Hydro-Québec announces net income of $1,850 million for the first quarter of 2026 and a historic high in investments

Montréal – Hydro-Québec posted net income of $1,850 million for the first quarter of 2026, down $206 million compared to the same period in 2025. In a demanding energy context, marked by periods of intense cold in winter 2026 and by the low runoff observed in the last three years, the company managed its resources rigorously. To this end, it has notably reduced its short-term sales in export markets and increased its electricity purchases when prices were high, thereby prioritizing Québec's energy security.

In addition, Hydro-Québec continues to maintain its investments as part of the execution of the Action Plan 2035 – Towards a Decarbonized and Prosperous Québec. An amount of $1.6 billion was invested in the first three months of 2026, an increase of more than 80% since the Plan's launch in November 2023. 

Financial highlights for the first three months

• Sustained growth in investments and financing activities 
  • Increase of 12% in investments compared to 2025
    • Investments of $1.6 billion in the first three months, mainly to increase asset sustainment in order to ensure quality service
  • Financing activities raised $3.4 billion in the first quarter
• Record sales in Québec
  • Increase in electricity consumption due to cold winter temperatures, contributing to a record sales volume of 59.3 TWh
  • Peak demand period in Québec of more than 38,000 MW over seven consecutive days in January, a historic high (an average of 9°C colder than climate normals)
• Decrease in short-term sales volume on markets outside Québec
  • Backdrop of low runoff conditions over the last three years
  • High demand on the transmission system in Québec resulting from cold temperatures
• Commissioning of the Appalaches–Maine interconnection line (NECEC)
  • Greater predictability in electricity sales to New England
• Increase in short-term electricity purchases
  • Purchases necessary to meet Québec’s needs during periods of intense cold
• Gain on the disposal of investment in Dana TM4

Hydro-Québec’s Plan: Highlights since the start of the year

• Improve service quality
  • Continuation of work on our distribution system to improve service quality throughout Québec
  • Decrease of 7% in outages in the first quarter across Québec, compared with the 2019–2023 average
• Work together to use energy wisely
  • Investment of nearly $350 million announced, with the government of Québec, helping 120,000 low-income households to obtain a heat pump
  • Proposal of a new rate for large data centres and an adjustment of the rate for cryptographic use
• Increase our power generation capacity
  • Des Neiges wind farm worksite launch – South and Charlevoix sectors
  • Launch of a new call for tenders for wind energy procurement
  • Announcement of new grant to accelerate solar self-generation
• Partner with Indigenous communities
  • Launch of a financing program worth over $5 billion, in collaboration with Canada Infrastructure Bank and National Bank of Canada, to support Indigenous communities' participation in large-scale major wind energy projects

For more information on Hydro-Québec’s results for the first quarter of 2026, visit www.hydroquebec.com/about/publications-reports/quarterly-bulletin.