Montréal, November 16, 2018
First three quarters: Hydro-Québec net income up $386 million, or 18%, over 2017
Jean-Hugues Lafleur, Executive Vice President and Chief Financial and Risk Officer of Hydro-Québec, today announces the results for the first three quarters of 2018. For the nine-month period ended September 30, 2018, net income totaled $2,576 million, up $386 million from $2,190 million posted a year earlier.
This marked increase is mainly due to a $277-million gain on the sale of a 55% interest in subsidiary TM4 to the multinational company Dana in the second quarter, as part of the creation of a strategic partnership.
“We continue to outdo ourselves in our net export volume,” said Mr. Lafleur. “With the new record we’ve reached for the first three quarters, this has been one of our best performances to date on our export markets. It should also be noted that our strategic partnership with Dana will strengthen TM4’s operations in Québec. This partnership is part of our long-term strategy of seizing growth opportunities outside Québec to increase our revenue.”
Highlights for first nine months
- Markets outside Québec
- Strategic partnership with multinational Dana
- Historic volume of net electricity exports for the first three quarters: 28.8 TWh
- Québec market
- Temperatures close to normal in winter 2017–2018, whereas they had been slightly above normal the previous winter
- Partial sale of subsidiary TM4, generating a gain of $277 million
- Major investments throughout Québec
- Ongoing construction and connection of the Romaine hydroelectric complex
- Work on the 735-kV Chamouchouane–Bout-de-l’Île project
- Refurbishment of generating and transmission facilities
- Financing activities
- Two bond issues maturing in 2055 at an average cost of 3.04%
- Capital raised: $1.2 billion
On markets outside Québec, Hydro-Québec Production’s net electricity exports increased by $11 million over the corresponding nine-month period last year, to reach $1,235 million. Thanks to the solid performance of the company’s generating and transmission facilities, net exports reached 28.8 TWh, a 1.7-TWh increase over the previous record set in 2017.
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