I would say that, on electricity trade, there's one thing to keep in mind: Last year was quite a special year. If not net importers, we came very close to it, which is rare for our country. Normally we're a net exporter. The large reason for that was the droughts in the major hydro provinces—Quebec, Manitoba and B.C.
An important thing to note is that, while we were net importing in those provinces, we also continued to be a net importer of dollars. The benefit of hydro is that we're quite flexible. You can think of it as a large battery. We tend to export when prices are high and import when prices are low. That flexibility earns our provincial Crown corporations in those three places significant amounts of money.
All of those three provinces were net importers last year. I believe Quebec was almost break-even on dollars. Manitoba and British Columbia continue to earn net trade revenue on that. Our selectivity makes it quite advantageous for the hydro provinces to transact with their neighbours.
