Electricity consumption at Hydro-Québec reached historical levels in the first fiscal quarter of 2022. During this period, Crown Corporation made a record profit of $2.06 billion.
This is the first time in its history that Quebecers’ electric utility has raised more than $2 billion in three months.
“We start the year with a remarkable financial performance, in a context of cold temperatures and a sharp increase in prices in our export markets,” said Jean-Hugues Lafleur, Vice President and Chief Financial Officer.
For the first three months of 2022, Hydro-Québec’s net income increased by $421 million year-over-year.
Crown Corporation claims that this significant increase is primarily due to an increase in sales in Quebec and outside the province. Fluctuations in aluminum prices were also profitable.
More details to come…