May 9, 2014 2:30 pm

Hydro-Quebec records record profits for 2013

Hydro-Quebec headquarters in Montreal.

Hydro-Quebec Montreal

MONTREAL – Hydro-Quebec recorded a record profit of $2.9 billion in fiscal 2013, due to a combination of increased revenues from outside of Quebec and reduced costs, the Crown Corporation announced Friday.

The energy giant announced revenues of $12.9 billion, an increase of $745 million from one year prior.

Hydro-Quebec attained those results thanks partially to an increase of $254 million in exports and a reduction of $122 million in electricity purchases from Rio Tinto Alcan.

The $2.94 billion in profits was a sharp increase from the $860 million of fiscal 2012.

The difference is largely explained by the shelving of the Gentilly-2 nuclear reactor a year earlier, a project that resulted in a charge of $1.87 billion.

The Quebec government will receive a $2.2 billion dividend from the latest results, up from $645 million one year earlier.

Hydro Quebec CEO Thierry Vandal said that the installation of new electricity meters and the departure of 1,340 workers contributed $42 million in improved efficiency. Hydro Quebec now has 19,692 employees.

© The Canadian Press, 2014

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