Fitzgibbon predicts “significant increases” in Hydro-Québec rates within five to ten years

Photo: Karoline Boucher archives The Canadian Press The minister also took the opportunity to note that there will be no “rapid shock” of rate increases.

Léo Mercier-Ross

Published at 2:35 p.m.

• Québec

There will be “significant increases” in Hydro-Québec rates “in the next five or ten years,” said Economy, Innovation and Energy Minister Pierre Fitzgibbon.

For the first five years, “there will be no changes to be made because the expenses will arrive gradually and will be amortized over a period of 20 years,” the minister explained shortly before a cabinet meeting on Wednesday.

200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000

Earlier Wednesday, Premier François Legault stated on his social media that as long as he is premier, “Quebecers’ rates will not increase by more than 3% per year.” The next provincial election is scheduled for 2026.

“In five years or ten years, yes, there will be significant increases,” said Mr. Fitzgibbon in response to his premier’s statement. “The question at that time will be how we allocate investment costs [between] industrial, commercial and residential. It’s a big debate,” he added. The minister also took the opportunity to note that there will be no “rapid shock” of rate increases.

In November 2023, Hydro-Québec had planned investments of $155 to $185 billion by 2035 to increase production in the face of increased consumption in the province.

Asked about the consequences of the customs tariffs on electric vehicles produced in China imposed by the federal government, Pierre Fitzgibbon judged that there will be “negative impacts,” both for consumers and for Quebec, which is “dependent on China” with its exports. “Having temporary customs to allow the market to balance out is valid,” he specified, however.

With François Carabin