Business & Finance, Canada, New Development, North America

Hydro-Quebec posts net $1.8 billion in profit for first quarter 2015

Canadian provincial utility Hydro-Quebec reports its net profit was nearly $1.8 billion for the first quarter of 2015.

In specific numbers, the company had profit of $1.788 billion, compared with $1.75 billion in 2014. This $38 million increase is due in part to growth in Hydro-Quebec Production’s net electricity exports, according to a press release.

Revenue for the company totaled $4.6 billion, compared with $4.616 billion in 2014.

Profits by company segment are:

— Hydro-Quebec Production $1.129 billion ($1.132 billion in 2014)

— Hydro-Quebec TransEnergie $141 million ($163 million in 2014). Revenue from native-load transmission service increased by $8 million while net amounts payable to customers increased by $16 million

— Hydro-Quebec Distribution $527 million ($454 million in 2014). Revenue from electricity sales increased by $273 million, partly because of the cold temperatures in winter 2015. Electricity purchases and the related transmission costs decreased by $65 million, supplies purchased from third parties decreased by $71 million and supplies from Hydro-Quebec Production decreased by $24 million

— Hydro-Quebec Equipement et services partages and Societe d’energie de la Baie James (construction segment) $351 million ($418 million in 2014). Projects under way include construction of the Romaine hydroelectric complex (Hydro-Quebec Production), as well as expansion of the transmission system in the Minganie region and refurbishment of static var compensators at Albanel substation (Hydro-Quebec TransEnergie).

In addition, during the first three months of 2015, Hydro-Quebec invested $618 million in property, plant and equipment, intangible assets and the Energy Efficiency Plan ($748 million in 2014).