Montréal, November 17, 2017
Hydro-Québec: Historic volume of net exports in first three quarters
Lise Croteau, Executive Vice President and Chief Financial Officer of Hydro-Québec, today announces the company’s results for the third quarter of 2017. For the quarter ended September 30, 2017, net income amounted to $288 million, bringing cumulative net income to $2,190 million, which is comparable to the $2,196 million recorded in 2016. The first three quarters of 2017 were marked by a historic volume of net electricity exports, totaling 27.1 TWh.
“Even if summer temperatures in our U.S. Northeast markets were a lot cooler this year than in 2016, our net electricity exports remained strong,” stated Ms. Croteau. “This is among our best third-quarter performances in terms of exports.”
- Markets outside Québec
- Sustained volume of net exports: 9.6 TWh for $406 million
- Major investments throughout Québec
- Ongoing construction and connection of the Romaine hydroelectric complex and commissioning of Romaine-3 generating station (395 MW)
- Work in progress on the 735-kV Chamouchouane–Bout-de-l’Île project
- Refurbishment of several generating and transmission facilities
- First major financing of 2017
- Issuance, at a cost of 3.10%, of bonds totaling $500 million and maturing in 2055
On markets outside Québec, Hydro-Québec Production’s net electricity exports remained strong even though temperatures recorded in the U.S. Northeast were close to normal in 2017, whereas they had been very warm in 2016. Thanks to the skillful execution of the company’s sales programs and the solid performance of its generating and transmission facilities, the division exported 9.6 TWh for a total of $406 million in the third quarter of 2017, compared to 9.8 TWh and $400 million a year earlier.
Financial expenses increased by $10 million, mainly on account of the foreign currency effect on working capital denominated in U.S. dollars.
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