Skip to main content

Hydro Quebec's dividend falls by a quarter as exports decline


Hydro Quebec's net income and the dividend paid to the Quebec government fell by more than a quarter in 2023, while its exports declined due to low water levels.

The utility announced on Wednesday that its net income fell by $1.3 billion, or 27.8 per cent, to $3.3 billion in 2023. Net income was higher than the average for the last ten years. The dividend paid to the Quebec government, meanwhile, has dropped by a quarter, from $3.4 billion in 2022 to $2.5 billion in 2023.

"On the financial front, after an exceptional year in 2022, the company had to contend with low water levels, falling prices on energy markets and milder temperatures in Quebec," said Maxime Aucoin, vice-president of strategy and finance, in a press release.

In 2023, Hydro Quebec's exports fell by 35 per cent compared with the same period last year. However, lower prices on international markets were offset by the use of derivatives. Sales outside Quebec therefore had a negative impact of $547 million on net income.

In Quebec, rate indexing had a positive impact of $471 million on the Crown utility's sales. The milder winter of 2023, however, eroded revenues by $349 million year-over-year.

Hydro Quebec's operating expenses rose by $288 million, mainly due to increased maintenance work and technological expenses.

- This report by The Canadian Press was first published in French on Feb. 21, 2024. Top Stories

'Rust' armourer gets 18 months in prison for fatal shooting by Alec Baldwin on set

A movie weapons supervisor was sentenced to 18 months in prison in the fatal shooting of a cinematographer by Alec Baldwin on the set of the Western film "Rust," during a hearing Monday in which tearful family members and friends gave testimonials that included calls for justice and a punishment that would instill greater accountability for safety on film sets.

Here's what to expect in the 2024 federal budget

Deputy Prime Minister and Finance Minister Chrystia Freeland will be presenting the 2024 federal budget on Tuesday, revealing how the federal Liberal government intends to balance the nearly $40 billion in pre-announced new spending with her vow to remain fiscally prudent.

Prince Harry in legal setback about security protection in U.K.

Prince Harry's fight for police protection in the U.K. received another setback on Monday, when a judge rejected his request to appeal an earlier ruling upholding a government panel's decision to limit his access to publicly funded security after giving up his status as a working member of the royal family.

Stay Connected