Over 99% of power generated from renewables
Large reservoirs with a storage capacity of 178.9 TWh
Installed capacity of 37 248 MW
Average cost per kWh generated of
1.93¢ in 2021 2
Consolidated Financial Information3
|Total||14,526 in 2020||13,594 in 2020||14,021||14,370||13,468|
|Operations||3,288 in 2021||3,146 in 2020||2,818||2,843||2,664|
|Other components of employee future benefit cost||(743) in 2021||(494) in 2020||(557)||(340)||(322)|
|Electricity and fuel purchase||2,169 in 2021||2,204 in 2020||2,227||2,167||2,005|
|Depreciation and amortization||2,689 in 2021||2,694 in 2020||2,782||2,685||2,686|
|Taxes||1,191 in 2021||1,138 in 2020||1,133||1,111||1,076|
|TOTAL||8,594 in 2021||8,688 in 2020||8,403||8,466||8,109|
|Income before financial expenses||5,932 in 2021||4,906 in 2020||5,618||5,904||5,359|
|Financial expenses||2,368 in 2021||2,603 in 2020||2,695||2,712||2,513|
|Net income||3,564 in 2021||2,303 in 2020||2,923||3,192||2,846|
|Total||2,673 in 2020||1,727 in 2020||2,192||2,394||2,135|
|Total assets||82,698 in 2021||80,895 in 2020||78,563||76,989||75,769|
|Long-term debt, including current portion and perpetual debt||
49,698 in 2021
48,413 in 2020
|Equity||23,260 in 2021||21,322 in 2020||21,448||21,209||19,755|
|Property, plant and equipment and intangible assets||4,223 in 2021||3,366 in 2020||3,614||3,402||3,754|
|Return on equity (%)a||14.3 in 2021||9.5 in 2020||12.4||14.0||12.9|
|Capitalization (%)b||32.0 in 2021||31.0 in 2020||32.3||31.8||30.7|
|Profit margin (%)c||24.5 in 2021||16.9 in 2020||20.8||22.2||21.1|
|Interest coveraged||2.52 in 2021||1.89 in 2020||2.07||2.18||2.13|
|Self-financing (%)e||52.2 in 2021||12.8 in 2020||48.6||63.9||66.6|
Results and Outlook4
- Investments totaled $4.2 billion in 2021.
- Eight fixed-rate bond issues were made in 2021 on the Canadian capital market, at an average cost of 2.72%. The bonds will mature in 2060. These issues raised a total of $3.4 billion.
Investments in property, plant and equipment and intangible assets
Hydro-Québec securities: a bright and sustainable asset
Unconditional guarantee by the Québec government on most of Hydro-Québec’s debt (debentures, medium-term notes, commercial paper).
|Rating agencies||Long-term debt||Commercial paper||Outlook/Trend|
|S&P Global Ratings||AA-||A-1+||N/A*|
|DBRS Morningstar||AA (low)||R-1 (middle)||Stable|
* S&P Global Ratings does not provide an outlook for Hydro-Québec’s credit rating.
- As at December 31, 2021
- Sum of generating, procurement and sales costs, divided by net sales volume
- a) Net income divided by average equity for the year less average accumulated other comprehensive income for the year
- b) Equity divided by the sum of equity, long-term debt, current portion of long-term debt, perpetual debt, borrowings and derivative instrument liabilities, less derivative instrument assets and sinking fund.
- c) Net income divided by revenue.
- d) Sum of income before financial expenses and net investment income divided by interest on debt securities.
- e) Cash flows from operating activities less dividend paid, divided by the sum of cash flows from investing activities, excluding net change in short-term investments and sinking fund, and repayment of long-term debt.
- Forecast data is supplied for 2022.
- Including derivatives, which consist of swaps and forward contracts traded for purposes of managing long-term risk related to debt.
How can we help you?
For questions regarding Hydro-Québec’s financing, view our FAQ or contact the Investor Relations teamContact us
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