Net income decreased $499 million compared to the same quarter last year, primarily due to the decline in electricity sales and price declines in markets outside Quebec.
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For the first nine months of 2023, Hydro-Québec recorded a net profit of $3,050 million, a decrease of $554 million compared to the historical profit of $3,604 million in the same period last year.
This decline is due in particular to a decline in electricity sales in markets outside Quebec, reflecting lower than normal natural water supplies. Sales volume fell by 6.8 TWh in the current quarter and in the first three months of the year, Hydro-Québec recorded a $909 million decline in its foreign sales.
Remember that a weak snowpack at the end of winter, less severe spring flooding than usual and moderate rainfall last summer in northern Quebec reduced water supplies to reservoirs, forcing Hydro to reduce its exports.
Additionally, after the first nine months of the year, electricity prices in the New England market were more than 50% lower than last year.
Sales are increasing in Quebec
In Quebec, sales increased by 151 million during the quarter, thanks in particular to price indexation from April 1, 2023.
Operating costs also increased in the first nine months of the year, including $436 million to improve service quality and reliability.
More details to follow.
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