MONTREAL -- With the economic recovery in full swing, Hydro-Quebec is posting improved results for its third quarter of fiscal 2021.
Net income more than doubled compared to the third quarter of 2020, from $203 million to $448 million.
Sales in Quebec increased by $155 million, mainly due to growth in demand in the commercial and industrial sectors, as well as rising aluminum prices.
"We are reporting excellent financial results today. Unlike last year, when the pandemic had a major impact on our earnings, this year we continue to post excellent results, quarter after quarter," summarized Jean-Hugues Lafleur, Executive Vice President and Chief Financial Officer of Hydro-Québec, at a news conference on Friday to present these quarterly results.
Outside Quebec, however, Hydro-Quebec posted a $15-million decline in the third quarter, which Lafleur said was "comparable" to the third quarter of the previous year.
In fact, for the first nine months of the year, Hydro-Quebec is talking about a marked increase in net exports of $118 million. This represents an increase in volume of nearly 20 per cent.
The average price that was obtained for these exports was 4 cents per kilowatt-hour.
Lafleur expects to see an increase in the coming year.
"We're definitely going to see something above 5 cents per kilowatt-hour, perhaps 5 or 6 cents," he said.
For those first nine months again, net income was $2.44 billion, up $633 million from $1.8 billion in the corresponding period in 2020.
For these three quarters of 2021, Hydro-Quebec recorded a $244 million increase in net electricity sales in Québec.
These were marked by growth in demand from the industrial and commercial sectors, but by milder temperatures in the spring of 2021 in Quebec.
-- This report by The Canadian Press was first published in French on Nov. 12, 2021.
