Hydro-Quebec posted record profit last year after selling electricity to the U.S. at elevated prices driven up by the European energy crisis and an economic recovery.
Canada’s largest hydroelectric utility earned $4.6 billion in annual profit, a 28 per cent jump from the prior year, according to a Wednesday statement from the provincially owned corporation. The results translate into a $3.4 billion dividend for Quebec’s provincial government.
Hydro-Quebec saw a 60 per cent surge in export sales last year to almost $3 billion, with added demand from the U.S. when Russia’s war in Ukraine escalated prices for natural gas, a common power plant fuel. That drove up electricity prices, and boosted U.S. appetite for cheaper power that the Canadian utility could provide.
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