MONTRÉAL, May 10, 2024
/CNW/ - Hydro-Québec is posting net income of $1,576 million for the first three months of
2024. As expected, net income is down $655
million compared to the same quarter last year, due to a
reduction in exports and milder temperatures in winter 2024.
"The results for the first quarter of 2024 are consistent with
our projections, and continue to be affected by the low runoff
experienced by Hydro-Québec last year. Although the sharp drop in
water inflows to our large reservoirs in northern Québec during the
second half of 2023 had no effect on Québec's energy supply, its
impact is still being felt this year on our electricity
exports," said Maxime Aucoin, Executive Vice President –
Strategy and Finance. "In order to manage our resources
effectively, we have continued to limit our sales on short-term
markets during the first quarter, which contributed to the decline
in net income compared to last year."
For the same period in 2023, Hydro-Québec had posted an all-time
high of $2,231 million, when average
prices obtained on export markets had reached unprecedented
levels.
Quarter highlights
- Action Plan 2035: strong growth in investments and financing
activities
-
- Increase of 25% in investments in property, plant and equipment
and intangible assets compared to the same period last year
-
- Close to $1.1 billion
invested in three months
- Nearly two thirds of the funds allocated to generation,
transmission and distribution asset sustainment to ensure service
reliability and quality
- Financing activities raised $1.5 billion in the first quarter
- Context of low runoff: reduction in exports
-
- Decrease of $793 million in sales outside of Québec due to
a decline of 5.2 TWh in volume exported compared to the same
period last year
-
- Revenues of $446 million for 4.2 TWh
- Positive impact of the hedging strategy, but less significant
than in 2023
-
- Average price obtained (including hedging effect): 10.6¢/kWh,
compared to 13.2¢/kWh in the first quarter of last year
- Average market price: 7.1¢/kWh, compared to 6.3¢/kWh for the
same period in 2023
- Mildest first quarter of the last 10 years
-
- Growth in demand for electricity in Québec in the residential
and commercial
segments
-
- Revenues of $4,323 million
- Higher sales revenue due to the indexation of rates
For more information on Hydro-Québec's first-quarter 2024
results, visit
https://www.hydroquebec.com/about/financial-results/quarterly-bulletin.html.
SOURCE Hydro-Québec