Net income and investments increased more than 25% in the first quarter of 2025

Montréal – Hydro-Québec reported net income of $2,056 million for the first quarter of 2025, up $480 million compared to the same period in 2024. This is mainly due to favourable weather conditions in all of its markets.

In addition, Hydro-Québec continues to invest in the rollout of the Action Plan 2035. An amount of $1.4 billion was invested in the first three months of 2025, an increase of more than 25% compared to last year. These investments are aimed specifically at improving the quality of service offered to customers.

“The solid financial performance in the first quarter of 2025 is mainly due to a colder winter than last year,” said Maxime Aucoin, Executive Vice President and Chief Financial Officer. “In Québec, winter temperatures greatly contributed to an increase in sales, while on external markets, they allowed us to benefit from high export prices. To ensure the best possible use of our water resources, we continue to take a cautious approach to managing our energy reserves.”

Financial highlights for the first three months  

• Sharp rise in sales volume in Québec
  • Winter 2024–2025 recorded temperatures three degrees Celsius lower than last year, leading to higher electricity use
• Strong growth in revenues on external markets 
  • Favourable weather conditions: Increase in market prices
    • Average price obtained by Hydro-Québec: 16.2¢/kWh in 2025 compared to 10.6¢/kWh in 2024
• Increase in electricity purchases
  • Increased short-term purchases on the markets to meet Québec’s ad hoc requirements due to cold winter temperatures
  • Higher purchase prices for export activities
• Action Plan 2035: Sustained growth in investments and financing activities
  • Increase of more than 25% in investments compared to 2024, and 60% compared to 2023
    • Investments of more than $1.4 billion in three months, mainly to ensure asset sustainment and quality service
  • Financing activities that raised $1.7 billion in the first quarter

Hydro-Québec’s plan: Milestones for early 2025

• Positive progress in negotiations on an agreement with Newfoundland and Labrador
• Launch of the most ambitious energy efficiency pathway in Hydro-Québec’s history
  • Investments of $10 billion by 2035 
  • Smart thermostats at $0 for residential customers 

• 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)
• Unveiling of a scalable approach to solar development 
  • Goal of developing 3,000 MW of solar power by 2035
  • First call for tenders for solar farms (300 MW) announced in Hydro-Québec’s history

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