Hydro-Quebec's net income down $861 million for first nine months

Hydro Quebec file photo. (Daniel J. Rowe/CTV News)

Hydro-Quebec has reported lower net income for the first three quarters of the year due to a cycle of low runoff, which is reducing exports.

Net income totalled nearly $2.2 billion for the first nine months, down $861 million on the same period last year.

According to the utility company, the result is in line with its forecasts.

Hydro-Quebec, which unveiled its third-quarter financial results on Tuesday, once again pointed to low water levels in 2023 and 2024 to explain the drop in its profits.

The low level of water in the reservoirs requires the company to adopt prudent management of energy stocks, which has an impact on sales outside Quebec, as well as financial performance, the organization explained.

“Our strategy of prudent management of energy stocks is the right one in a context of below-normal rainfall. The cycle of low runoff, which has no impact on Quebec's energy supply, therefore continues to result in a decline in our electricity sales in external markets,” said executive vice-president of strategy and finance Maxime Aucoin in a news release.

Exports were down $777 million for the first nine months of the year compared with 2023.

-- This report by The Canadian Press was first published in French on Nov. 19, 2024.