The decline in hydroelectric power levels is weighing on electricity sales outside Quebec. With a decline of 35%, they are at their lowest level in ten years.
• Also read – Electricity discounts of 20% are making major manufacturers sweat
• Also read – Northvolt: When the CAQ thinks we're idiots
• Also read – Hydro-Québec will spend $100 million on “communications” with its customers
For fiscal year 2023, Hydro-Québec reports net income of $3.3 billion (compared to $4.55 billion in 2022), a decrease of $1.27 billion or 28% . This is the largest year-over-year decline in 10 years. This is still the fifth best result in its history.
Electricity sales outside Quebec fell by $547 million and volume fell by 12.6 TWh, largely due to well below normal natural water supplies. At 23 TWh, sales volume outside Quebec is at its lowest level in ten years.
- Listen to Yves Daoust's economics section above
QUB
:
Price increases pay off
Electricity sales in Quebec increased by $284 million compared to last year.
The April 1, 2022 and 2023 rate adjustments also added $471 million to Hydro-Québec's coffers.
The state-owned company will pay the Quebec government a dividend of $2.5 billion, down $1 billion from last year.
“On a financial level, after an exceptional 2022, the company faced low water supplies, a drop in prices in energy markets as well as milder temperatures in Quebec,” commented Maxime Aucoin, Executive Vice President – Strategies and Finance at Hydro.
Investment in Innergex is declining
Hydro-Québec's investment in Innergex lost $284 million in value. Hydro has invested a total of around $750 million in the private renewable energy producer and received a stake of almost 20%.
Innergex, which paid $30 million in dividends to Hydro-Québec this year, will report its financial results after the market closes today.
Can you share information about this story?
Write to us or call us directly at 1 800-63SCOOP.