the three and six month periods was primarily due to higher purchases from Independent Power Producers, driven by more Independent Power Producers in operation and higher inflows, which resulted in more energy being delivered from hydro resources. The increase was also due to higher water rental payments. Water rental payments are based on the previous calendar year s generation volumes and in calendar year 2015 there was more hydro generated than in calendar year 2014, resulting in higher water rental payments in the current year. Variances between actual and planned domestic cost of energy are transferred to the HDA and NHDA. Fiscal 2017 Second Quarter Report 7
8 Trade Energy Costs Total trade energy costs after regulatory transfers for the three months ended September 30, 2016 were $110 million, $15 million or 16 per cent higher than the same period in the prior fiscal year. Trade energy costs before regulatory account transfers for the three months ended September 30, 2016 were $74 million, a decrease of $28 million or 27 per cent compared with the same period in the prior fiscal year. The decrease was primarily due to a 9 per cent decrease in the average natural gas purchase price and a 5 per cent decrease in the average electricity purchase price. The decrease in the average natural gas purchase price was reflective of abundant North American gas supply and sustained production, mild winter temperatures in fiscal 2016 and consequently higher natural gas storage levels. The decrease in the average electricity purchase price was primarily as a result of overall lower market prices in Western North America primarily as a result of lower North American natural gas prices. There were net negative trade electricity costs for the three months ended September 30, 2016 as deducted from gross trade electricity costs were forward electricity purchases, which increased by $67 million compared with the same period in the prior year, primarily due to higher forward electricity purchase volumes to satisfy additional forward sales. Forward purchases are netted against forward sales within gross revenue in accordance with the Prescribed Standards. Total trade energy costs after regulatory transfers for the six months ended September 30, 2016 were $220 million, $5 million or 2 per cent higher than the same period in the prior fiscal year. Trade energy costs before regulatory account transfers for the six months ended September 30, 2016 were $185 million, a decrease of $33 million or 15 per cent compared with the same period in the prior fiscal year. The decrease was primarily due to a 27 per cent decrease in the average natural gas purchase price and a 27 per cent decrease in the average electricity purchase price. The decrease in the average natural gas purchase price was reflective of abundant North American gas supply and sustained production, mild winter temperatures and consequently higher natural gas storage levels. The decrease in the average electricity purchase price was primarily as a result of overall lower market prices in Western North America primarily as a result of lower North American natural gas prices. Variances between actual and planned trade costs are transferred to the TIDA. Water Inflows Water inflows (energy equivalent) to BC Hydro s system during the six months ended September 30, 2016 were 95 per cent of average, compared to 92 per cent of average in the same period in the prior fiscal year. Observed inflows to Williston and Kinbasket reservoirs were 98 per cent and 101 per cent of average, respectively, compared to 93 per cent and 106 per cent, respectively, in the prior fiscal year. The higher inflows in fiscal 2017 were the result of higher precipitation across the province partially offset by drier conditions in the second quarter. The Williston and Kinbasket reservoirs have been managed such that system energy storage on September 30, 2016 was 26,400 GWh, or 300 GWh above the 10 year historic average. This was 400 GWh higher than the system energy storage of 26,000 GWh recorded one year earlier. The Williston and Kinbasket reservoir energy contents were 16,800 GWh (600 GWh above the 10 year historic average) and 9,600 GWh (300 GWh below the 10 year historic average), respectively, with Williston 1,000 GWh lower than the prior fiscal year and Kinbasket 1,400 GWh higher than the prior fiscal year. The above average energy content in system storage at September 30, 2016 was a Fiscal 2017 Second Quarter Report 8
9 result of a combination of above average energy content at the start of the fiscal year partially offset by lower than average inflows. Personnel Expenses Personnel expenses include salaries and wages, benefits and post-employment benefits. Personnel expenses for the three months ended September 30, 2016 were $126 million, $8 million higher than the same period in the prior fiscal year. The increase was primarily due to higher post-employment benefits resulting from higher current service pension costs. Personnel expenses for the six months ended September 30, 2016 were comparable to the same period in the prior fiscal year. Materials and External Services Expenditures on materials and external services for the three and six months ended September 30, 2016 were $146 million and $295 million, respectively, comparable to expenditures on materials and external services of $150 million and $295 million, respectively, in the same period in the prior fiscal year. Amortization and Depreciation Amortization and depreciation expense includes the depreciation of property, plant and equipment (PP&E), amortization of intangible assets, and the amortization of certain regulatory assets and liabilities. For the three and six months ended September 30, 2016, amortization and depreciation expense was $300 million and $600 million, respectively, comparable to amortization and depreciation expense of $302 million and $606 million, respectively, in the same period in the prior fiscal year. Grants, Taxes and Other Costs As a Crown Corporation, the Company is exempt from paying federal and provincial income taxes, but pays local government taxes and grants in lieu to municipalities and regional districts, and school tax to the Province on certain assets. Total grants, taxes and other costs for the three and six months ended September 30, 2016 were $71 million and $136 million, respectively, $16 million and $26 million higher, respectively than the same periods in the prior fiscal year primarily related to other costs mainly due to higher costs incurred related to asset disposals, retirements, asset removals, and site restoration costs in the current periods. Capitalized Costs Capitalized costs consist of overhead costs directly attributable to capital expenditures that are transferred from operating costs to Property, Plant & Equipment. Certain overhead costs not eligible for capitalization under IFRS are transferred from operating costs to the IFRS Property, Plant & Equipment regulatory account. These transfers are amortized over 40 years which approximates the composite average life of the Property, Plant & Equipment. In addition, starting fiscal 2013, the ongoing impact of this change is being smoothed into rates over a 10-year period through transfers to the IFRS Property, Plant & Equipment regulatory account as approved by the BCUC. As such, each year, 1/10 th more of ineligible costs will be charged to operating costs such that by the end of year ten, all ineligible costs will be charged to operating costs. Capitalized costs for the three and six months ended September 30, 2016 were $46 million and $90 million, respectively, $7 million and $11 million lower, respectively, than the same periods in the Fiscal 2017 Second Quarter Report 9
10 prior fiscal year. The reduction in capitalized costs was primarily due to the annual reduction of the transfer of operating costs to the IFRS PP&E account as discussed above. FINANCE CHARGES Finance charges for the three months ended September 30, 2016 were $154 million, $33 million or 18 per cent lower than the same period in the prior fiscal year. Finance charges for the six months ended September 30, 2016 were $303 million, $72 million or 19 per cent lower than the same period in the prior fiscal year. The decrease in both periods was primarily due to lower long-term and short-term interest rates, lower interest charges on electricity purchase agreements accounted for as finance leases, and higher interest during construction. This decrease was partially offset by higher volume of long-term debt borrowings and higher US dollar interest expense. REGULATORY TRANSFERS These interim statements present the Company s operating results and financial position under the Prescribed Standards. Under the Prescribed Standards, the Company applies the principles of IFRS combined with ASC 980 to reflect the rate-regulated environment in which the Company operates. These Prescribed Standards allow for the deferral of costs and recoveries that under IFRS would otherwise be included in the determination of total comprehensive income in the year the amounts are incurred or would be reflected in rates. The deferred amounts are either recovered or refunded through future rate adjustments. The Company has established various regulatory accounts with the approval of the BCUC. The use of regulatory accounts is common amongst regulated utility industries throughout North America. BC Hydro uses various regulatory accounts, in compliance with BCUC orders, in order to better match costs and benefits for different generations of customers, smooth out the rate impact of large non-recurring costs, and defer to future periods differences between forecast and actual costs or revenues. Regulatory accounts allow the Company to defer certain types of revenue and cost variances through transfers to and from the accounts which are then included in customer rates in future periods, subject to approval by the BCUC and have the effect of adjusting net income. Fiscal 2017 Second Quarter Report 10
11 Net regulatory account transfers are comprised of the following: For the three months ended September 30 For the six months ended September 30 (in millions) Energy Deferral Accounts Heritage Deferral Account $ (7) $ (34) $ (25) $ (117) Non-Heritage Deferral Account Trade Income Deferral Account (36) 8 (35) 7 (1) Forecast Variance Accounts Total Finance Charges (3) (52) (4) (89) Rate Smoothing Pension Costs Debt Management Other (3) 20 (5) (5) 188 (23) Capital-Like Accounts Demand-Side Management Smart Metering & Infrastructure IFRS Property, Plant & Equipment Non-Cash Accounts Environmental Provisions & Costs (4) First Nations Provisions & Costs Other Amortization of regulatory accounts (104) (112) (200) (222) Interest on regulatory accounts Net change in regulatory accounts $ 26 $ 49 $ 179 $ - For the three and six months ended September 30, 2016, net additions to the Company s regulatory accounts after interest and amortization were $26 million and $179 million, respectively, $23 million lower and $179 million higher, respectively, than the same periods in the prior fiscal year. The net regulatory asset balance as at September 30, 2016 was $6,087 million compared to $5,908 million as at March 31, Net additions to the regulatory accounts during the six months ended September 30, 2016 included: Increases of $98 million to the Debt Management regulatory account as a result of a decrease in interest rates since BC Hydro s initial interest rate hedges on future debt issuances were executed. If interest rates remain the same, BC Hydro will issue the hedged future debt at lower interest rates than forecast in the Fiscal Revenue Requirements Application; Increases of $94 million to the Rate Smoothing account to smooth the rate impacts over the 10 Year Rates Plan; Fiscal 2017 Second Quarter Report 11
12 Transfers of $56 million to the IFRS Property, Plant & Equipment regulatory account for smoothing the rate impact of overhead costs not eligible for capitalization under IFRS as they are not considered directly attributable to the construction of capital assets; Increases of $48 million to the energy deferral accounts primarily due to lower domestic revenues as a result of lower domestic load, higher purchases from Independent Power Producers, partially offset by higher surplus sales; Interest on regulatory accounts of $39 million; and Expenditures of $32 million on planned Demand-Side Management projects, which support energy conservation. These net additions were partially offset by net amortization of $200 million which is the regulatory mechanism to recover the regulatory account balances in rates. BC Hydro has regulatory mechanisms in place or has applied for regulatory mechanisms in the Fiscal Revenue Requirements Application to collect 25 of 27 regulatory accounts in use or with balances at September 30, 2016 in rates over various periods, which represent approximately 87 per cent of the total net regulatory account balance. PAYMENT TO THE PROVINCE Under a Special Directive from the Province, the Company is required to make an annual payment to the Province (the Payment) on or before June 30 of each year. The Payment is equal to 85 per cent of the Company s net income for the most recently completed fiscal year unless the debt to equity ratio, as defined by the Special Directive, after deducting the Payment, is greater than 80:20. If the Payment would result in a debt to equity ratio exceeding 80:20, then the Payment is the greatest amount that can be paid without causing the debt to equity ratio to exceed 80:20. The Special Directive states that for fiscal 2018 and subsequent years, the payment to the Province will be reduced by $100 million per year based on the payment in the immediate preceding fiscal year until it reaches zero and will thereafter remain at zero until BC Hydro achieves a 60:40 debt to equity ratio. On July 28, 2016, the Province issued Order in Council No. 589, which amended the Special Directive. This amendment states that BC Hydro must make a payment to the Province of an amount no less than $259 million by June 30, 2017, as it relates to fiscal As a result, the Company has accrued the $259 million minimum amount as at September 30, 2016 even though the Company s debt to equity ratio exceeded the 80:20 cap prior to the calculation of the Payment. LIQUIDITY AND CAPITAL RESOURCES Cash flow provided by operating activities for the six months ended September 30, 2016 was $428 million, compared with cash flow provided by operating activities of $496 million in the same period in the prior fiscal year. The long-term debt balance net of sinking funds at September 30, 2016 was $19,316 million, compared with $18,046 million at March 31, The increase was mainly as a result of an increase in long-term bond issuance totaling $707 million ($700 million par value) and revolving borrowings of $557 million. Long-term debt increased to fund capital expenditures. Fiscal 2017 Second Quarter Report 12
13 CAPITAL EXPENDITURES British Columbia Hydro and Power Authority Capital expenditures include property, plant and equipment and intangible assets. Capital expenditures, before contributions in aid of construction, were as follows: For the three months For the six months ended September 30 ended September 30 (in millions) Transmission lines and substations replacements and expansion $ 107 $ 183 $ 231 $ 360 Generation replacements and expansion Distribution system improvements and expansion General, including technology, vehicles and buildings Site C Clean Energy project Total Capital Expenditures $ 593 $ 538 $ 1,173 $ 973 Total capital expenditures presented in this table are different from the amount of property, plant and equipment and intangible asset expenditures in the Consolidated Interim Statements of Cash Flows because the expenditures above include accruals. Transmission lines and substation capital expenditures includes expenditures on the Big Bend Substation project, the Transmission Wood Structure and Framing Replacement program, Meikle Wind Energy interconnection project, Spacer Damper Replacement program and Horne Payne Substation Upgrade project. Transmission lines and substation capital expenditures for the three and six months ended September 30, 2016 were lower than the same periods in the prior fiscal year primarily due to the following projects which went into service in the latter part of fiscal 2016: Interior to Lower Mainland Transmission Line project, Dawson Creek/Chetwynd Area Transmission project, and Surrey Area Substation project. Generation capital expenditures include expenditures for John Hart Generating Station Replacement project, Ruskin Dam Safety and Powerhouse Upgrade project, and GMS Spillway Chute Interim Upgrade project. Distribution capital expenditures include expenditures on customer driven work, end of life asset replacements, and system expansion and improvements. General capital expenditures include expenditures on various building development programs, technology projects, and vehicles. Site C Clean Energy project expenditures include expenditures for worker accommodations, site preparation, clearing, and the commencement of main civil works. RATE REGULATION In the process of regulating and setting rates for BC Hydro, the BCUC must ensure that the rates are sufficient to allow BC Hydro to provide reliable electricity service, meet its financial obligations, comply with government policy and achieve an annual rate of return on deemed equity (ROE). 10 Year Rates Plan In November 2013, the Government announced a 10 Year Rates Plan for BC Hydro. On March 6, 2014, the Government issued Directions No. 6 and 7 to the BCUC to implement the 10 Year Rates Plan. BC Hydro rate increases for fiscal 2017, fiscal 2018, and fiscal 2019 are subject to BCUC review but are capped at 4.0 per cent, 3.5 per cent, and 3.0 per cent, respectively, pursuant to Fiscal 2017 Second Quarter Report 13
14 Direction No. 7. The BCUC will also set the rates for the final five years of the plan. Furthermore, the Deferral Account Rate Rider will remain at 5 per cent for fiscal 2016 and future years. Fiscal Revenue Requirements Application On July 28, 2016, BC Hydro filed an Application to approve its revenue requirements for a three year test period covering fiscal 2017 to fiscal The Application requested rate increases of 4.0 per cent for fiscal 2017, 3.5 per cent for fiscal 2018, and 3.0 per cent in fiscal BC Hydro had filed an Application with the BCUC in February 2016 for an interim rate increase of 4.0 per cent for fiscal 2017 which was approved. A Procedural Conference was held on September 1, 2016 and was followed by a BCUC Order setting out a regulatory timetable that established two rounds of Information Requests, a second Procedural Conference in early December 2016 and an Oral Hearing to commence in March Rate Design Application In September 2015, BC Hydro filed Module 1 of its 2015 Rate Design Application with the BCUC. Among the various approvals sought in Module 1 of the 2015 Rate Design Application, BC Hydro is seeking approval to simplify its commercial rates and retain the inclining block structure for residential customers. In August 2016, the Commission held an Oral Hearing on Module 1 on the aforementioned rates, which included testimony by three separate BC Hydro witness panels. BC Hydro filed its Final Argument to the Commission in September BC Hydro expects the Commission to issue a decision on Module 1 in the fall of In a separate streamlined review process, the Commission approved a new rate for transmission service customers that would provide market pricing during the freshet period (May to July) for incremental consumption. Preparations for engagement on Module 2 of the Rate Design Application are underway. Module 2 will include looking at residential and commercial rate options that support low carbon electrification, distribution and transmission extension policies, Non-Integrated Area rates, as well as a review of BC Hydro s Farm and Irrigation rates. Engagement activities will begin in the fall of Changes in rate design are designed to be revenue neutral to BC Hydro. Inquiry of Expenditures Related to the Adoption of the SAP Platform BC Hydro filed a Consolidated Information Filing in June 2016 in compliance with BCUC Order No. G providing information pertaining to BC Hydro s investment in the SAP technology platform. The filing provided background information on BC Hydro s enterprise resource planning investments from the 1990s to present day, along with forecast SAP-related capital expenditures out until fiscal In response to that Filing, the Commission and Interveners provided several hundred Information Requests in August BC Hydro responded to those Information Requests on September 30, Capital Expenditures and Projects Review In May 2016, the BCUC issued Order No. G initiating a review of the regulatory oversight of BC Hydro s capital expenditures and projects. The scope of the review will include (but is not limited to) examining BC Hydro s Capital Project Filing Guidelines, expenditure thresholds, and definitions as to what constitutes a capital project. The Commission scheduled a Procedural Conference in November Fiscal 2017 Second Quarter Report 14
15 Mandatory Reliability Standards Assessment Report No. 9 On July 18, 2016, the BCUC issued order No. R adopting the 15 Revised Standards and the North American Electric Reliability Corporation Glossary of Terms Used in Reliability Standards, dated December 7, 2015, as recommended in BC Hydro s Mandatory Reliability Standards Assessment Report No. 9. RISK MANAGEMENT BC Hydro is exposed to numerous risks, which can result in safety, environmental, financial, reliability and reputational impacts. The impact of many financial risks associated with uncontrollable external influences on BC Hydro s net income is mitigated through the use of regulatory accounts. Regulatory accounts assist in matching costs and benefits for different generations of customers, to smooth the impact of large, non-recurring costs and to defer for future recovery in rates the differences between planned and actual costs or revenues that arise due to uncontrollable events. BC Hydro s Fiscal Revenue Requirements Application includes information regarding existing and proposed recovery mechanisms regarding its regulatory accounts. Significant Financial Risks The largest sources of variability in BC Hydro s financial performance are typically domestic and trade revenue and cost of energy. Both revenues and cost of energy are influenced by several elements, which generally fall into the following four categories: generation available from BC Hydro-dispatched hydro plants, domestic demand for electricity, energy market prices, and deliveries from electricity purchase agreements. Neither a high nor a low value of any of these individual drivers is intrinsically positive or negative for BC Hydro s financial results. It is the specific combination of these drivers in any given year which has an impact. While meeting domestic demand, environmental regulations and treaty obligations, BC Hydro attempts to operate the system to take maximum advantage of market energy prices buying from the markets when prices are low and selling when prices are high. In doing so, BC Hydro attempts to optimize the combined effects of these elements and reduce the net cost of energy for our customers. This section should be read in conjunction with the risks disclosed in the Risk Management section in the Management s Discussion and Analysis presented in the Annual Service Plan Report for the year ended March 31, In addition, information on risks and opportunities that could significantly impact BC Hydro meeting its objectives is outlined at FUTURE OUTLOOK The Budget Transparency and Accountability Act requires that BC Hydro file a Service Plan each year. BC Hydro s Service Plan filed in February 2016 forecast net income for fiscal 2017 at $692 million. The Company s earnings can fluctuate significantly due to various non-controllable factors such as the level of water inflows, domestic sales load, market prices for electricity and natural gas, weather, temperatures and interest rates. The impact to net income of these non-controllable factors is largely mitigated through the use of regulatory accounts. The Service Plan forecast for fiscal 2017 assumed average water inflows (100 per cent of average), domestic sales of 56,692 GWh, Fiscal 2017 Second Quarter Report 15
16 average market energy prices of US $24.15/MWh, short-term interest rates of 0.68 per cent and a US dollar exchange rate of US $ On July 28, 2016, the Province issued Order in Council No. 590, which amends Direction No. 7 to the BCUC. This amendment states that BC Hydro s annual rate of return on deemed equity shall be an amount necessary to yield a net income of $684 million for fiscal 2017, $698 million for fiscal 2018, and $712 million for fiscal 2019 and subsequent fiscal years. BC Hydro filed an updated forecast with the Province in November The net income forecast for fiscal 2017 of $684 million matches the amount set forth in the Province issued Order in Council No. 590 and also aligns with the net income forecast included in the Fiscal Revenue Requirements Application filed with the BCUC in July Fiscal 2017 Second Quarter Report 16
17 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME For the three months For the six months ended September 30 ended September 30 (in millions) Revenues Domestic $ 1,154 $ 1,116 $ 2,324 $ 2,258 Trade ,311 1,262 2,638 2,570 Expenses Operating expenses (Note 3) 1,129 1,002 2,219 2,062 Finance charges (Note 4) Net Income OTHER COMPREHENSIVE INCOME (LOSS) Items Reclassified Subsequently to Net Income Effective portion of changes in fair value of derivatives designated as cash flow hedges (Note 13) Reclassification to income of derivatives designated as cash flow hedges (Note 13) (23) (72) (15) (56) Foreign currency translation gains Other Comprehensive Income (Loss) (11) 1 5 (4) Total Comprehensive Income $ 17 $ 74 $ 121 $ 129 See accompanying Notes to the Unaudited Condensed Consolidated Interim Financial Statements. Fiscal 2017 Second Quarter Report 17
18 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION As at As at September 30 March 31 (in millions) ASSETS Current Assets Cash and cash equivalents $ 90 $ 44 Accounts receivable and accrued revenue Inventories (Note 6) Prepaid expenses Current portion of derivative financial instrument assets (Note 13) ,146 1,207 Non-Current Assets Property, plant and equipment (Note 7) 22,153 21,385 Intangible assets (Note 7) Regulatory assets (Note 8) 6,479 6,324 Derivative financial instrument assets (Note 13) Other non-current assets (Note 9) ,857 28,827 $ 31,003 $ 30,034 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities $ 1,518 $ 1,816 Current portion of long-term debt (Note 10) 2,973 2,376 Current portion of derivative financial instrument liabilities (Note 13) ,594 4,335 Non-Current Liabilities Long-term debt (Note 10) 16,516 15,837 Regulatory liabilities (Note 8) Derivative financial instrument liabilities (Note 13) Contributions in aid of construction 1,731 1,669 Post-employment benefits (Note 12) 1,667 1,657 Other non-current liabilities (Note 14) 1,693 1,593 22,047 21,199 Shareholder's Equity Contributed surplus Retained earnings 4,254 4,397 Accumulated other comprehensive income ,362 4,500 $ 31,003 $ 30,034 Commitments (Note 7) See accompanying Notes to the Unaudited Condensed Consolidated Interim Financial Statements. Approved on behalf of the Board: W. J. Brad Bennett, O.B.C. Chair, Board of Directors Fiscal 2017 Second Quarter Report 18
19 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY Unrealized Gains/(Losses) on Cash Flow Total Accumulated Other Comprehensive Cumulative Translation Contributed Retained (in millions) Reserve Hedges Income (Loss) Surplus Earnings Total Balance, April 1, 2015 $ 67 $ (25) $ 42 $ 60 $ 4,068 $ 4,170 Comprehensive Income (Loss) 16 (20) (4) Balance, September 30, 2015 $ 83 $ (45) $ 38 $ 60 $ 4,201 $ 4,299 Balance, April 1, 2016 $ 77 $ (34) $ 43 $ 60 $ 4,397 $ 4,500 Payment to the Province (Note 11) (259) (259) Comprehensive Income Balance, September 30, 2016 $ 80 $ (32) $ 48 $ 60 $ 4,254 $ 4,362 See accompanying Notes to the Unaudited Condensed Consolidated Interim Financial Statements. Fiscal 2017 Second Quarter Report 19
20 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS For the six months ended September 30 (in millions) Operating Activities Net income $ 116 $ 133 Regulatory account transfers (Note 8) (379) (222) Adjustments for non-cash items: Amortization of regulatory accounts (Note 8) Amortization and depreciation expense (Note 5) Unrealized losses (gains) on mark-to-market 64 (37) Employee benefit plan expenses Interest accrual Other items Changes in: Accounts receivable and accrued revenue Prepaid expenses (43) (39) Inventories (42) (45) Accounts payable, accrued liabilities and other non-current liabilities (150) (152) Contributions in aid of construction Other non-current assets (2) - (56) (52) Interest paid (374) (349) Cash provided by operating activities Investing Activities Property, plant and equipment and intangible asset expenditures (1,294) (954) Cash used in investing activities (1,294) (954) Financing Activities Long-term debt issued (Note 10) 707 1,169 Receipt of revolving borrowings 4,981 3,929 Repayment of revolving borrowings (4,424) (4,378) Payment to the Province (Note 11) (326) (264) Other items (26) (9) Cash provided by financing activities Increase (decrease) in cash and cash equivalents 46 (11) Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period $ 90 $ 28 See accompanying Notes to the Unaudited Condensed Consolidated Interim Financial Statements. Fiscal 2017 Second Quarter Report 20
21 NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2016 NOTE 1: REPORTING ENTITY British Columbia Hydro and Power Authority (BC Hydro) was established in 1962 as a Crown corporation of the Province of British Columbia (the Province) by enactment of the Hydro and Power Authority Act. As directed by the Hydro and Power Authority Act, BC Hydro s mandate is to generate, manufacture, conserve and supply power. BC Hydro owns and operates electric generation, transmission and distribution facilities in the province of British Columbia. The condensed consolidated interim financial statements (interim financial statements) of BC Hydro include the accounts of BC Hydro and its principal wholly-owned operating subsidiaries Powerex Corp. (Powerex), Powertech Labs Inc. (Powertech), and Columbia Hydro Constructors Ltd. (Columbia), (collectively with BC Hydro, the Company) including BC Hydro s one third interest in the Waneta Dam and Generating Facility (Waneta). All intercompany transactions and balances are eliminated on consolidation. The Company accounts for its one third interest in Waneta as a joint operation. The interim financial statements include the Company s proportionate share in Waneta, including its share of any liabilities and expenses incurred jointly with Teck Metals Ltd. and its revenue from the sale of the output in relation to Waneta. NOTE 2: BASIS OF PRESENTATION Basis of Accounting These interim financial statements have been prepared in accordance with the significant accounting policies that have been established based on the financial reporting provisions prescribed by the Province pursuant to Section 23.1 of the Budget Transparency and Accountability Act (BTAA) and Section 9.1 of the Financial Administration Act (FAA). In accordance with the directive issued by the Province s Treasury Board, BC Hydro is to prepare these interim financial statements in accordance with the accounting principles of International Financial Reporting Standards (IFRS), combined with regulatory accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification 980 (ASC 980), Regulated Operations (collectively, the Prescribed Standards). The application of ASC 980 results in BC Hydro recognizing in the statement of financial position the deferral and amortization of certain costs and recoveries that have been approved by the British Columbia Utilities Commission (BCUC) for inclusion in future customer rates. Such regulatory costs and recoveries would be included in the determination of comprehensive income unless recovered in rates in the year the amounts are incurred. The impact of the application of ASC 980 on these interim financial statements with respect to BC Hydro s regulatory accounts is described in Note 8. These interim financial statements have been prepared by management in accordance with principles of IAS 34, Interim Financial Reporting and the Prescribed Standards and were prepared using the same accounting policies as described in BC Hydro s 2016 Annual Service Plan Report. Effective April 1, 2016, BC Hydro adopted amendments to various accounting standards that did not have a significant impact on these interim financial statements. These interim financial statements should be read in conjunction with Fiscal 2017 Second Quarter Report 21
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