EC1(3) Trade Volume and Average Sales Price

(Electricity and Gas)

	F2004	F2005	F2006	F2007	F2008
Electricity Trade Sales Volume (GWh)	28,373	29,706	29,906	33,372	37,450
Average Sale Price – Electricity (Dollars/MWh)	$61	$63	79	64	65
Gas Trade Sales Volume (GWh)	3,026	2,640	6,641	7,964	14,365
Average Sale Price – Gas (Dollars/MWh)	$54	$59	$76	$62	$58

Trade revenue for the year ended March 31, 2008 was $1,911 million, an increase of $504 million compared to prior year trade revenue of $1,406 million. The increase was primarily due to an increase in gas revenue as a result of an 80 per cent increase in gas sales volumes which rose to 14,365 GWh from 7,964 GWh last year. Gas sales volumes increased as a result of increased gas trading activity which was primarily focused on optimizing gas pipeline positions to realize locational spreads and optimizing gas storage agreements. In addition, electricity revenue increased largely as a result of a 12 per cent increase in electricity sales volumes in the current year to 37,450 GWh compared to 33,372 GWh last year. Electricity sales volumes increased primarily due to continued growth in the business and also to aid in system optimization due to the high risk of spill in the BC Hydro system from May through August.