New Energy
Hydro-Quebec Posts Record Profit as US Export Sales Soared
- Canada’s largest hydroelectric utility had $3.4 billion profit
- CEO to depart in April after dispute with Quebec government
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Hydro-Quebec posted record profit last year after selling electricity to the US at elevated prices, driven higher by impacts from the European energy crisis and an economic recovery.
Canada’s largest hydroelectric utility earned C$4.6 billion ($3.4 billion) in annual profit, a 28% jump from the prior year, according to a Wednesday statement from the provincially owned corporation. The results translate into a record C$3.4 billion dividend for Quebec’s provincial government.