With the help of the economic recovery, Hydro-Québec is posting higher results for its third quarter of fiscal 2021.
Net income more than doubled from the third quarter of 2020, from $ 203 million to $ 448 million. Sales in Quebec increased by $ 155 million, mainly due to growth in demand in the commercial and industrial sectors, as well as in a context of rising aluminum prices.
“Today we are presenting excellent financial results. Unlike last year, when the pandemic had a major effect on our profit, this year we continue to post excellent results, quarter after quarter ”, summarized Jean-Hugues Lafleur, Executive Vice-President and Head of Hydro-Quebec’s financial management, at a press conference on Friday, to present these quarterly results.
Outside Quebec, however, Hydro-Quebec posted a decrease of 15 million for this third quarter, which Mr. Lafleur considers “comparable” to the third quarter of the previous fiscal year. Moreover, over the first nine months of the year, Hydro-Quebec speaks rather of a “marked growth” in net exports of 118 million. This is an increase in volume of almost 20%.
The average price obtained for these exports was 4 cents per kilowatt hour. Mr. Lafleur expects an increase in the next year. “We will certainly see something above 5 cents per kilowatt hour,” maybe 5 or 6 cents, he said.
And for these first nine months again, net profit reached 2.44 billion, an increase of 633 million compared to 1.8 billion for the corresponding period in 2020. During these three quarters of 2021, Hydro-Québec recorded a $ 244 million increase in net electricity sales in Quebec. These were marked by growth in demand from the industrial and commercial sectors, but by milder temperatures in the province in the spring of 2021.