EC1(1) Net Income
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(Before Regulatory Account Transfers)

Performance Measure	01/02	02/03	03/04	04/05	05/06
Net Income (targets)	300	350	(70)	406	411
Net Income (actuals)	258	352	90	240
Definition	Net Income is the total revenue less total expenses before transfers to regulatory accounts. The targets are based on current cost and revenue drivers and the impact that cost reduction and/or revenue enhancement initiatives will have on these drivers.
Variance Explanation	Net Income is lower than target due to: Lower revenues than plan due to lower rate set by BC Utilities Commission and significantly lower trade sales volume, partially offset by greater activity in the commercial sector; Higher costs of energy due to lower hydro generation and overall net increase in purchases to service domestic load at a higher than planned cost; Higher overall operating costs and finance charges; and Results positively impacted by receipt of $137 million from Alcan Inc.
Benchmark Comparisons	No benchmark data available.

Last Modified: Jun 29, 2005