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Hydro-Quebec's profitability saw a significant decline at the beginning of the year, due to lower water levels in its reservoirs, which limits exports, and milder than usual temperatures.
After the first three months of 2023, Hydro-Québec's profits fell by 655 million, to 1.5 billion.
“The results of the first quarter of 2024 are in line with our expectations, and are a continuation of the context of lower water levels experienced by Hydro-Quebec last year,” noted Maxime Aucoin, executive vice president of strategy and finance who replaced him. Vice President of Finance Jean-Hugues Lafleur to present the results.
If the marked decline in water supply to our large reservoirs in northern Quebec during the second half of 2023 had no impact on Quebec's energy supply, its impact is still being felt this year on our electricity exports.
Maxime Aucoin, Executive Vice President, Strategy and Finance
Hydro Quebec was forced to cut its exports in half, resulting in a $793 million drop in revenue.
Export profitability is also declining. This year, Hydro-Québec earned an average of 10.6 cents per kilowatt-hour exported, compared to 13.2 cents per kilowatt-hour exported last year.
In the same period in 2023, Hydro-Québec posted record profits of $2.2 billion. The winter that just ended was the mildest in a decade, but Hydro-Québec increased its sales and profits in Quebec due to increased demand and higher prices.
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