M$, compared to 3564M$ for the previous fiscal year”,”text”:”In a context marked by the sharp rise in prices on export markets and by the cold winter temperatures observed at the start of the year, [le] net profit reached $4557M, compared to $3564M for the previous fiscal year””>In a context marked by the sharp rise in prices on the export markets and by the cold winter temperatures observed at the start of the year, [le] net profit reached $4,557 million, compared to $3,564 million for the previous fiscal year
specifies Hydro-Quebec.
The dividend paid to the province is $3.418 billion, a quarter higher than 2021, when the dividend was then about $2.7 billion.
It is at home that it is reinvested, in our education system, in our health, our roads
cited as an example the CEO of Hydro-Québec, Sophie Brochu, during a press conference with Jean-Hugues Lafleur, vice-president and chief financial officer of Hydro.
Both warned that the exceptional figures unveiled on Wednesday will most likely not be carried over to the next financial year.2023, I will admit that prices have dropped significantly”,”text”:”In 2023, I will admit that prices have dropped significantly”}}”>In 2023, I will admit that prices have dropped significantlycommented Mr. Lafleur.
The results unprecedented
of 2022 had already been announced last November. After only nine months, Hydro-Québec indicated at that time that it had already exceeded its record profit for 2021.
In the presentation of her final annual report, resigning CEO Sophie Brochu mentioned the goal of decarbonizing the economy and doing so by creating wealth for all communities in Quebec.
She also welcomed a public model designed to reason over time
open to public consultation, and not managed according to the news
.
It’s valuable for making decisions that make sense [pour l’avenir]
she pointed out.
« Hydro-Québec is ready as ever to face the energy transition and meet the challenges facing Québec. »
Fallout from tariff increases
Unsurprisingly, these profits are the result of an increase in electricity sales and higher market prices. The average sale price increased from 5¢/kWh to 8.2¢/kWh between 2021 and 2022.
As the Crown corporation sold 180.6 terawatt hours (TWh) in Quebec in 2022, an increase of 5.4 TWh compared to 2021, it broke a new provincial sales record. These brought in $912 million more than in 2021.
Outside Quebec, the volume of sales fell slightly in one year (down 0.6 TWh) to 35.6 TWh in 2022, but the marked rise in prices on export markets generated revenue well above those of 2021 (+$1,086 million).
Cost of breakdowns
The budget devoted to restoring service following the power outages in 2022 amounts to $126 million, the highest amount since the ice storm, indicates the annual report of Hydro-Quebec.
The Auditor General, Guylaine Leclerc, had also singled out Hydro-Québec for the decline in the reliability of its services, in its last report.
Among the aggravating factors, Hydro-Québec cites the derecho last May and the winter storm with violent winds in December, two critical periods during which more than half a million customers were without power.
In addition, the state company had to considerably increase its purchases of electricity. They increased by $665 million in 2022, mainly due to three factors, it is mentioned:[…]; and an increase in the volume of supplies, resulting among other things from the entry into force of new power purchase agreements.”,”text”:”an increase in short-term supplies made on the markets to meet ad hoc needs Quebec during winter cold spells at the beginning of the year; an increase in transportation costs related to sales outside Quebec[…]; and an increase in the volume of supplies, resulting among other things from the entry into force of new power purchase agreements.”}}”>an increase in short-term supplies made on the markets to meet Québec’s ad hoc needs during winter cold spells at the start of the year; an increase in transportation costs related to sales outside Quebec […]; and an increase in the volume of supplies, resulting among other things from the entry into force of new power purchase agreements.
In addition, Hydro-Québec has allocated $4.3 billion in investments in 2022, said Mr. Lafleur, a party that financed the Romaine-4 complex, which is fully operational.
I leave serene
Arrested on the announcement of her hasty departure, Sophie Brochu assured to leave serene
and justified his choice by personal and professional considerations. At 60, she aspires to reflect on one’s own life
she replied to reporters.
Leaflet. My talent zone is the architect zone, […] with what we put together: the strategic plan.”,”text”:”I’m leaving because I feel it’s a good time for me to do so, said Ms. Brochu. My talent zone is the architect zone, […] with what we put together: the strategic plan.””>I’m leaving because I feel it’s a good time for me to do so, Ms. Brochu said. My talent zone is the architect zone […] with what we put together: the strategic plan.
Build [sera] more difficult than drawing the plan
she warned, insisting on the flexibility
that will be necessary for the next direction in the face of the inevitable changes. The world is different from two, four years ago, it is changing fast
she warned.
Among the notable achievements of her term, Ms. Brochu cited relations with Indigenous communities: it’s not simple, not easy, not perfect, but my god, we’re making progress!