Newspaper article The Canadian Press

Hydro-Quebec Profits Slip to $2.89 Billion despite Record Exports

Newspaper article The Canadian Press

Hydro-Quebec Profits Slip to $2.89 Billion despite Record Exports

Article excerpt

Hydro-Quebec earned $2.89 billion in 2017

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MONTREAL - Hydro-Quebec's net profit fell slightly last year despite record net electricity exports.

The state-owned utility says it earned $2.85 billion, down from $2.86 billion in 2016.

The results include $45 million it shared with customers because profits surpassed the regulator-approved rate of return.

Excluding this payment, Hydro-Quebec's adjusted profit was $2.89 billion, up $30 million from 2016.

Hydro-Quebec paid the provincial government -- its sole shareholder -- a $2.14 billion dividend, in line with the previous year.

The utility has had the lowest residential electricity rates in North America since 2009, paying just 7.07 cents per kWh last year. The monthly consumption of 1,000 kWh cost $71 in Montreal, compared to $111 in Vancouver, $163 in Toronto, $285 in Boston and $297 in New York City. …

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