Hydro-Quebec announces a record profit for 2013

Hydro Quebec recorded a record profit of $2.9 billion in fiscal 2013, due to a combination of increased revenues from outside of Quebec and reduced costs, the Crown Corporation announced Friday.

The energy giant announced revenues of $12.9 billion, an increase of $745 million from one year prior.

Hydro Quebec attained those results thanks partially to an increase of $254 million in exports and a reduction of $122 million in electricity purchases from Rio Tinto Alcan.

The $2.94 billion in profits was a sharp increase from the $860 million of fiscal 2012.

The difference is largely explained by the shelving of the Gentilly-2 nuclear reactor a year earlier, a project that resulted in a charge of $1.87 billion.

The Quebec government will receive a $2.2 billion dividend from the latest results, up from $645 million one year earlier.

Hydro Quebec CEO Thierry Vandal said that the installation of new electricity meters and the departure of 1,340 workers contributed $42 million in improved efficiency. Hydro Quebec now has 19,692 employees.

Leave a comment:

showing all comments · Subscribe to comments
  1. joeN posted on 05/09/2014 03:14 PM
    ...and yet we keep getting the sob story from Hydro with their multiple rate increases during the same year. Additionally the rate increases are over the inflation rate. No one in the streets protesting but don't touch the tuition fees!
  2. maria posted on 05/09/2014 03:50 PM
    All right, so does this mean they will cancel the price increase - of course not,!!! - so they
    the Liberals and the PQ can say whatever they want about not raising taxes, but they get it some other way from us, IE : hydro price increase. Instead of cutting were it will actualy make a difference like the pensions of the unionized workers - I do not see why I should be paying into someone else's pension if I can not even afford one for myself, how is this logical. start cutting the pensions I think we have given enough!!!
  3. ric posted on 05/09/2014 04:29 PM
    So why the hell am I paying 4.3% more for my hydro this year? The rates should have at least stayed the same.
  4. Barcham posted on 05/09/2014 07:28 PM
    And seeing as how Hydro Quebec is wholly owned by the taxpayers of Quebec, when shall we expect to see our share of these incredible profits by way of lower hydro bills?

    Or should we not hold our collective breath?
  5. P. G. posted on 05/09/2014 09:57 PM
    So I'll be expecting a nice refund cheque. Send it to same address you send the bills.
showing all comments

Share this article:

News Videos

CJAD NOW...

Latest News