February 26, 2015 12:29 pm
Updated: February 26, 2015 12:40 pm

Hydro-Quebec’s 2014 profit surges 15% to $3.38 billion due to cold weather

Overall electricity sales for Hydro-Quebec grew 4.55 per cent to $13.1 billion while exports increased 30 per cent to $814 million.

Hydro-Quebec Montreal
A A

MONTREAL — Cold winter weather helped Hydro-Quebec’s profits surge by 15 per cent to $3.38 billion in 2014, the utility said Thursday.

Overall electricity sales grew 4.55 per cent to $13.1 billion while exports increased 30 per cent to $814 million.

READ MOREHydro-Quebec’s CEO Thierry Vandal to step down

The stronger results prompted a 15 per cent boost in the dividend paid to the Quebec government to $2.53 billion.

In addition to impact of colder temperatures and higher exports, the utility benefited from a rate hike.

Hydro-Quebec’s spending — mainly on development projects — decreased $400 million to $3.9 billion last year from $4.3 billion in 2013.

© 2015 The Canadian Press

Report an error

Comments

Want to discuss? Please read our Commenting Policy first.

Global News