Financial dashboard 2021-2022
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 of 178.9 TWh
Installed capacity of 37 248 MW
Average cost per kWh generated of
1.93¢ in 2021 2
Consolidated Financial Information3
Years | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|
Total | 14,526 in 2020 | 13,594 in 2020 | 14,021 | 14,370 | 13,468 |
Years | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|
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 |
Years | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|
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 |
Years | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|
Total | 2,673 in 2020 | 1,727 in 2020 | 2,192 | 2,394 | 2,135 |
Years | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|
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 |
45,767 |
46,335 |
45,259 |
Equity | 23,260 in 2021 | 21,322 in 2020 | 21,448 | 21,209 | 19,755 |
Years | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|
Property, plant and equipment and intangible assets | 4,223 in 2021 | 3,366 in 2020 | 3,614 | 3,402 | 3,754 |
Years | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|
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 $3.4 billion.
Net income
($B)
Investments in property, plant and equipment and intangible assets
($B)
Financing activities4
($B)
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).
Credit Ratings1
Rating agencies | Long-term debt | Commercial paper | Outlook/Trend |
---|---|---|---|
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.
- 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 team
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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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