After nine months, Hydro-Québec has already exceeded the record profit of 2021
The Crown corporation has posted a profit of $3.6 billion since the start of fiscal 2022, a jump of 47% compared to the same period last year.
The state corporation made a profit of $3.6 billion since the start of fiscal 2022, a jump of 47% compared to the same period last year.
It's not just oil companies that are benefiting from soaring global energy prices; Quebecers also benefit from it indirectly through Hydro-Québec. a dramatic jump in Hydro's net profit, which reached $3.604 billion since the start of 2022, an increase of more than 47.6% compared to the net profit of $2.441 billion for the first three quarters of 2021.
Already, in nine months, Hydro-Québec has exceeded the record net profit of $3.546 billion it had posted for the full year 2021.
For the From July to September alone, i.e. the third quarter itself, net income almost doubled, from $448 million to $862 million, in particular due to a $508 million increase in sales outside Quebec. For the first nine months, this increase is $891 million.
This result is largely explained by inflated prices in export markets. Year-to-date, Hydro has averaged 7.6 cents per kWh, up more than 70% from the 4.4 cents per kWh achieved in the first nine months of 2021.
Of course, Hydro-Québec itself is feeling the impact of soaring energy prices. In other words, its own result, as spectacular as it is, could have been even higher if its electricity purchases had not cost it $131 million more in the third quarter, for a total increase. of $496 million since the beginning of 2022.
Exports alone do not explain the rise in the company's net income; State. Last winter's very cold temperatures and growing domestic demand also led to an $848 million increase in sales in Quebec to $8.985 billion year-to-date. On the other hand, major outages, especially those caused by last spring's derecho, left a $75 million bill in the hands of Hydro.
In other facts highlights of the third quarter, Hydro management is pleased with the completion of the Romaine complex and the commissioning of the second and last turbine-generator unit at Romaine-4 generating station in September 2022 .