Exports continue to fall and weigh down Hydro’s results, which recorded a net profit of $2.2 billion for the first nine months of 2024, down $861 million compared to last year.
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For the first nine months of the year, Hydro-Québec posted a net profit down 30% compared to the same period last year, due to the reduction in exports.
Electricity sales outside Quebec are down by a third compared to the same period last year and the shortfall reached $777 million for Hydro-Québec.
This is also a drop of 45% compared to sales outside Quebec in 2022.
The lack of water in the basins (low hydraulicity) for two years is the main reason explaining this fall, according to Hydro-Québec.
“The low water cycle, which has no impact on Quebec’s energy supply, therefore continues to result in a drop in our electricity sales on external markets. We will continue to monitor the evolution of the situation while ensuring we closely manage water resources,” said Maxime Aucoin, executive vice-president of strategies and finances.
Operating expenses are up $337 million, of which $140 million is linked to the decommissioning of the Gentilly-2 nuclear facilities.
On the positive side, electricity sales in Quebec brought in 405 million more than for the same period in 2023, in particular due to tariff increases (+377 million). The increase in residential demand brought in an additional $129 million.
Hydro-Québec invested $4.3 billion in nine months, up 30% compared to the same period last year. Maintaining the electricity network takes up the majority of these expenses, as well as the construction of new interconnection lines to the United States (New York and Boston).
For the third quarter alone, net profit was down $19 million.
Remember that in 2023, Hydro-Québec paid $2.45 billion in dividends to the government, one billion dollars less than the previous year.
