Finance

Hydro-Québec reports best financial performance in its history

Hydro-Québec reports best financial performance in its history

When presenting its financial results for fiscal year 2022, Hydro-Québec announced it has posted the best performance in its history.

In the context of the sharp rise in prices on the export markets and the cold winter temperatures at the start of the year, its net income reached C$4,557 million (US$3,364 million), compared to C$3,564 million (US$2,631 million) for the previous year. This growth is mainly due to an increase in sales, both outside Quebec and in Quebec.

“Hydro-Québec ended 2022 in very good shape, not only financially, but also because of the many important milestones we achieved during the year, including the tabling of the new Strategic Plan that we submitted to reflection of our fellow citizens,” said President and Chief Executive Officer Sophie Brochu.

Among the highlights reported for 2022, the company said it contributed “more than ever to the revenues of the Government of Quebec,” contributing C$6 billion (US$4.4 billion), up C$1.1 billion (US$812 million) from 2021. Its export products were nearly C$3 billion (US$2.2 billion), a nearly 60% increase. The average selling price also increased to 0.082/kWh, compared with 0.005/kWh a year earlier. The company recorded export sales of 35.6 TWh. Within the province, the company sold 180.6 TWh of electricity, up 5.4 TWh from 2021.

The company said it is continuing its major investment program throughout the country, with nearly C$4.3 billion (US$3.2 billion) invested in all regions of Quebec, including C$3 billion (US$2.2 billion) allocated to asset sustainability.

In addition, the company completed “the largest project of the last decade,” the Romaine complex, which became fully operational since the commissioning of the last turbine-generator unit at the Romaine-4 generating station in September 2022.

Hydro-Québec generates, transports and distributes electricity. It is Canada’s largest electricity producer and one of the largest hydroelectric producers in the world. Its sole shareholder is the Quebec government.