UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 18-K/A
For Foreign Governments and Political Subdivisions Thereof
AMENDMENT NO. 3
TO
ANNUAL REPORT
of
HYDRO-QUÉBEC
QUÉBEC, CANADA
(Name of Registrant)
Date of end of last fiscal year: December 31, 2011
SECURITIES REGISTERED*
(As of the close of the fiscal year)
Title of Issue | Amounts as to Which
Registration is Effective | Names of Exchanges
on Which Registered |
| | |
N/A | N/A | N/A |
| | |
Name and address of persons authorized to receive notices
and communications from the Securities and Exchange Commission:
MANON BOUCHER
Québec Government Office
One Rockefeller Plaza, Suite 2600
New York, NY 10020-2102
Copies to: |
| |
| ROBERT E. BUCKHOLZ | JEAN-HUGUES LAFLEUR | |
| Sullivan & Cromwell LLP | Vice-President, Financing, Treasury and Pension Fund | |
| 125 Broad Street | Hydro-Québec | |
| New York, NY 10004-2498 | 75 René-Lévesque Boulevard West | |
| | 5th Floor | |
| | Montréal, Québec, Canada H2Z 1A4 | |
*The Registrant is filing this annual report on a voluntary basis
The undersigned registrant hereby amends its Annual Report on Form 18-K for the fiscal year ended December 31, 2011 (“Annual Report”) to update the disclosure concerning the Gentilly-2 nuclear generating station: (“Corporate Outlook – Capital Investment Program” subsection of Exhibit 99.1 to the Annual Report) as follows:
On October 3rd, 2012, the Government and Hydro-Québec announced that the Gentilly-2 generating station will stop producing electricity on December 28, 2012.
Based on a detailed analysis, we concluded that the refurbishment project is no longer justified from a financial standpoint. Increased project costs (now estimated at $4.3 billion), combined with falling market prices, prompted us to recommend to the Government that the generating station be closed.
In accordance with its licensing conditions, Gentilly-2 will remain in operation until the end of 2012, following which Hydro-Québec will prepare the facility for dormancy with a view to its dismantling several decades from now. These preparations will extend over an 18-month period ending in mid-2014. Among other things, they will involve defueling the reactor, treating the heavy water and deactivating several systems.
Thereafter, the generating station will remain dormant for about 40 years, after which the spent fuel will be removed from the site, the facility dismantled and the site restored. These steps would take until 2062. We will also participate in information sessions as part of the decommissioning process, which will be supervised by the Canadian Nuclear Safety Commission (CNSC).
It is estimated that the decommissioning of Gentilly-2 will cost $1.8 billion over a period exceeding 50 years.
The Annual Report on Form 18-K and amendments on Form 18-K/A are filed on a voluntary basis.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 3 to be signed on its behalf by its authorized agent.
| HYDRO-QUÉBEC |
| | |
| | |
| | |
| By: | /s/JEAN-HUGUES LAFLEUR |
| | Authorized Officer |
| Name: | Jean-Hugues Lafleur |
| Title: | Vice President, Financing, Treasury
and Pension Fund |
Date: October 5, 2012
