Hydro-Québec’s Strategic Plan 2020–2024 – Setting new sights with our clean energy - Create wealth in Québec and be a leader of the energy transition

Today, Hydro-Québec proudly presents its Strategic Plan 2020–2024, which focuses on the fight against climate change and the creation of collective wealth through new electrification initiatives.

“With this Strategic Plan, we will pursue the work begun four years ago by continuing to improve our customer service, increasing our net income and stepping up our contribution in the fight against climate change,” explained Éric Martel, President and Chief Executive Officer of Hydro-Québec. “Our energy is a tremendous asset in reducing greenhouse gas emissions not only in Québec but also beyond our borders. Electrification is also a powerful driver of economic development that benefits Québec society as a whole.” 

Highlights

Electrify Québec and be a leader of the energy transition

Through the sum of our actions, we will help Québec reach its GHG emissions reduction target for 2030 by eliminating emissions equivalent to those of 1.5 million vehicles by the end of 2024. 

• The transportation industry is already off to a good start, and we will boost our contribution in this area by installing 1,600 fast-charge stations for electric vehicles by 2030, among other initiatives.
• We will also offer new conversion solutions for electrifying buildings and industrial processes by targeting the most promising conversion niches in terms of environmental impact and profitability.
• In addition, we will lay the groundwork to convert our off-grid systems to cleaner, cheaper sources of energy.

Seize growth opportunities and generate income of $5.2 billion in 2030 

Thanks to growth in our activities and the continuous improvement of our operating performance, we can reaffirm our ambition to earn net income of $5.2 billion in 2030. 

• We want to increase our exports to support the decarbonization of northeastern North America by signing new long-term electricity sales agreements.
• We will support the development of the clean hydrogen industry for applications that could present interesting market opportunities, such as heating buildings, rail and road transportation, renewable natural gas, carbon-neutral fuels (synthetic hydrocarbons), and ammonia and methanol production.
• We will pursue the development of high-potential markets like data centers and greenhouse production.
• We will also maintain a disciplined approach to acquiring assets or equity stakes in Québec and on the international market.
• Lastly, we will leverage our technologies by supporting the development of the electric powertrains designed by our subsidiary Dana TM4, by pursuing our activities in the field of battery materials and by developing our energy storage systems.

Select future renewable energy projects

Over the next few years, we will decide on future energy projects to meet long-term needs for clean electricity.

• Several variables will influence our choices, including the costs associated with each generating option, future capacity and energy needs, the expiry of our contract with the Churchill Falls (Labrador) Corporation in 2041, the storage capacity of our reservoirs, market adoption of home automation, self-generation and energy efficiency measures, as well as the impact of climate change.
• While evaluating our options, we will also step up our energy efficiency initiatives in order to optimize the use of our existing electricity reserves. To better manage peak periods, we will notably rely on Hilo, the new subsidiary we launched in October, which will roll out a range of intelligent energy solutions for homes and businesses.

Adapt to climate change

To continue providing high-quality service, we will pursue the implementation of our adaptation plan in order to mitigate the risks related to climate change. In particular, we will: 

• Improve our understanding of the future climate through modeling.
• Review our practices with regard to grid and equipment design.
• Ramp up vegetation control near the grid.