Hydro-Quebec’s first quarter profits surge 30 per cent
MONTREAL – Hydro-Quebec’s profits surged 30 per cent to $1.76 billion in the first quarter on very cold winter temperatures and higher exports.
The public utility’s revenues grew by $711 million from the prior year to reach $4.62 billion.
Cold weather was responsible for a $363-million increase in power sales.
It also spent $309 million more on electricity purchases from third parties, including $86 million for wind farms.
Net electricity exports generated $233 million more earnings for the period ended March 31, while peak supplies in Quebec boosted domestic profits by $176 million.
Hydro-Quebec production earned $1.13 billion, up from $736 million a year earlier.
© The Canadian Press, 2014