Hydro-Quebec to expand int'l market, aims to double revenues by 2030
A Hydro Quebec logo is seen on their head office building Thursday, February 26, 2015 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Hydro-Quebec is hoping to double its revenues in the next 15 years or so by exploring international markets and by wooing foreign-based companies in sectors such as data.
The utility's 2016-2020 strategic plan released Wednesday also focuses on electricity exports and the acquisition of infrastructure.
"The global data centre market is rapidly growing and we have what it takes to be at the forefront of this trend," said Hydro-Quebec CEO Eric Martel.
Companies including Microsoft, Ericsson and Amazon have recently set up data centres with Hydro-Quebec.
Such centres require a lot of energy to cool their servers.
Hydro-Quebec said it also intends to keep rate hikes for consumers lower than or equal to inflation.
"We want to increase customer satisfaction and remain a powerful force for economic development by investing $18.1 billion in Quebec by 2020," said Martel.
Hydro-Quebec is aiming to achieve an overall public satisfaction rate of more than 90 per cent and install 2,500 charging stations for electric vehicles by 2020. It will also invest nearly $4.3 billion in Quebec's plan for economic expansion in the north, partly by increasing the capacity of its facilities.
Although Hydro-Quebec pulled out of international markets in the early 2000s, it recently sent representatives to South America to meet with potential partners, while Martel has just returned from China.
As for electricity exports, Hydro-Quebec plans to expand its services in Ontario as well as in the United States, specifically in the New England region and in New York state.