Boralex Power Income Fund Reports its 2003 First Quarter Results

Montréal (Québec), May 6, 2003 – For the first quarter ended March 31, 2003, Boralex Power Income Fund (the ”Fund”) generated revenue of $20.4 million, as compared to $8.3 million for the period from February 20 to March 31, 2002. For the quarter ended March 31, 2003, the net income was $7.5 million or $0.18 per trust unit, as compared to $4.4 million, or $0.11 per trust unit, for the period from February 20, 2002, to March 31, 2002. This increase is due to revenue being generated for the full three months of the quarter in 2003, versus a period of 40 days in 2002. Results for the quarter ended March 31, 2003, were affected by poor hydrological conditions, necessitating the use of $1.2 million from the reserve account allocated for hydrological fluctuations. On the other hand, the selling price of steam from the Kingsey Falls power station was higher than anticipated due to the increase in the price of oil, which is factored into steam prices. In the wood-residue sector, the efficiency and the operating costs of the Senneterre power station were affected by the intense cold weather in Abitibi-Temiscamingue during January and February. However, it significantly improved its productivity during the quarter.

For the quarter ended March 31, 2003, the Fund posted EBITDA of $10.8 million as compared to $5.6 million, for the period from February 20 to March 31, 2002.

Distributions paid to unitholders totaled $8.9 million or $0.22 per trust unit, for the quarter ended March 31, 2003, as compared to $1.0 million, or $0.02 per trust unit, for the period from February 20 to March 31, 2002. As at March 31, 2003, the balance in the reserve accounts was $5.6. million, of which $0.8 million is for major maintenance costs. Following the adjustment of $14.3 million for the price of the Senneterre power station, received from Boralex Inc. in April 2003, the reserve accounts now total approximately $19.0 million.

In light of the fact that the Fund’s revenues and fuel costs are contracted for on a long term basis and assuming a return to normal hydrological conditions, the Fund expects that its operations will perform according to plan for the rest of the year and provide unitholders with the expected level of distributions.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns and operates eight power generating stations located in the province of Québec producing energy from different sources including wood-residue or natural gas-fired thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 131,0 MW. The Fund’s units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.

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For further information, please contact:

Mr. Jacques Gauthier
President and Chief Executive Officer
Telephone: (514) 284-9890
Fax: (514) 284-9895
E-mail: jgauthier@cascades.com

Mr. Germain Lecours
Vice-President and Chief Financial Officer
Telephone: (514) 985-1348
Fax: (514) 985-1355
E-mail: germain_lecours@cascades.com

Mrs. Carole Villeneuve
Communications Director
Telephone: (514) 985-1353
Fax: (514) 985-1355
E-mail: cvilleneuve@cascades.com