Hydro-Quebec contributes $1.4B to reduce province’s deficit

Quebec’s Natural Resources Minister Pierre Arcand confirmed Wednesday that Hydro-Quebec has been imposing higher rates than necessary on users over several years.

He told reporters that the resulting surplus has helped pay down the deficit, leading to a balanced budget for 2017.

Arcand explained Hydro’s rate increases were low, but led to a significant accomplishment for the province.

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“I think we can be proud of what we have accomplished,” he said.

Tweet This Click to share quote on Twitter: "I think we can be proud of what we have accomplished," he said.

“Seven-tenths of one per cent in the last two years and my guess is things will go in that direction in the next few years.”

The opposition Coalition Avenir Quebec (CAQ) is demanding that Quebecers be immediately reimbursed – about $350 per client.

MNA François Bonnardel said the overcharging amounts to an extra tax on Quebecers.

“They received too much money about what they were supposed to have, it’s $1.4 billion, it’s a lot of money,” he said.

Tweet This Click to share quote on Twitter: "They received too much money about what they were supposed to have, it's $1.4 billion, it's a lot of money," he said.

The Liberals have since said they will use any future surpluses to decrease rates now that the budget is balanced.

The province’s energy board evaluates the utility’s request for rate increases.

— with files from The Canadian Press.