Hydro-Québec announces net income of $2,020 million and $3.4 billion in investments for the first semester of 2026

Montréal – Hydro-Québec reported net income of $2,020 million for the first semester of 2026, down $257 million compared to the same period last year. The company has maintained prudent and dynamic management of energy stocks to ensure Québec’s energy security, in a context since 2023 of one of the lowest runoff cycles on record, combined with periods of intense cold during the winter.

Hydro-Québec continued its investments as part of its Action Plan 2035. In this regard, an amount of $3.4 billion was invested over the first six months of 2026, mainly to increase asset sustainment in order to ensure quality service. 

Financial highlights of the first semester  

• Record sales in Québec
  • Increase in electricity consumption due to cold winter temperatures, contributing to a record sales volume of 98.8 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)
• Sales on markets outside Québec
  Average price for the semester: 13¢/kWh
  • Decrease in short-term sales given the context of low runoff in addition to high demand on the transmission system in Québec during the harsh winter
  • Commissioning of the Appalaches–Maine interconnection line (NECEC)
    • Greater predictability in electricity sales 
• Short-term electricity purchases
  Average price for the semester: 9¢/kWh
  • Increase in purchases in order to meet Québec’s needs during periods of intense cold, and to restore energy reserves

Hydro-Québec's Action Plan: First semester highlights

• Conclusion of two major reconciliation agreements
  • Signing of reconciliation and collaboration agreements with the Innu Takuaikan Uashat mak Mani-utenam Council as well as with the Innu First Nation of Nutashkuan

• Democratize access to heat pumps
  • Launch of a program that provides a heat pump at no cost to 20,000 modest-income households
  • Bonus financing offered to owners of eligible buildings in order to facilitate heat pump installation to help 120,000 rental households
• Preparing the workers of tomorrow
  • Graduation of 45 students: the first cohort in line work from the vocational training centre (CFP) in Baie-James — an essential trade for developing Québec's large energy projects
• Improve service quality
  • Continuation of work on the distribution system to improve service quality throughout Québec

For more information on Hydro-Québec's results for the first semester of 2026, visit https://www.hydroquebec.com/about/publications-reports/quarterly-bulletin.html.