Second Quarter 2017

Message from the President and Chief Executive Officer

Monsieur Éric Martel
Éric Martel, President and CEO, at the ceremony officially designating Hydro‑Quebec’s head office as the Édifice Jean-Lesage.

For the second quarter of 2017, Hydro‑Quebec posted net income of $359 million, a $53‑million increase compared to $306 million in 2016. On markets outside Quebec, Hydro‑Quebec Production’s net electricity exports increased by $101 million as a result of volume growth of 0.9 TWh over the same period last year, as well as more favorable market conditions. The first six months of 2017 were marked by a historic volume of net exports for a first half-year period: they totaled 17.5 TWh, or 2.9 TWh more than in 2016.

Since I joined Hydro‑Quebec two years ago, improving customer service and enhancing our customers’ perceptions of the company have been my top priorities. Thanks to the expanded business hours we implemented last year at our customer relations centres, we’re now better able to meet customer needs. For instance, we’re now open on July 1. In 2017, our representatives answered 3,234 calls that day. Our customer satisfaction rating was 91% in the second quarter of 2017, up from 89% a year earlier. Maintaining a high satisfaction rating is still a primary goal, and I pride myself on always keeping it top of mind.

My often-stated intention to increase our power deliveries to markets in the US Northeast was well illustrated in July, when we submitted six options to meet Massachusetts’s energy needs. We proposed either 100% hydropower or a hydrowind supply blend over one of three new transmission lines. The aim of our proposal, which is in perfect keeping with the growth avenues I’ve chosen to ensure the company’s long-term financial health, is to enable Massachusetts to benefit from a flexible, low-carbon energy source for the next 20 years.

Earlier CEO’s Quarterly

See also