Hydro-Quebec's profits surged 30 per cent to $1.76 billion in the first quarter of 2014 on very cold winter temperatures and higher exports.
The public utility's revenues increased $711 million to $4.62 billion.
Net electricity exports generated $233 million more earnings while peak supplies in Quebec boosted domestic profits by $176 million.
Two weeks ago, the utility announced a record $2.9 billion profit for the 2013 fiscal year.
in April, a 4.3 per cent electricity rate hike also went into effect.