Third quarter 2016
Hydro-Québec: Record volume of net exports in the third quarter
The company posts net income of $306 million
For the quarter ended September 30, net income totaled $306 million. Hydro-Québec took advantage of several business opportunities on markets outside Québec, which resulted in a record volume of quarterly net electricity exports. This allowed the company to offset the decrease in prices on energy markets and to maintain its third-quarter net income above $300 million.
The difference compared to the $339-million net income posted in the third quarter of 2015 is mainly due to an increase in financial expenses attributable to exchange rate fluctuations.
- Markets outside Québec: Net electricity exports of 9.8 TWh, a historic quarterly high
- Previous record exceeded by more than 15%
- High runoff
- Good availability of generating and transmission facilities
- Financial expenses: Lower exchange gain than last year because the Canadian dollar did not depreciate as markedly as in the same period of 2015
- Financing: Issuance of variable-rate notes for a total of $1.0 billion, maturing in 2019