Hydro-Québec's net income for the first six months up $365 million from 2017

MONTRÉAL, Sept. 7, 2018 /CNW Telbec/ - Jean-Hugues Lafleur, Executive Vice President and Chief Financial and Risk Officer of Hydro-Québec, today announces the results for the first half of 2018. For the six-month period ended June 30, 2018, net income totaled $2,267 million, up $365 million from $1,902 million a year earlier.

This marked increase is mainly due to a $277-million gain on the sale of a 55% interest in Hydro-Québec's subsidiary TM4 to the multinational company Dana in June, as part of the creation of a strategic partnership.

"The partnership between Hydro-Québec and Dana will strengthen TM4's activities in Québec," said Mr. Lafleur. "It will also help us achieve our goal of seizing growth opportunities outside Québec, be it by increasing our exports, commercializing our innovations or partnering with key players in the energy and sustainable mobility sectors."

Highlights of the first six months

  • Strategic partnership with multinational Dana
    • Partial sale of subsidiary TM4, generating a gain of $277 million
  • Québec market
    • Temperatures close to normal in winter 2017–2018, whereas they had been slightly above normal the previous winte
  • Markets outside Québec 
    • Record volume of net electricity exports for the first six months of the year: 18.7 TWh
  • Major investments throughout Québec
    • Ongoing construction and connection of the Romaine hydroelectric complex
    • Work on the 735-kV Chamouchouane–Bout-de-l'Île project
    • Refurbishment of generating and transmission facilities

On markets outside Québec, Hydro-Québec Production's net electricity exports rose by $17 million to $835 million. The first half of the year was marked by a record volume of net exports. Thanks to the solid performance or the company's generating and transmission facilities, net exports reached 18.7 TWh, a 1.2-TWh increase over the previous record, set in the first six months of 2017.


SOURCE Hydro-Québec

View original content: http://www.newswire.ca/en/releases/archive/September2018/07/c6270.html

This article was written by cool news network.

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