HomeBusinessHydro-Québec profits jump $ 116 million in the first quarter

Hydro-Québec profits jump $ 116 million in the first quarter

Electricity exports enabled Hydro-Québec to report net profits of $ 1.641 billion for its first quarter, up $ 116 million compared to the same period of 2020.

In this case, the state-owned company specified that the growth in its profits is explained by an increase of $ 53 million in net electricity exports and by a decrease of $ 62 million in financial expenses.

For the first three months of 2021, Hydro-Quebec says it exported an electricity volume of 10.5 TWh, a historic high for a quarter.

In Quebec, electricity sales rose by $ 17 million to $ 3.843 billion, against $ 3.826 billion a year ago, “in particular due to slightly colder temperatures, especially in February”, a- we specified.

“In a context still marked by a difficult health situation, Hydro-Québec posted encouraging financial results in the first quarter,” said Sophie Brochu, the president and CEO of the state-owned company in the Quarterly Bulletin.

“We are therefore optimistic about the quarters to come, because we believe we will be able to resume our growth while helping our clients to rebound,” added Jean-Hugues Lafleur, Executive Vice-President and Chief Financial Officer of Hydro-Québec, by press release.

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