HY­DRO- QUE­BEC PROFIT SLIPS DE­SPITE RECORD EX­PORTS

National Post (Latest Edition) - - FINANCIAL POST -

Hy­dro- Que­bec’s net profit fell slightly last year de­spite record net elec­tric­ity ex­ports. The state-owned util­ity says it earned $2.85 bil­lion, down from $2.86 bil­lion in 2016. The re­sults in­clude $45 mil­lion it shared with cus­tomers be­cause prof­its sur­passed the reg­u­la­tor-ap­proved rate of re­turn. Ex­clud­ing this pay­ment, Hy­dro- Que­bec’s ad­justed profit was $2.89 bil­lion, up $30 mil­lion from 2016. Hy- dro- Que­bec paid the pro­vin­cial gov­ern­ment — its sole share­holder — a $2.14 bil­lion div­i­dend, in line with the pre­vi­ous year. The util­ity has had the low­est res­i­den­tial elec­tric­ity rates in North Amer­ica since 2009, pay­ing just 7.07 cents per kWh last year. The monthly con­sump­tion of 1,000 kWh cost $71 in Mon­treal, com­pared to $111 in Van­cou­ver, and $163 in Toronto.

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