The lowering of the hydro-québec credit rating will cost between $ 150 million and $ 160 million over the next 10 years, according to Michael Sabia.
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The CEO of the Crown Company has advanced this estimate at its entry to the study of the budgetary credits of Hydro-Québec, Tuesday afternoon in the National Assembly.
“On a 10-year horizon, it represents about $ 150 million at $ 160 million, but in a context of funding of $ 200 billion,” he replied.
On April 16, the Standard & Poor’s agency lowered the credit ratings of Quebec and Hydro-Québec, by passing them from AA- to A+, stressing that the province’s decarbonation plan will require investments of $ 150 billion from the Crown Company, which will increase the level of its debt.
Nevertheless, Mr. Sabia supported in parliamentary committee that this change “is not a concern”, arguing that current economic uncertainty makes “more important” the realization of the Hydro-Québec plan.
-“Being given uncertainties in the world and economic conditions, it’s time to invest,” he said.
Bill 69
Recall that Hydro-Québec wants to double its electricity production by 2050 in order to respond to the explosion of demand.
To do this, the Crown Corporation counts in particular on the adoption of Bill 69 on the energy future. “We need the bill, it is clear,” said Sabia as a press scrum.
However, the Legault government has delayed the adoption of this bill, providing an amendment to the increase in electricity prices for residential consumption at less than 3%.
Asked about this, Sabia said he was “100% at ease” with the idea, stressing that “3% contributes significantly to social acceptability” of the Hydro-Québec action plan.
He finally insisted on the need “to go as quickly as possible” in the realization of this plan, in order to “secure the energy and economic future of Quebec”.
“That’s our message to government,” he said.
