Powerex was established in 1988 as the wholly-owned electricity marketing subsidiary of BC Hydro Ð CanadaÕs third largest electric utility Ð responsible for marketing BC HydroÕs surplus electricity in the west. Today, we are a key participant in energy markets across North America, buying and supplying physical wholesale power, natural gas, ancillary services, and more recently, environmental products with an ever-expanding list of trade partners. Our portfolio of energy resources includes purchases of power and natural gas from a wide variety of energy suppliers across North America, as well as the highly reliable Canadian Entitlement energy derived from the Canada/US Columbia River Treaty. The knowledge, expertise and creativity of our staff allow us to meet the changing demands of the markets and needs of our customers. Our employees closely follow the markets, enabling us to quickly respond to market changes. And our in-depth knowledge of the various markets, transmission and gas transportation systems helps us find creative solutions for securing and moving energy to support our trade agreements. In a changing market, Powerex has outlasted many of our competitors and evolved from an electricity marketing company to an energy trading and marketing company, offering a variety of products and services in traditional energy and emerging markets. Our chief competitive advantages have been the quality of our service, the integrity and creativity of our people, and our ability to reliably deliver energy products and services.