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.
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
|Total||16,567in 2022||14,526in 2021||13,594in 2020||14,021||14,370|
|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 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|
|Total||3,418 in 2022||2,673 in 2021||1,727 in 2020||2,192||2,394|
|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|
|Property, plant and equipment and intangible assets||4,271in 2022||4,223in 2021||3,366in 2020||3,614||3,402|
|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.
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|
|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, 2022.
- 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.
- Forecast data is supplied for 2023.
- Gross borrowings.
- Including derivatives, which consist of swaps and forward contracts traded for purposes of managing long-term risk related to debt.
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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.
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