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Montréal, May 11, 2018

Press Release

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

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