Montreal, November 13, 2015
Quarter marked by strong growth of net electricity exportsHydro-Québec’s net result up in the third quarter
Lise Croteau, Executive Vice President and Chief Financial Officer of Hydro-Québec, today announces the company’s results for the period ended September 30, 2015. Here are the main highlights:
- Net result of $339 million for the third quarter of 2015, up from 2014
-High volume of net electricity exports: 8.4 TWh
-Careful management of reservoir storage yields satisfactory increase of reservoir levels
- Net result for the nine-month period ended September 30, 2015: $2.5 billion
- Completion of the large-scale rollout of next-generation meters: nearly 3.6 million units installed throughout Québec
For the quarter ended September 30, Hydro-Québec posted a net result of $339 million, compared to $329 million in 2014. This rise is mainly due to a $68 million increase in net electricity exports as a result of volume growth of 1.9 TWh. The depreciation and amortization expense increased by $49 million, in particular because of the commissioning of property, plant and equipment and the rollout of the advanced metering infrastructure.
For a second consecutive year, Hydro-Québec’s net result stands at $2.5 billion after three quarters. In a context marked by very cold winter temperatures, it totaled $2,472 million for the nine-month period ended September 30, 2015, compared to $2,545 million in 2014. Net electricity exports increased by $102 million as a result of volume growth of 3.1 TWh. However, this increase was offset by a $94 million decrease in supplies provided by Hydro-Québec Production to Hydro-Québec Distribution, due in part to lower market prices in winter 2015 that benefited Québec customers. In addition, the depreciation and amortization expense increased by $85 million.
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