Hydro-Quebec has posted a record profit for 2022 as it sold electricity to the U.S. at elevated prices for much of last year.
Canada’s largest hydroelectric utility said it earned $4.6 billion in annual profits, a nearly 30% increase from 2021. The results led to a record $3.4 billion dividend payment to the Government of Quebec.
Hydro-Quebec reported a 60% surge in export sales last year to almost $3 billion as Russia’s invasion of Ukraine drove prices for natural gas and electricity higher.
However, while 2022 was a record year for the utility, falling natural gas prices have cut the average selling price for Hydro-Quebec’s electricity to about five cents per kilowatt-hour, down from last year’s peak of 8.2 cents.
As such, the utility said that it doesn’t expect to be able to match its performance in 2022 this year. Hydro-Quebec did say though that it is seeing increasing domestic demand among Quebeckers who are switching to electric vehicles.
Separately, Hydro-Quebec Chief Executive Officer (CEO) Sophie Brochu is scheduled to retire this April after three years leading the utility. A search for her successor is underway.
