Hydro-Québec posts an increase in net income of nearly 30% for the first nine months of 2025

Montréal – Hydro-Québec reported net income of $2,830 million for the first nine months of 2025, an increase of $641 million compared to the same period in 2024. This result is due to the cold temperatures in the first quarter, our skillful business strategy that maximized  the value of exports, and the gain recognized on the disposal of the company’s investment in Innergex énergie renouvelable inc.

In addition, Hydro-Québec continues to invest in the rollout of the Action Plan 2035 — Towards a Decarbonized and Prosperous Québec. Total investments of $5.6 billion were made in the first three quarters of 2025, mostly  in Québec companies, in particular for the purchase of professional services and construction work. 

Financial highlights of the first nine months  

• Sharp rise in sales volume in Québec
  • Winter 2024–2025 recorded temperatures 3°C lower than the previous year, leading to higher electricity use
• Strong profitability on external markets in a context of persistently low runoff conditions
  • Colder winter: Increase in market prices
    • Sales of approximately 8 TWh at 15¢/kWh (sales of approximately 11 TWh at 10¢/kWh in 2024)
  • Lower prices since second quarter: Increase in electricity imports
    • Purchases of approximately 10 TWh at 5¢/kWh (purchases of approximately  6 TWh at 3¢/kWh in 2024)
  • Increase in revenue related to skillful marketing strategy deployment, supported by the reliability and performance of generation and transmission facilities
• Gain of $256 million on the disposal of the company’s investment in Innergex énergie renouvelable inc.
• Action Plan 2035: Sustained growth in investments and financing activities
  • Increase of 22% in investments compared to 2024, and of 65% since 2023.
    • Investments of $5.6 billion in the first nine months, mainly to ensure asset sustainment and quality service
  • Financing activities raised $5.5 billion since the beginning of the year

Hydro-Québec’s Action Plan:  Highlights of the first three quarters

• Improving service quality
  • Maintenance work: Close to 9,000 operations, exceeding the goal of 8,500 for 2025, to provide reliable service for customers
• Working together to use energy wisely
  • Expected increase of approximately 35% in energy savings in 2025 compared to last year thanks to our initiatives
  • Deployment of the most ambitious energy efficiency pathway in Hydro-Québec’s history: investments of $10 billion by 2035. Projects totalling $2 billion have already been implemented:
    • Launch of the Alliance des bâtiments exemplaires (exemplary building partnership) to promote best electricity consumption practices
    • New no-cost solutions for smart thermostats and electric water heaters
    • Personalized industrial customer support service
• Increasing power generation
  • Three new wind power agreements signed, totalling up to 8,500 MW, in partnership with Indigenous communities and MRCs  
    • Nutinamu-Chauvin Area (Saguenay–Lac-Saint-Jean) –1,000 MW
    • Gespe’gewa’gi territory (Gaspésie and Bas-Saint-Laurent) – 6,000 MW
    • Wetsok agreement (Bas-Saint-Laurent and Chaudière-Appalaches) – 1,500 MW
  • Unveiling of a scalable approach to solar development with the aim of developing 3,000 MW of solar power, including the first call for tenders for 300 MW
• Working more closely with Indigenous communities
  • Official public opening of Nemaska aerodrome in collaboration with the Cree Nation of Nemaska
  • Collaboration agreement with Makivik Corporation to promote economic development in Nunavik

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