|Rise in dividend||High return|
|Annualized dividends rose by 4% during fiscal 2015, to $1.04 per common share.|
|Proportional representation on the Gaz Métro Inc. Board of Directors.|
|Dividend Reinvestment Plan with a current discount of 2% on new shares issued.|
2016, 2017 and 2018.
|Valener receives 29% of Gaz Métro’s solid and stable distributions.|
|Since 1993, 98.3% of Gaz Métro’s net income has been distributed.|
|Increase in the quarterly distribution from $0.28 to $0.29 per unit, as of the next distribution on January 5, 2016.|
|Gaz Métro||Net income attributable to Partners (excluding non-recurring items)||
2014: $174.7 million
2015: $192.4 million
|Valener||Adjusted net income attributable to common shareholders||
2014: $36.7 million
2015: $45.3 million
|Normalized operating cash flows||
2014: 38.8 million
2015: 58.6 million
Using natural gas to replace fuel oil and diesel enables an immediate reduction in greenhouse gas emissions of up to 32% and 25%, respectively.
The advantageous exchange rate for energy distribution activities in Vermont and favourable wind conditions at the Quebec wind farms had a positive impact on revenues and net income.
Gaz Métro-QDA: Renewal of the 8.90% authorized rate of return on deemed common equity for fiscals 2016 and 2017.
Gaz Métro and the Government of Quebec are investing $118 million to triple the volume of LNG produced at the LSR plant.
$17.7 million increase in consolidated net income attributable to Partners, excluding non-recurring items.
Gaz Métro-QDA: 9.09% realized rate of return on deemed common equity attributable to overearnings realized by the distribution service.
23.4% increase in adjusted net income and 51.0% increase in normalized operating cash flows.
4% increase in the annualized dividend in 2015, and annual growth target of approximately 4% in 2016 and 2017.
Valener Initial distributions:
2015 Operational Highlights
Front and centre
Our dynamic sources of energy
About Gaz Métro
With more than $6 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 kilometres of underground pipelines serves more than 300 municipalities and more than 195,000 customers.
Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers.
Gaz Métro is actively involved in the development and operation of promising, innovative energy projects focusing on areas such as natural gas as fuel and liquefied natural gas as a replacement for higher emission-producing forms of energy, wind power production and the development of biomethane.
Natural gas distribution network in Quebec
Natural gas distribution network in Quebec 10,000
kilometres of underground pipes
More than 300 municipalities served 195,000 customers industrial, commercial, institutional and residential
Seigneurie de Beaupré wind farms
Seigneurie de Beaupré wind farms 154 wind turbines 340 megawatts of installed capacity Electricity for 65,000 homes
Saint-Hyacinthe biomethane plant
Saint-Hyacinthe biomethane plant Stakeholders supporting the city of Saint-Hyacinthe Annual production of 13 million cubic metres of biomethane, a local energy produced rom organic matter, fully interchangeable with natural gas 25,000-tonne reduction in greenhouse gas emissions per year Natural gas-powered fleet of municipal vehicles
Liquefaction, storage and regasification (LSR) plant
Liquefaction, storage and regasification (LSR) plant Quebec’s only liquefied natural gas (LNG) plant Work under way to triple liquefaction capacity to 9 Bcf Starting in the fall of 2016, LNG deliveries to customers in a radius of over 1,000 kilometres
Natural gas distribution network
Natural gas distribution network 100% of Vermont’s natural gas customers 50,000 customers commercial, institutional and residential
Electricity distribution network
Electricity distribution network 70% of Vermont’s electricity distribution 260,000 customers commercial and residential Renewable energy production (hydroelectricity, solar energy, wind power and cow power)
Solar energy 7.87 megawatts of installed capacity
Cow power Production of 1.6 million
kilowatt-hours of electricity
Partnership with ≈ a dozen farms
Wind power 2 wind farms 69 megawatts of installed capacity
Front and centre
Because we believe
Supplier code of conduct
With the publication of its Sustainable Development Roadmap in 2012, Gaz Métro committed itself to influence its suppliers, among other ways through its procurement approach.
The actions launched include a Supplier Code of Conduct, released in April 2015. The code sets forth the behaviours expected of Gaz Métro's suppliers, in light of sustainable development and responsible business best practices. As a parallel initiative, the company developed and published a Gaz Métro Authorized Partners code of conduct.
Last but not least, current and potential gas suppliers are assessed according to the criteria used to select goods and services suppliers. This approach allows Gaz Métro to favour suppliers who, for the same price, have a better eco-responsibility rating. View the PDF
Participating in the shift
to a green economy
The mission of the Switch alliance is to speed up the transition to a green economy in Quebec, with a view to building an innovative, resilient and competitive society that reconciles social equity, environment and quality of life. Switch is a unique initiative that brings together businesspeople and environmental activists, who join forces to achieve progress. Gaz Métro is proud to be a member of the advisory committee and to take part in the depolarization of the environment and the economy by actively supporting cooperation in the quest for solutions and consensus.
The energy sector plays a key role in the shift to a green economy. We do so, among other ways, by offering innovative energy efficiency solutions, reducing the transportation sector’s environmental footprint and developing renewable forms of energy.
In 2015, Sophie Brochu co-chaired the Canadian Roundtable on the Green Economy, held by Switch, aimed at identifying key factors for speeding up the shift to a green economy in Canada. The participants agreed on the importance of putting a price on carbon and promoting sustainable urban development. Our leaders also sat on committees focusing on social innovation, ecological taxation, government contracts (responsible procurement) and green economy jobs.
Participation in Quebec government consultations on climate change
Gaz Métro is a member of the climate change advisory committee established by Quebec’s Minister of Sustainable Development, the Environment and the Fight Against Climate Change. Among other issues, the committee studied the recommendations regarding Quebec’s GHG reduction targets for 2030. Gaz Métro also took part in the consultation process, making a presentation and submitting a brief.
Women’s solidarity event
draws over 1,000 participants
In March 2015, over 1,000 people took part in an event dubbed “Soupe Pour Elles,” organized by Sophie Brochu and a number of people from her Gaz Métro team, for the benefit of the organization La Rue des Femmes. The event inspired women’s solidarity and highlighted the essential work of La rue des Femmes in helping our society’s most vulnerable women.
Front and centre
Ethics: A shared priority
At Gaz Métro, ethics are a priority and an area of ongoing reflection. Activities such as interactive training and talks are held for employees. In 2015, the company carried out a periodic update of its code of ethics, with a view to ensuring that the code remains a relevant reference tool and a guide that helps Gaz Métro employees identify grey areas, ask the right questions, openly discuss ethical issues and adopt appropriate behaviours.
Attracting and retaining talent
Above all, Gaz Métro is men and women who care about their work. They are the company’s driving force and best ambassadors. As an employer, Gaz Métro has adopted a variety of means to mobilize talent and offer its employees advantageous working conditions.
In 2015, Gaz Métro introduced its first total compensation statement. This personalized tool shows employees the benefits (monetary and other) of working for the company. Among other goals, the approach is aimed at stimulating employees’ pride and feeling of belonging.
For over a decade, in order to offer the necessary conditions for high-quality work, Gaz Métro has conducted an employee survey every two years. In 2015, the survey findings were described as exceptional by the KPMG-SECOR experts. The 85% participation rate assured us that the findings were representative, and the mobilization index was 42, compared with 38 in 2013. With this significant progress, Gaz Métro has entered the zone of excellence and became the first organization of its size to post a performance of this calibre.
360 degrees of awareness: Cultivate, prevent and humanize
Launched in 2012 and focusing primarily on promoting psychological health, the 360° d’attention (“360-degree awareness”) campaign maintained its momentum in 2015. In addition to creating conditions for cultivating well-being and promoting quality of life, the company has consolidated its support structure by focusing on the human factor. In this spirit, close to 200 managers received training on prevention and on developing their employees’ ability to intervene in the area of psychological health. Implemented during the year, an informal mutual help network made up of management personnel who are trained and equipped to support and guide their co-workers helped reinforce the protection net and further humanize the workplace.