Hydro-Québec has made a profit in nine months greater than that of the whole of 2021, mainly due to the increase in the price of its exports to the American market.
Posted at 11:00 a.m.
Net profit reached 3.6 billion after the first three quarters of 2022. This is 1.1 billion more than for the same period last year and even better than the profit collected during the 12 months of 2021.
“The soaring prices on the energy markets, which we have been observing for several months now, continued to play in our favor in the third quarter, commented Jean-Hugues Lafleur, Executive Vice-President and Chief Financial Officer of ‘Hydro-Quebec.
Since the beginning of the year, the state-owned company has obtained an average price of 7.5 cents per kilowatt hour exported, or 70% more than the price of 4.4 cents per kilowatt hour collected during the same period last year. last year. The volume of exports remained at the high level of 28 terawatt hours.
Sales in Quebec have also been on the rise since the start of the year, due to the coldest winter since 2004 and the increase in consumption by households and all other sectors of the economy.
The increase in the price of aluminum, to which certain electricity sales to aluminum smelters are linked, and the 2.6% rate increase in effect since January 1er April, also contributed to the increase in the company’s profitability.
The profits would have been even greater if Hydro-Québec had not been forced to buy electricity on neighboring markets to meet the winter peak demand. The state-owned company spent $496 million more than last year on electricity purchases.
For the third quarter alone, profits reached 862 million, up sharply from 448 million for the corresponding period last year. More than half of this quarterly profit, or 508 million, comes from sales in export markets.