Cash Statement

Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)

		Three Months Ended
		March 31/02	March 31/01

Operating activities
	Net earnings	$7,340	$3,125
	Items not requiring (providing) cash:
	Depreciation, depletion and reclamation	23,641	16,989
	Provision for future taxes (recovery)	428	(856)
	Earnings from Bruce Power	2,244	-
	Deferred revenue recognized	(1,329)	(2,060)
	Other operating items	101,973	10,418

Cash provided by operations		134,297	27,616


Investing activities
	Additions to property, plant and equipment	(11,766)	(11,788)
	Increase in long-term receivables, investments and other	(7,286)	-

Cash used in investing		(19,062)	(11,788)


Financing activities
	Decrease in debt	(45,993)	-
	Increase in debt	-	12,445
	Issue of shares, net of issue costs	9,371	802
	Preferred securities charges	(4,397)	(4,353)
	Dividends	(6,959)	(6,868)

Cash provided by (used in) financing		(47,978)	2,026


	Increase in cash during the period	67,257	17,854
	Cash at beginning of period	33,737	33,131

Cash at end of period		$100,994	$50,985


Supplemental cash flow disclosure
	Interest paid	$4,193	$5,133
	Income taxes paid	$1,175	$1,334


See accompanying notes to consolidated financial statements