Third Quarter 2016
Message from the President and Chief Executive Officer
Hydro-Québec posted net income of $306 million in the third quarter of 2016. On markets outside Québec, Hydro-Québec Production recorded net exports of 9.8 TWh, a historic quarterly high and a 1.4-TWh increase compared to the previous record, set in third quarter 2015. Good availability of generating and transmission facilities, combined with high runoff, enabled the division to seize several business opportunities, making it possible to completely offset the impact of lower prices on energy markets.
On September 20, I presented our Strategic Plan 2016–2020 to the Committee on Agriculture, Fisheries, Energy and Natural Resources. I took the opportunity to express our sincere hope that Quebecers will take greater pride than ever in Hydro-Québec. They have many reasons to do so, including the fact that our residential rates are the lowest in North America and that over 99% of the energy we generate comes from a renewable source, making Hydro-Québec the envy of many electric utilities around the world.
It can’t be overstated: our success on energy markets is due to the green resource we have at our disposal — water. Thanks to this resource, we recently negociated our largest power supply agreement of the past 15 years. Under this agreement, we will sell 14 TWh of hydropower over a seven-year period, from 2017 to 2023, to Ontario’s Independent Electricity System Operator (IESO), which oversees the province’s electricity market and operates its power system.