Quarter marked by high volume of net electricity exportsHydro-Québec’s first-quarter net income up $101 million from 2017

Jean-Hugues Lafleur, Executive Vice President and Chief Financial and Risk Officer of Hydro-Québec, today announces the company’s results for the first quarter of 2018. Net income totaled $1,644 million, up $101 million from $1,543 million a year earlier.

“The smooth operation of our generating and transmission facilities allowed us to maintain a strong volume of net electricity exports and post our best first-quarter performance to date in a context of normal temperatures,” stated Mr. Lafleur.

Quarter highlights

Markets outside Québec

High volume of net exports: 9.8 TWh for $486 million
Volume comparable to the 10.1-TWh record set in first quarter 2017

Québec market

Temperatures close to seasonal normals in 2018, whereas they had been slightly above normal in 2017

Major investments throughout Québec

Ongoing construction and connection of the Romaine hydroelectric complex
Work advancing on the 735-kV Chamouchouane–Bout-de-l’Île project
Refurbishment under way at several generating and transmission facilities

First major financing of 2018

Issuance of bonds maturing in 2055, at a cost of 3.12%
Proceeds of $596 million

On markets outside Québec, Hydro-Québec Production’s net electricity exports increased by $15 million to $486 million, partly as a result of higher market prices. Thanks to the reliability and optimal management of the company’s generating and transmission facilities, the division’s export volume remained strong, reaching 9.8 TWh.

Hydro-Québec Production’s sales to Hydro-Québec Distribution to meet the needs of the Québec market rose by $52 million compared to first quarter 2017. This increase is mainly due to a larger volume of peak supplies, given that temperatures were slightly milder last year.

For more information:

Serge Tsoto
Hydro-Québec
Tel.: 514 289-5005