Major impact of the COVID-19 pandemic on the company’s results
For the first six months of 2020, Hydro‑Québec posted net income of $1,605 million, a $433-million decrease compared to the $2,038 million recorded a year earlier.
On the Québec market, net electricity sales decreased by $145 million compared to the first six months of 2019, primarily on account of the $271‑million negative impact of temperatures, which were milder in winter 2020 than in the previous winter.
On markets outside Québec, Hydro‑Québec Production’s net electricity exports were $647 million, a $158‑million decrease due to the impact of temperatures in the first quarter, which resulted in lower demand and lower prices on export markets, as well as to the global pandemic in the second quarter, which also led to lower prices.
Highlights of the first six months
Reduction in the province’s electricity consumption due to the measures implemented by the government to manage the pandemic
In the second quarter, baseload demand declined by 11% in the commercial, institutional and small industrial segment and by 12% in the large industrial segment
Milder temperatures in winter 2020
3˚C higher than in winter 2019
Markets outside Québec
Lower energy needs and lower market prices on export markets as a result of the pandemic
Net electricity exports: 14.7 TWh, down 1.7 TWh from the first half of 2019
Average export price obtained: 4.4¢/kWh, compared to 4.9¢/kWh a year earlier
Negative impact of lower market prices mitigated by the positive impact of the company’s sales and risk management strategies
Investments of $1.4 billion in property, plant and equipment and intangible assets during the first six months of 2020, compared to $1.5 billion in 2019
Slowdown of activities on the company’s jobsites in the second quarter due to the pandemic
Issuance of fixed-rate bonds and variable-rate notes in the second quarter, which brought in $1.7 billion
Total amount raised since the beginning of the year: $3.1 billion