Mon. Dec 4th, 2023

Dry weather affects yield d’Hydro-Québec

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The decrease in Hydro-Québec's net profit “is explained in particular by a decline in electricity sales on markets outside Quebec.

The Canadian Press

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Hydro-Québec's net profit fell by more than half in the third quarter, as dry weather forced the state-owned company to reduce its exports.

Hydro-Québec's net profit reached $363 million in the third quarter, according to its results published Monday. This is a 58% decrease compared to the same period last year.

Sales volume outside Quebec fell by 6.8 terawatt hours (TWh) during this period, representing a missed opportunity of $557 million.

Weather conditions were unfavorable for large reservoirs in northern Quebec. Snow cover was light in late winter, spring freshet lower than normal, and summer precipitation lower in the region.

Hydro-Québec also specifies that it has dedicated $136 million to improve the quality and reliability of service, still in the third quarter.

For the first nine months of the year, Hydro-Québec posts a net profit of $3.05 billion, a decrease of $554 million compared to last year.

The state company indicates that the year 2022 was marked by a cold winter. The company thus posted a record net profit for the comparable period of the first nine months of the year.

Net profit for the first three quarters crossed $3 billion for only the second time in Hydro-Québec's history , nuance its chief financial officer, Jean-Hugues Lafleur, in a press release.


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