Montréal, September 8, 2017
Hydro-Québec: Over 17% increase in second-quarter net income compared to 2016
Lise Croteau, Executive Vice President and Chief Financial Officer of Hydro-Québec, today announces the company’s results for the second quarter of 2017. Net income totaled $359 million, a $53-million increase compared to $306 million in 2016.
“The reliability and optimal management of our generating and transmission facilities allowed us to seize business opportunities on external markets, leading to strong growth in net electricity exports,” said Lise Croteau. “That’s the reason why our net income for the quarter increased by more than 17% over last year.”
- Markets outside Québec: Sharp rise in net electricity exports
- Increase of $101 million or 40% compared to second quarter 2016
- Volume of 7.4 TWh, up 0.9 TWh over last year
- Québec market: 1.0-TWh decrease in electricity sales from 2016
- Temperatures near normal in April 2017, compared to colder temperatures in April 2016
- Major investments throughout Québec
- Ongoing construction and connection of the Romaine hydroelectric complex
- Work in progress on the 735-kV Chamouchouane–Bout-de-l’Île project
- Refurbishment of power generation and transmission facilities
On markets outside Québec, Hydro-Québec Production’s net electricity exports increased by $101 million as a result of volume growth of 0.9 TWh over the same period last year, as well as more favorable market conditions.
On the Québec market, electricity supplies provided by Hydro-Québec Production to Hydro-Québec Distribution decreased by $47 million compared to 2016. This is partly due to temperature variances, especially in April, given that average temperatures were 3°C below climate normals in 2016, whereas they were closer to normal in 2017.
For the six months ended June 30, 2017, Hydro-Québec posted net income of $1,902 million, comparable to $1,890 million in the same period of 2016. Net exports totaled 17.5 TWh, a historic volume for a first half-year period.
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