Revenues from domestic customers was about even but "trade" was down by one half ($732 millions in 2010).
 
Gross operating expenses were $3,652 million in 2010; lower by 5.6%.
 
Operating income in 2010 was $170 millions in contrast to $399 millions in 2009.
 
Physical assets are reported to be $13,822 millions which is 16.8% greater than in 2009.
 
Total assets (comprising some interesting accounting terms) totaled $18,093 millions or about 10.8% greater than in 2009.
 
Shareholders equity is shown to be $2,674 millions which is about $500 millions greater than in 2009.
 
The debt to equity ratio is 85/15 ; a deterioration from 2009 when it was 81/19.

 
Observations:
 
Revenues declined from "trade" custom as worsening economic circumstances caused reduce demand for electricity.
 
Borrowing to pay for new assets and/or upgrades further impaired the balance sheet over the changes made in 2009.
In the past two years BC Hydro has increased its debt and asset investments by close to $4 billions.
 
The poor and worsening condition of the balance sheet (debt/equity ratio of 85/15) means a continuing requirement to increase domestic revenues simply because BC Hydro needs more and they can get away with raising rates. BC rate payers should prepare to face electricity rates similar to those in the US and Alberta.
 
As economic conditions continue to deteriorate, BC Hydro will be earning even less from its "trade" customers and its domestic rate payers.