Here are answers to some of the most frequently asked questions about Hydro–Québec's debt. For any question regarding Hydro–Québec's financing, contact a member of the IR team:

May I buy Hydro-Québec shares?

No. Hydro-Québec is a government-owned corporation whose sole shareholder is the Québec government. Hydro-Québec meets its financing needs through the bond market.

How may I buy Hydro-Québec debentures?

It is possible to buy debentures through the services of a securities brokerage firm. These firms are generally affiliated to major Canadian banks and credit and savings cooperatives. They may hold Hydro-Québec debentures in inventory and offer them to their clients.

Where can I view Hydro-Québec’s outstanding long-term debt?

What are Hydro-Québec’s financing strategies?

  • Plan bond issuance—in particular, series maturing in 2035, 2040, 2045, 2050 and 2055—in order to increase market liquidity. Debt Maturities 2019–2055 as at December 31, 2018 [PDF – 20 Kb]
  • Stagger debt maturities in order to maintain the annual financing program at a stable level.
  • Focus on strategically important capital markets, in particular the Canadian and U.S. dollar markets.

Does Hydro-Québec proceed to the reopening of some debenture series?

Yes. Debentures maturing in 2050 are a good example.

Does the Québec government guarantee apply to all of Hydro-Québec’s debt?

As at December 31, 2018, long-term debt totaled $46.3 billion*. Of that amount, $44.7 billion are debentures and medium-term notes that are guaranteed unconditionally by the Québec government. After taking into account short-term borrowings and sinking funds, the guaranteed amount is $44.0 billion. Commercial paper and standby lines of credit are also guaranteed by the Québec government.

Debts other than bonds and medium-term notes totaling a discounted amount of $1,543 million are not guaranteed by the Québec government.

The Hydro‑Québec debt guaranteed by the Québec government excludes its subsidiaries and joint ventures.

* Including current portion and perpetual debt.

What is the maximum dividend that Hydro-Québec may have to pay to the Québec government?

Under the Hydro-Québec Act, the dividends to be paid by Hydro-Québec are declared once a year by the Québec government, which also determines the terms and conditions of payment. For a given financial year, the dividend cannot exceed the distributable surplus, equal to 75% of net profit. This calculation is based on the consolidated financial statements. However, no dividend may be declared in respect of a financial period if the payment thereof would result in a reduction of the rate of capitalization of the Company to less than 25% at the end of that period.

I own Hydro-Québec debentures that have matured more than three years ago. How may I redeem them?

Contact a member of the Investor Relations team:

I own a bearer bond that has matured—or that has been lost—or a registered bond that has matured. What do I do to redeem it?

Contact a member of the Investor Relations team:

I have in my possession shares of a nationalized electricity cooperative. What do I do to redeem them?

Shareholders of nationalized electricity cooperatives had until December 31, 1986 to obtain a refund. The outstanding shares have no more market value.

For more information, contact the Natural resources department:

5700, 4e Avenue Ouest, office A-415

Québec (Québec) G1H 6R1

Telephone: 418 627-6386, ext. 8305

IR Newsletter

The IR Newsletter is an electronic bulletin that informs you about Hydro-Québec’s major financial news.

Terms and conditions of disclosure

The content of this site is intended for general information purposes only and should not be construed as an offer to sell or a solicitation of offers to purchase securities.

It has not been approved by any regulatory body and is not sufficient for the purpose of deciding to purchase securities. The information, when released, was considered reliable as of that date.

However, errors or omissions may have resulted from electronic conversion, downloading or unauthorized modifications. No warranty is being made by Hydro‑Québec as to the accuracy or completeness of the information provided on this site. Users from outside the Province of Québec are sole responsible for complying with their national, provincial or state laws and regulations.