Hydro-Québec’s net income and investments increased by more than 20% in the first half of 2025

Montréal - Hydro-Québec reported net income of $2,277 million for the first semester of 2025, up $432 million compared to the same period in 2024. This is mainly due to favourable weather conditions across all markets in the first quarter.

In addition, Hydro-Québec continues to invest in the rollout of its Action Plan 2035 – Towards a Decarbonized and Prosperous Québec. The company invested $3.3 billion in the first six months of 2025, an increase of $0.5 billion compared to last year.

“By taking advantage of high export prices while importing at much lower prices at other times, Hydro-Québec generated significant net income of more than $500 million on external markets in the first half of 2025 without impacting the water level in reservoirs,” said Maxime Aucoin, Executive Vice President and Chief Financial Officer. “In addition, we have increased investments by 20% to improve service quality and help our customers better manage their electricity use.”

Financial highlights of the first six months  

• Sharp rise in sales volume in Québec
  • Winter 2024–2025 recorded temperatures 3°C lower than the previous year, resulting in an increase in consumption
• Strong performance on export markets
  • Colder winter: Increase in market prices
    • Sales of approximately 6 TWh at 16¢/kWh in 2025 (9¢/kWh in 2024)
  • Lower prices in the second quarter: Increase in electricity imports
    • Purchases of approximately 6 TWh at 5¢/kWh (3¢/kWh in 2024)
  • Increase in income as a result of an efficient marketing strategy, supported by the reliability and performance of its generation and transmission equipment
• Action Plan 2035: Sustained growth in investments and financing activities
  • Increase in investments of 20% compared to 2024 and nearly 60% compared to 2023
    • Investments of $3.3 billion in six months, mainly to ensure asset sustainment and quality service
  • Financing activities raised $3.8 billion in the first half of the year

Hydro-Québec’s Action Plan: First semester highlights

• Improving service quality
  • Vegetation control work in specific areas to provide our customers with reliable service
• Working together to use energy wisely
  • Launch of the most ambitious energy efficiency pathway in Hydro-Québec’s history: Investments of $10 billion by 2035
  • New no-cost smart thermostat and electric water heater solutions
• Increasing power generation
  • Unveiling of a scalable approach to solar development with the goal of developing 3,000 MW of solar power by 2035
  • Announcement of the first tender call for solar farms (300 MW) in Hydro-Québec’s history
• Signing of several new agreements
  • Partnership announced for wind power development in the Nutinamu-Chauvin area (Saguenay–Lac-Saint-Jean) for a project of up to 1,000 MW of capacity by 2035
  • Collaborative agreement signed with Makivvik Corporation to promote economic development in Nunavik
  • First electricity supply contracts signed for two wind power projects in Quaqtaq and Puvirnituq (with Tarquti Energy)
• Becoming an agile, innovative and transparent organization
  • Partnership with the Ministère de l’Éducation for a $100-million investment from Hydro-Québec over three years in training to help meet labour needs in construction trades

For more information on Hydro-Québec’s results for the first semester of 2025, visit https://www.hydroquebec.com/about/publications-reports/quarterly-bulletin.html.