MONTRÉAL, May 19, 2017 /CNW Telbec/ - Lise Croteau, Executive Vice President and Chief Financial Officer of Hydro-Québec, today announces the company's results for the first quarter of 2017. Net income was $1,543 million, a result similar to that of the same period last year.
"Thanks to the continued reliability of our generating and transmission facilities, our net electricity exports hit a new quarterly record. In fact, this is the first time in Hydro-Québec's history that we exceeded 10 TWh in a quarter," commented Lise Croteau.
- Markets outside Québec: Net electricity exports total 10.1 TWh, a historic quarterly high
- 25% volume increase compared to the first quarter of 2016
- Previous record of 9.8 TWh set in the third quarter of 2016
- Major investments throughout Québec: $652 million
- Ongoing construction and connection of the Romaine hydroelectric complex
- Ongoing work on the 735-kV Chamouchouane−Bout-de-l'Île project
- Refurbishment of power generation and transmission facilities
On markets outside Québec, Hydro-Québec Production's net electricity exports totaled 10.1 TWh, a 2.0-TWh increase compared to the same period last year. The positive impact of this volume increase was offset, however, by the impact of lower prices on energy markets. The combined effect of these two factors led to a $100-million reduction in net exports compared to 2016.
Financial expenses decreased by $36 million in 2017. Because the Canadian dollar did not appreciate as markedly as in the first quarter of 2016, the exchange loss was lower than last year.
Finally, Hydro-Québec invested $652 million in property, plant and equipment and intangible assets in the first three months of 2017, compared to $618 million in 2016. These amounts were devoted to the company's growth and development projects as well as to asset maintenance and improvement activities.
For further information: Geneviève Chouinard, Hydro-Québec, 514 289-5005