Financial dashboard 2022-2023

Hydro-Québec is an important generator, transmission provider and distributor of electricity in Canada, focusing mainly on hydroelectricity. To develop, improve and maintain its facilities, and reimburse maturing debts, the company issues securities which are guaranteed by the Québec Government, its sole shareholder.

Key Assets1

Over 99% of power generated from renewables

Large reservoirs with a storage capacity of179.3 TWh

Installed capacity of 37,439 MW

Average residential rate of 7.59¢/kWh in 20222the lowest in North America

Consolidated Financial Information3

Revenue, in millions Canadian dollars.
Years 2022 2021 2020 2019 2018
Total 16,567in 2022 14,526in 2021 13,594in 2020 14,021 14,370
Expenditure, in millions Canadian dollars.
Years 2022 2021 2020 2019 2018
Operations 3,844in 2022 3,288in 2021 3,146in 2020 2,818 2,843
Other components of employee future benefit cost (1,020)in 2022 (743) in 2021 (494) in 2020 (557) (340)
Electricity purchases 2,834in 2022 2,169in 2021 2,204in 2020 2,227 2,167
Depreciation and amortization 2,828 in 2022 2,689 in 2021 2,694 in 2020 2,782 2,685
Taxes 1,230in 2022 1,191in 2021 1,138in 2020 1,133 1,111
TOTAL 9,716in 2022 8,594in 2021 8,688in 2020 8,403 8,466
Income, in millions Canadian dollars.
Years 2022 2021 2020 2019 2018
Income before financial expenses 6,851in 2022 5,932in 2021 4,906in 2020 5,618 5,904
Financial expenses 2,294in 2022 2,368in 2021 2,603in 2020 2,695 2,712
Net income 4,557in 2022 3,564in 2021 2,303in 2020 2,923 3,192

Dividend, in millions Canadian dollars.
Years 2022 2021 2020 2019 2018
Total 3,418 in 2022 2,673 in 2021 1,727 in 2020 2,192 2,394
Balance sheet summary, in millions Canadian dollars.
Years 2022 2021 2020 2019 2018
Total assets 89,374in 2022 82,698in 2021 80,895in 2020 78,563 76,989
Long-term debt, including current portion 51,541in 2022 49,698in 2021 48,413in 2020 45,767 46,335
Equity 26,877in 2022 23,260in 2021 21,322in 2020 21,448 21,209
Investments affecting cash, in millions Canadian dollars.
Years 2022 2021 2020 2019 2018
Property, plant and equipment and intangible assets 4,271in 2022 4,223in 2021 3,366in 2020 3,614 3,402
Financial ratios
Years 2022 2021 2020 2019 2018
Return on equity (%)a 17.6in 2022 14.3in 2021 9.5in 2020 12.4 14.0
Capitalization (%)b 34.6in 2022 32.0in 2021 31.0in 2020 32.3 31.8
Profit margin (%)c 27.5in 2022 24.5in 2021 16.9in 2020 20.8 22.2
Interest coveraged 2.94in 2022 2.52in 2021 1.89in 2020 2.07 2.18
Self-financing (%)e 55.3in 2022 52.2in 2021 12.8in 2020 48.6 63.9

Results and Outlook3

Investments totaled $4.3 billion in 2022.

Hydro‑Québec carried out a number of fixed‑rate issues on the Canadian capital market during the year: $2.3 billion in medium‑term notes maturing in 2028, at an average cost of 3.15%, and $2.7 billion in bonds maturing in 2060 and 2063, at an average cost of 3.95%. These issues raised a total of $5.0 billion.

Net Income

($B)

The net profit for the year 2020 is 2.3 billion Canadian dollars, and the forecast for the year 2021 is 2.7 billion Canadian dollars

Investments

($B)

The investments amount to 4.3 billion Canadian dollars in 2022, and the forecast for 2023 is 5.7 billion Canadian dollars

Financing Activities4

($B)

The financing activities for the year 2022 is 5 billion Canadian dollars, and the forecast for the year 2023 is 5 billion Canadian dollars

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).

Debt Characteristics1

  • Average term 22 years
  • Breakdown – Fixed rate 94.3%
  • Breakdown – Floating rate 5.7%
  • Breakdown – Currency at time of issue – C$2 89.4%
  • Breakdown – Currency at time of issue – US$2 10.6%
  • Breakdown – Repayment currency – C$2 100%

Credit Ratings1

Rating agencies Long-term debt Commercial paper Outlook
Moody’s Aa2 P-1 Stable
S&P Global Ratings AA- A-1+ N/A*
Fitch Ratings AA- F1+ Stable
DBRS Morningstar AA (low) R-1 (middle) Stable

* S&P Global Ratings does not provide an outlook for Hydro-Québec’s credit rating.

  1. As at December 31, 2022.
  2. On April 1, 2022 (for residential customers with monthly consumption of 1,000 kWh).
    • 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, 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 acquisitions and disposals of short-term investments and sinking fund securities—and repayment of long‑term debt.
  4. Forecast data is supplied for 2023.
  5. Gross borrowings.
  6. Including derivatives, which consist of swaps and forward contracts traded for purposes of managing long-term risk related to debt.

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The content of this site is intended for general information purposes only and should not be construed as an offer to sell or a solicitation of offers to purchase securities.

It has not been approved by any regulatory body and is not sufficient for the purpose of deciding to purchase securities. The information, when released, was considered reliable as of that date.

However, errors or omissions may have resulted from electronic conversion, downloading or unauthorized modifications. No warranty is being made by Hydro‑Québec as to the accuracy or completeness of the information provided on this site. Users from outside the Province of Québec are sole responsible for complying with their national, provincial or state laws and regulations.

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