2023-05-12 15:00:00
Despite a less cold winter than last year, Hydro-Québec managed to increase its profits to a record level in the first quarter, thanks to exports.
The state-owned company posted a net profit of 2.2 billion for the first three months of 2023, or 169 million more than for the same period last year.
“Although prices fell in the energy market, our risk management strategy was able to offset this decline, which contributed to the achievement of an unprecedented quarterly net profit”, commented Jean- Hugues Lafleur, Vice-President and Chief Financial Officer of Hydro-Québec.
Hydro-Quebec obtained an average price of 13.2 cents per kilowatt hour on export markets, almost double what it had obtained last year.
Mr. Lafleur warns, however, that the results for the year will be lower than those of last year, which had reached the historic level of 4.6 billion. Hydro-Québec forecasts a net profit of 4 billion in 2023.
Electricity sales in Quebec reported 234 million less than in the first quarter of last year, due to milder temperatures. Sales outside Quebec brought in $593 million more than last year.
Operating expenses are up $106 million, mainly due to the $71 million increase in payroll.
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