May 23, 2014 3:51 pm

Hydro-Quebec’s first quarter profits surge 30 per cent

Hydro-Quebec power lines are shown in Levis Que.

Jacques Boissinot / The Canadian Press

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.

READ MORE: Quebec economists suggest selling part of Hydro-Quebec and the SAQ

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.

© 2014 The Canadian Press

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