Sharp decline in second quarter earnings for Hydro-Québec

Hydro-Quebec posted a 32.9% fall in revenue for the second quarter, which was severely impacted by the drop in its export volumes.

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Internet revenue for the second quarter of 2023 was $456 million, a pointy lower of $224 million from $680 million for a similar interval final 12 months.

“The second quarter was characterised by unfavorable climate situations in our export markets. “Though our threat administration technique continues to mitigate the influence of falling power market costs, our quarterly internet revenue is down,” confirmed Jean-Hugues Lafleur, Government Vice-President and Chief Monetary Officer of Hydro-Québec.

For the primary half, which corresponds to the primary six months of the fiscal 12 months, internet revenue was $2.69 billion, a slight lower of $55 million, or 2%, in comparison with internet revenue of $2.74 billion. {dollars} within the corresponding half 12 months of 2022.

The implementation of the chance administration technique would have made it potential to profit from the excessive futures costs prevailing in 2022, which might have led to a rise in gross sales outdoors of Quebec within the first quarter of 2023.

Nevertheless, that enhance ($390 million over six months) would have been offset by the mixed impact of a decline in Quebec energy gross sales [en raison d’un hiver doux]a rise in working prices and a rise in depreciation expenses, notably associated to the commissioning of Romaine-4 in autumn 2022.

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