Gaz Métro renamed Énergir

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Gaz Métro renamed Énergir

Thu, 11/30/2017 - 11:57am -- tim

Vermont Business Magazine Gaz Métro, the parent company of Green Mountain Power and Vermont Gas Systems, on Wednesday revealed its new identity, Énergir. Gaz Métro said in a statement that it’s a natural step for the company, which has diversified in the last decade. Québec’s primary natural gas distributor is now significantly invested in new and renewable energies, both locally and in the United States, where over half of its assets are located. Gaz Metro acquired Maryland-based Standard Solar last March.

Gaz Metro Evolution

A decade ago, almost all its operations were related to natural gas. Today, nearly 45 percent of assets are in electricity production and distribution, and non-gas energy services. Much of that is through GMP, which owns or operates hydro, wind, and solar electric facilities. Énergir also recently acquired 

Here is an overview of Énergir group activities that it operates both directly and through subsidiaries:

  • Vermont’s main electricity distributor.

  • Own 21 solar farms in the U.S.

  • Developing, installing and financing solar photovoltaic systems in nearly a dozen US states.

  • Own 44 hydroelectric dams in New England.

  • In Québec, co-own one of the largest group of wind farms in Canada.

  • Help develop renewable natural gas produced from organic matter.

  • For over 15 years, has been deploying a global energy efficiency plan. To date, it's helped Québec customers reduce their greenhouse gas emissions by nearly 1 million tonnes, equivalent to the emissions produced by 238,000 cars.

  • In Canada, it offers natural gas as a cleaner fuel for heavy road and maritime transportation.

  • In Montréal, it operates one of the country’s largest district heating and cooling networks.

  • Énergir is the primary distributor of natural gas in Québec and Vermont.

“Energy is at the heart of what we do. Énergir is like combining energize and pioneer, or engineer," said Sophie Brochu, President and Chief Executive Officer. "Because for a while now, we’ve been turning words into action. Every community, and every customer, has different energy needs. There’s no single solution to decarbonize the economy. We have to consume less and better. We need to increase our collective energy efficiency efforts, to further incorporate renewable energies and use cleaner energies, including natural gas, as a replacement for coal and petroleum products. Énergir is committed to doing just that. With our customers and the communities we serve, we want to help build a competitive, low-carbon economy.”

Energir is the same company, with the same team and beliefs, she said. Our employees will continue to listen to the needs of our customers and communities by offering innovative, efficient and competitive products and services.

Annual results for Gaz Metro (see below) show that the Vermont entities contributed $73.9 million (CD) to Gaz Metro's adjusted net income in fiscal year 2017, which ended September 30, 2017. This was up $2.1 million (CD) for the year, but the fourth quarter was down $2.8 million (CD). Gaz Metro attributed the decrease in part to warmer weather and the adoption of energy efficiency measures.

GMP reported to Vermont Business Magazine that its fiscal 2017 revenues were $634 million (US) down from $650 million (US) in 2016.

RELATED STORY: GMP, PSD agree on 5.02 percent rate increase

 Valener and Gaz Metro Report Their Fiscal 2017 Results

MONTREAL, QUEBEC--(Marketwired - November 24, 2017) - Valener Inc. (TSX: VNR)(TSX: VNR.PR.A)

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                                  Valener                                   
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- Adjusted net income(1),(2) of $1.37 per common share in fiscal 2017       
compared to $1.30 per common share in fiscal 2016;                          
  - Adjusted net loss(1),(2) of $0.07 per share in the fourth quarter of    
  fiscal 2017 compared to an adjusted net loss of $0.02 per share in the    
  fourth quarter of fiscal 2016.                                            
- Normalized operating cash flows(1) per common share of $1.44 for fiscal   
2017, up 6% from fiscal 2016; and                                           
- Confirmation of the 4% annualized dividend growth target until fiscal     
2022.                                                                       
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                                  Gaz Metro                                 
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- Adjusted net income(1),(3) of $228.3 million for fiscal 2017, up $13.6    
million, or 6%, compared to fiscal 2016, and up $39.3 million, or 21%,      
compared to fiscal 2015;                                                    
  - Given seasonality of results, a net loss of $14.2 million in the fourth 
  quarter of fiscal 2017 compared to a net loss of $10.9 million in the     
  fourth quarter of fiscal 2016.                                            
- Adjusted net income(1),(3) per unit of $1.35 for fiscal 2017, up 5% from  
fiscal 2016; and                                                            
- As of October 2017, an increase in the annualized distribution from $1.16 
to $1.20 per unit.                                                          
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Valener Inc. ("Valener") (TSX: VNR)(TSX: VNR.PR.A), the public investment vehicle in Gaz Metro Limited Partnership ("Gaz Metro"), today reported adjusted net income attributable to common shareholders of $53.0 million for fiscal 2017, up $3.1 million, or 6.2%, from fiscal 2016. Adjusted net income per common share was $1.37 for fiscal 2017 compared to $1.30 in fiscal 2016. The increase was driven by a notable increase in Gaz Metro's adjusted net income.

Net income attributable to shareholders totalled $53.1 million in fiscal 2017, down from $62.2 million last year due to a decrease in the share in Gaz Metro's net income, which in 2016 included one-time adjustments that had no cash flow impact.

For fiscal 2017, Valener generated normalized operating cash flows of $56.0 million ($1.44 per common share) compared to $52.4 million ($1.36 per common share) in fiscal 2016, an increase that was mainly due to:

--  a $1.5 million increase in the distributions received from Gaz Metro as
    a result of Valener's unit subscriptions, in proportion to its economic
    interest in Gaz Metro, on March 31, 2017 and on September 30, 2015, and
    an increase in Gaz Metro's quarterly distributions from $0.28 per unit
    to $0.29 per unit since the second quarter of fiscal 2016; and 
--  a $1.0 million increase in the distributions received from the
    Seigneurie de Beaupre wind farms, mainly as a result of an increase in
    normalized cash flows during the year. 

"Our excellent fiscal 2017 results reflect the high calibre of the companies held by Valener," said Pierre Monahan, Chairman of Valener's board of directors. "Given the predictable and growing returns on our investments, we have extended our 4% dividend growth target until 2022-four years longer than initially planned."

Owing to the seasonal nature of Gaz Metro's results, Valener recorded an adjusted net loss attributable to common shareholders of $2.7 million in the fourth quarter of fiscal 2017 ($0.07 per common share) compared to an adjusted net loss of $0.7 million ($0.02 per common share) in fiscal 2016. Gaz Metro's fiscal 2017 fourth quarter results were affected by lower consumption by customers of Green Mountain Power Corporation ("GMP") mainly due to warmer weather and the adoption of energy efficiency measures, as well as Standard Solar Inc. ("Standard Solar"), which is pursuing its efforts to develop and implement its new business model.

(1) Financial measures not defined by U.S. generally accepted accounting    
    principles ("GAAP"). A reconciliation of non-GAAP financial measures is 
    presented hereafter.                                                    
(2) Adjusted net income (loss) attributable to common shareholders.         
(3) Adjusted net income (loss) attributable to Partners.                    
                                                                            
                                                                            
Summary of Valener's results                                                
                                 For the three months   For the fiscal years
                                   ended September 30     ended September 30
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(in millions of dollars, unless       2017       2016        2017       2016
 otherwise indicated)                                                       
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Net income (loss)                     (2.2)      (0.8)       57.4       66.5
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Net income (loss) attributable                                              
 to common shareholders               (3.2)      (1.8)       53.1       62.2
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Adjusted net income (loss)                                                  
 attributable to common                                                     
 shareholders(1)                      (2.7)      (0.7)       53.0       49.9
Per common share (in $)(1)           (0.07)     (0.02)       1.37       1.30
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Normalized operating cash                                                   
 flows(1)                             18.1       16.8        56.0       52.4
Per common share (in $)(1)            0.46       0.44        1.44       1.36
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(1) These financial measures are not defined by GAAP. A reconciliation of   
    non-GAAP financial measures is presented hereafter.                     

Gaz Metro's results

For fiscal 2017, excluding one-time adjustments, Gaz Metro's adjusted net income attributable to Partners totalled $228.3 million, a $13.6 million, or 6.3%, year-over-year increase mainly as a result of a share in the overearnings of Gaz Metro-QDA recorded during fiscal 2017, certain parameters in Gaz Metro-QDA's 2017 rate case, and the increase in GMP's rate base.

"Our 2017 adjusted net income was up 6% year over year, reaching a record level for the company, which for 60 years has been providing customers with increasingly innovative products and services. The strength of our financial performance is testament to the appeal of our commercial offering," said President and Chief Executive Officer, Sophie Brochu.

Gaz Metro's net income attributable to Partners totalled $240.8 million in fiscal 2017 compared to $277.5 million in fiscal 2016. This decrease stems from the above-mentioned factors and from one-time adjustments that impacted last year's income without having a cash flow impact.

Seigneurie de Beaupre wind farms - Valener and Gaz Metro                    
                                  For the three months For the fiscal years 
                                    ended September 30    ended September 30
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(in millions of dollars, unless                                             
 otherwise indicated)                  2017       2016       2017       2016
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Actual output (in MWh)              202,360    228,581  1,017,612  1,016,051
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Cash flows related to operating                                             
 activities                            13.8       14.3       62.6    73.4(1)
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Distributions paid                     22.7       19.3       33.7       28.3
Special distribution paid(2)              -          -          -       80.0
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(1) Includes a one-time payment of $12.9 million received from Hydro-Quebec 
    in the first quarter of fiscal 2016 related to a note receivable for the
    reimbursement of certain construction costs.                            
(2) Return-of-capital distribution.                                         

Seigneurie de Beaupre Wind Farms 2 and 3 General Partnership ("Wind Farms 2 and 3") and Seigneurie de Beaupre Wind Farm 4 General Partnership ("Wind Farm 4") generated a combined 1,017,612 MWh of electricity in fiscal 2017, relatively unchanged from the output generated in fiscal 2016.

The resulting operating cash flows totalled $62.6 million in fiscal 2017 compared to $73.4 million in fiscal 2016. Excluding the $12.9 million one-time payment received from Hydro-Quebec during the first quarter of fiscal 2016, operating cash flows were up $2.1 million year over year, such that Wind Farms 2 and 3 and Wind Farm 4 raised the distribution payments to their partners in fiscal 2017.

Gaz Metro's segment results - Adjusted net income (loss) attributable to    
 Partners(1)                                                                
                               For the three months    For the fiscal years 
                                 ended September 30      ended September 30 
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(in millions of dollars)           2017        2016        2017        2016 
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Energy Distribution                                                         
 Gaz Metro-QDA                    (30.4)      (33.0)      147.6       129.7 
 Impact of recognizing                                                      
  regulatory assets related                                                 
  to employee future                                                        
  benefits (Gaz Metro-                                                      
  QDA)(2)                             -           -           -        79.3 
 Vermont(3)                        18.7        21.5        73.9        71.8 
 Impairment of noncurrent                                                   
  assets recorded for VGS's                                                 
  Addison project(4)                  -           -           -       (16.5)
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                                  (11.7)      (11.5)      221.5       264.3 
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Natural Gas                                                                 
 Transportation(3)                  1.9         3.2        15.4        18.1 
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Electricity Production(3)          (1.8)       (0.4)       (0.2)        1.4 
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Energy Services, Storage and                                                
 Other(3)                           1.4         1.0         4.6         4.3 
 Gain on remeasuring CDH                                                    
  following the                                                             
  acquisition(5)                      -           -        12.5           - 
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                                    1.4         1.0        17.1         4.3 
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Corporate Affairs                  (4.0)       (3.2)      (13.0)      (10.6)
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Net income (loss)                                                           
 attributable to Partners         (14.2)      (10.9)      240.8       277.5 
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Adjustments(2) (4) (5)                -           -       (12.5)      (62.8)
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Adjusted net income                                                         
 attributable to Partners(1)      (14.2)      (10.9)      228.3       214.7 
============================================================================
(1) Financial measure not defined by GAAP. A reconciliation of non-GAAP     
    financial measures is presented hereafter.                              
(2) One-time adjustment to account for regulatory assets related to employee
    future benefits and resulting from the conversion to GAAP.              
(3) Net of financing costs of investments in this segment. These costs      
    consist of the interest on long-term debt incurred by Gaz Metro to      
    finance investments in the subsidiaries, joint ventures and entities    
    subject to significant influence in each of these segments.             
(4) During the third quarter of fiscal 2016, VGS recognized a before-tax    
    US$20.6 million impairment of noncurrent assets (C$16.5 million after   
    taxes) in connection with the Addison project. This impairment charge   
    was recorded as a result of a new cost estimate placing the Addison     
    project costs at US$165.6 million, whereas an agreement reached with the
    Vermont Department of Public Service ("VDPS") had set a US$134.0 million
    cap on the project costs that could be recovered through rates.         
(5) A $12.5 million gain recognized during the first quarter of fiscal 2017 
    upon remeasurement at fair value of Gaz Metro's ownership interest in   
    CDH Solutions & Operations Limited Partnership ("CDH"), an entity that  
    owns 100% of the issued and outstanding units of Climatisation et       
    Chauffage Urbains de Montreal, s.e.c., following Gaz Metro's acquisition
    of an additional 50% equity interest.                                   

SEGMENT INFORMATION

Energy Distribution

In Quebec

Gaz Metro-QDA recorded adjusted net income attributable to Partners of $147.6 million in fiscal 2017 compared to $129.7 million in fiscal 2016, a $17.9 million, or 14%, year-over-year increase that was mainly due to:

--  a share in fiscal 2017 overearnings resulting mainly from higher
    distribution revenues, as consumption was up due to stronger economic
    growth, among other factors; and 
--  various parameters of the 2017 rate case, which had projected a $6.6
    million increase in net income; 

Gaz Metro-QDA's net income attributable to Partners totalled $147.6 million in fiscal 2017 compared to $209.0 million in fiscal 2016, which had been favourably affected by a $79.3 million one-time adjustment to account for regulatory assets related to employee future benefits.

2018 rate case

Following a decision by the Regie de l'energie ("Regie") to renew regulatory relief, Gaz Metro-QDA filed Phase 2 of its 2018 rate case in March 2017.

In a September 2017 decision, the Regie authorized a 4.5% increase in average distribution rates over fiscal 2017 and an average monthly rate base of $2,118 million, a $74 million increase from the 2017 rate case.

Notwithstanding the increase in average distribution rates authorized for the 2018 rate case, overall, customer bills are expected to be lower in 2018 given low natural gas prices, as natural gas remains the most economical source of energy in the markets.

2019 rate case

In October 2017, Gaz Metro-QDA filed a proposal requesting the Regie to renew the 8.90% rate of return for the 2019 rate case. The 8.90% rate of return on deemed common equity has been in effect from fiscal years 2015 to 2017 and will remain in effect for fiscal 2018. A decision on this phase of the rate case is expected in the coming months.

IN VERMONT

The Energy Distribution segment in Vermont, through GMP and VGS, recorded adjusted net income attributable to Partners of $73.9 million for fiscal 2017, a $2.1 million year-over-year increase that was mainly the result of:

--  the increase in GMP's rate base; and 
--  GMP's US$16.9 million share in synergy savings resulting from the
    Central Vermont Public Service merger in fiscal 2017 compared to a share
    in synergy savings of US$15.6 million in fiscal 2016; 

partly offset by:

--  the unfavourable effect from no longer capitalizing the return on non-
    rate-base investments related to VGS's Addison project, following the
    memorandum of understanding signed with the Vermont Public Utility
    Commission ("VPUC," formerly VPSB) that had fixed recoverable project
    costs at US$134 million. 

2018 rate case

GMP

In April 2017, GMP filed a cost-of-service proposal for fiscal 2018 with the VPUC, providing for a 9.50% authorized rate of return on common equity and a common equity ratio of 48.6%, to take effect as of January 1, 2018. Unlike in prior years, the period covered by the 2018 rate case will be from January 1, 2018 to December 31, 2018. Also, in this rate case, GMP is proposing a 4.98% rate increase and an average rate base of US$1,458 million, a US$105 million increase from the 2017 rate case. The rate case also includes a provision whereby US$18.2 million, corresponding to 50% of the synergy savings resulting from the CVPS merger, will be returned to GMP's customers. The public hearings on this filing were held in autumn 2017.

In November 2017, GMP and the Vermont Department of Public Service ("VDPS") entered into an agreement on the 2018 rate case. The agreement provides for an overall rate increase of 5.02% and sets the authorized rate of return on common equity at 9.10% for 2018 and at 9.30% for 2019. The agreement also provides for an average rate base of US$1,433 million, which is below the initially anticipated rate base given the postponement of certain property, plant and equipment investments.

VGS

In September 2017, VGS reached an agreement with the VDPS regarding the 2018 rate case. This agreement provides for a 4% increase in base rates and for the use of an amount of US$10.7 million collected in the System Expansion and Reliability Fund ("SERF"). Including the withdrawals planned for fiscal 2018, the SERF balance should be approximately US$18 million as at September 30, 2018. The agreement also provides for an average rate base of $248 million and an 8.5% rate of return on common equity. This agreement was submitted to the VPUC, and a favourable decision approving the terms of the agreement was issued in October 2017.

Natural Gas Transportation

For fiscal 2017, the Natural Gas Transportation segment generated net income attributable to Partners of $15.4 million, down $2.7 million year over year mainly because of a decrease in volumes transported by Portland Natural Gas Transmission System (a Gaz Metro entity subject to significant influence) given fewer short-term contracts.

Electricity Production

The Electricity Production segment recorded a $0.2 million net loss attributable to Partners in fiscal 2017 compared to net income of $1.4 million last year. The difference was mainly due to a net loss recorded by Standard Solar, which continues to implement its new business model. Wind observed at the Seigneurie de Beaupre wind farms were relatively unchanged from fiscal 2016.

Acquisition of Standard Solar

Since its acquisition in April 2017, Standard Solar has focused its efforts on implementing its new business model, i.e., growing its solar energy generation operations. Heightened competition and economic uncertainty resulting from a potential increase in U.S. customs duties on solar panels has caused some delays in projects where Standard Solar acts as service provider. However, the company has now completed two projects totalling 1.9 MW that should come into service in fall 2017. At present, projects with a total installed capacity of approximately 12 MW are either in the construction or preliminary engineering phase, and exclusive letters of intent for more than 27 MW of additional capacity, representing total investments of about US$50.0 million, have been signed over the last few months. In keeping with Gaz Metro's strategic vision, this acquisition will help Gaz Metro grow its presence and expertise in the solar power sector and build on its presence in the renewable e nergy segment.

Request for proposals issued by the State of Massachusetts

In July 2017, Gaz Metro and Boralex Inc. ("Boralex"), in conjunction with Hydro-Quebec, submitted three proposals in response to a call for 1,000 MW of energy issued by the State of Massachusetts on March 31, 2017. For Gaz Metro and Boralex, the proposed project is a 300 MW wind power project located on the private land of Seigneurie de Beaupre. If retained, the proposals submitted by Gaz Metro and Boralex would provide the State of Massachusetts with a long-term supply of clean, stable, and sustainable energy. Furthermore, Valener would have an option to jointly participate in the Gaz Metro project, if selected. The selected projects are expected to be announced in early 2018.

Energy Services, Storage and Other

The Energy Services, Storage and Other segment generated adjusted net income attributable to Partners of $4.6 million in fiscal 2017, up $0.3 million, or 7%, from fiscal 2016. This increase came mainly from higher deliveries of liquefied natural gas ("LNG") as new contracts came into force as well as from a $0.7 million net favourable impact from Gaz Metro's acquisition of an additional 50% equity interest in CDH, an entity that owns 100% of the issued and outstanding shares of Climatisation et Chauffage Urbains de Montreal, s.e.c.

Net income attributable to Partners stood at $17.1 million in fiscal 2017, a $12.8 million year-over-year increase that was mainly due to the recognition of a $12.5 million gain following a remeasurement at fair value of Gaz Metro's interest in CDH.

Expansion of the liquefaction, storage and regasifaction ("LSR") plant

In April 2017, Gaz Metro and Investissement Quebec ("IQ") announced the coming into service of the new infrastructure at the LSR plant, which now has an annual production capacity of more than 9 billion cubic feet of LNG. This capacity will help Gaz Metro, through its Gaz Metro LNG subsidiary, to meet growing demand in road and marine transport markets and in areas remote from Gaz Metro-QDA's gas system, particularly the Nord-du-Quebec and Cote-Nord regions. The total investment for this project stands at $119 million, with $69 million having been invested by Gaz Metro and $50 million by the Government of Quebec through IQ.

Financial initiatives

On August 9, 2017, Gaz Metro announced an increase in its quarterly distribution from $0.29 per unit to $0.30 per unit starting with the October 2, 2017 distribution payment.

Outlook - Gaz Metro

"Gaz Metro offers increasingly diverse and low-carbon energies in a geographic area that now includes not only Quebec, but 14 U.S. states as well, all while becoming a leader in energy efficiency," added Sophie Brochu. "Today, the portfolio of products we offer our customers ranges from natural gas, in both gas and liquid forms, to renewable natural gas, as well as hydro, wind and solar energy."

"Gaz Metro remains on the lookout for opportunities to invest in other electricity generation projects in Canada and the U.S., to contribute even more actively to reducing the energy industry's environmental footprint. It's our ability to act-to create and seize business opportunities-that defines us and prepares us for the future."

Reconciliation of non-GAAP financial measures

For additional information on non-GAAP financial measures, refer to Valener's MD&A for the fiscal years ended September 30, 2017 and 2016.

                                  Valener                                   
              Reconciliation of normalized operating cash flows             
                                                                            
                               For the three months    For the fiscal years 
                                 ended September 30      ended September 30 
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(in millions of dollars)           2017        2016        2017        2016 
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Cash flows related to                                                       
 operating activities              19.1        17.8        60.3        56.7 
Dividends to preferred                                                      
 shareholders                      (1.0)       (1.0)       (4.3)       (4.3)
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Normalized operating cash                                                   
 flows                             18.1        16.8        56.0        52.4 
Per common share (in $)            0.46        0.44        1.44        1.36 
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                                  Valener                                   
 Reconciliation of adjusted net income attributable to common shareholders  
                                                                            
                               For the three months    For the fiscal years 
                                 ended September 30      ended September 30 
----------------------------------------------------------------------------
(in millions of dollars)           2017        2016        2017        2016 
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Net income (loss)                  (2.2)       (0.8)       57.4        66.5 
Loss (gain) on derivative                                                   
 financial instruments                -         0.5        (0.8)        4.6 
Income taxes on the gain                                                    
 (loss) on derivative                                                       
 financial instruments                -        (0.1)        0.2        (1.2)
Share in Gaz Metro's net                                                    
 income adjustments                   -           -        (3.6)      (18.2)
Income taxes related to Gaz                                                 
 Metro's net income                                                         
 adjustments                          -           -         0.7           - 
Deferred income taxes                                                       
 related to the outside-                                                    
 basis temporary difference                                                 
 on the interest in Gaz                                                     
 Metro                              0.5         0.7         3.4         2.5 
Cumulative dividends on                                                     
 Series A preferred shares         (1.0)       (1.0)       (4.3)       (4.3)
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Adjusted net income (loss)                                                  
 attributable to common                                                     
 shareholders                      (2.7)       (0.7)       53.0        49.9 
Per common share (in $)           (0.07)      (0.02)       1.37        1.30 
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                       Gaz Metro Limited Partnership                        
       Reconciliation of adjusted net income attributable to Partners       
                                                                            
                               For the three months    For the fiscal years 
                                 ended September 30      ended September 30 
----------------------------------------------------------------------------
(in millions of dollars)           2017        2016        2017        2016 
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Net income (loss)                                                           
 attributable to Partners         (14.2)      (10.9)      240.8       277.5 
Gain on remeasuring CDH                                                     
 following the acquisition            -           -       (12.5)          - 
Impact of recognizing                                                       
 regulatory assets related                                                  
 to employee future benefits                                                
 (Gaz Metro-QDA)                      -           -           -       (79.3)
Impairment of noncurrent                                                    
 assets recorded for VGS's                                                  
 Addison project                      -           -           -        16.5 
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Adjusted net income (loss)                                                  
 attributable to Partners         (14.2)      (10.9)      228.3       214.7 
Per unit, basic and diluted                                                 
 (in $)                           (0.08)      (0.06)       1.35        1.28 
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A replay of the annual report webcast will be archived on the Company's website for 365 days following the call; a phone replay will be available for 30 days by dialing 416-621-4642 or toll-free 800-585-8367 (access code: 86567846).

Overview of Valener

Valener is a public company held entirely by its shareholders and serves as the investment vehicle in Gaz Metro. Through its investment in Gaz Metro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Quebec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Metro's growth, and on the other, invests in wind power production in Quebec alongside Gaz Metro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common and preferred shares are listed on the Toronto Stock Exchange under the "VNR" symbol for common shares and the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com

About Énergir

With more than $7 billion in assets, Énergir is a diversified Quebec-based energy company, whose mission is to meet the energy needs of its 520 000 customers and the communities it serves in an increasingly sustainable way.  In Québec, Énergir is the leading natural gas distribution company and also produces, through its subsidiaries, electricity from wind power. In the United States, through its subsidiaries, the company operates in fifteen states where it produces electricity from hydraulic, wind and solar sources and distributes liquefied natural gas, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont. Énergir values energy efficiency and invests both resources and efforts in innovative energy projects such as renewable natural gas and liquefied and compressed natural gas. Through its subsidiaries, it also provides a variety of energy services. Énergir strives to become the partner of choice for those striving toward a better energy future.

Source: Montréal, November 29, 2017 – Gaz Métro​ Energir.com