Hydro-Québec’s profitability experienced a significant drop at the start of the year, due to the drop in the water level in its reservoirs, which limits exports, and milder than normal temperatures.
After the first three months of 2023, Hydro-Québec’s profit is down by 655 million, to 1.5 billion.
“The results for the first quarter of 2024 are in line with our projections, and are a continuation of the context of low water levels experienced by Hydro‐Québec last year,” indicated Maxime Aucoin, Executive Vice President, Strategies. and finance who replaced Vice-President Finance Jean-Hugues Lafleur for the presentation of the results.
If the marked drop in water supplies to our large reservoirs in northern Quebec during the second half of 2023 has no impact on Quebec’s energy supply, its impact is still being felt this year on our electricity exports.
Maxime Aucoin, Executive Vice President, Strategies and Finance
Hydro-Québec had to cut its exports in half, which reduced its revenues by $793 million.
Export profitability is also declining. This year, Hydro-Québec obtained on average 10.6 cents per kilowatt hour exported, compared to 13.2 cents per kilowatt hour exported last year.
For the same period in 2023, Hydro-Québec recorded a record profit of 2.2 billion. The winter that just ended was the mildest in ten years, but Hydro-Québec still increased its sales and profits in Quebec due to increased demand and rate increases.