The drop in the level of hydroelectric basins is weighing down electricity sales outside Quebec. Down 35%, they are at the lowest level in the last ten years.
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For the 2023 fiscal year, Hydro-Québec announces a net profit 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 by 12.6 TWh in volume, mainly due to natural water supplies well below normal. At 23 TWh, the volume of sales outside Quebec is at its lowest level in the last ten years.
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Price increases pay off
Electricity sales in Quebec were up $284 million compared to the previous year.
The price adjustments of 1ers April 2022 and 2023 also brought in $471 million more into Hydro-Québec’s coffers.
The state-owned company will pay a dividend of $2.5 billion to the Quebec government, a billion less than last year.
“On a financial level, after having experienced an exceptional year in 2022, the company faced low hydraulicity, a fall in prices on the energy markets as well as milder temperatures in Quebec” , commented Maxime Aucoin, Executive Vice President – Strategies and Finance at Hydro.
Investment in Innergex falls
Hydro-Québec’s investment in Innergex lost $284 million in value. Hydro has invested around $750 million in total in the private renewable energy producer for a stake of almost 20%.
Innergex, which paid $30 million in dividends this year to Hydro-Québec, will reveal its financial results today at the close of markets.