Hydro-Québec announces net income of $2,243 million for the first three quarters of 2019. This result is comparable to that of the corresponding period last year, excluding a non recurring gain of $277 million in 2018 resulting from the sale of an equity interest in the subsidiary TM4 and the $46-million writeoff in the second quarter of 2019 due to the Northern Pass Transmission project’s being shelved.
On the Québec market, electricity supplies provided by Hydro-Québec Production to Hydro-Québec Distribution increased by $120 million compared to the same period in 2018. This growth resulted from an increase in the volume of electricity sales, mainly in the first quarter.
On markets outside Québec, Hydro-Québec Production’s net electricity exports decreased by $80 million, primarily because demand was lower on export markets during the second quarter as a result of temperature variances. The impact of the volume decrease was mitigated by an increase in the average price obtained, mainly on account of the positive effect of the company’s risk management strategy. Net electricity export volume remains very strong, at over 25 TWh on the corresponding date for a third consecutive year.
Highlights for first nine months
Increase baseload demand (excluding the impact of temperatures) in most customer segments
Temperatures colder in winter 2019 than in the previous winter
Markets outside Québec
Net export volume above 25 TWh for a third consecutive year
Increase in the average export price obtained (4.4¢/kWh)
Careful management of operational expenditure, making it possible to absorb the impact of inflation and salary indexing
Two fixed-rate bond issues maturing in 2055 during the third quarter, at an average cost of 2.31%, for proceeds of $1.4 billion
Total amount raised since the beginning of the year: $3.3 billion