Hydro Quebec’s dividend falls by a quarter as exports decline [Video]

Hydro Quebec’s net income and the dividend paid to the Quebec government fell by more than a quarter in 2023, while its exports declined due to low water levels.

The utility announced on Wednesday that its net income fell by $1.3 billion, or 27.8 per cent, to $3.3 billion in 2023. Net income was higher than the average for the last ten years. The dividend paid to the Quebec government, meanwhile, has dropped by a quarter, from $3.4 billion in 2022 to $2.5 billion in 2023.

“On the financial front, after an exceptional year in 2022, the company had to contend with low water levels, falling prices on energy markets and milder temperatures in Quebec,” said Maxime Aucoin, vice-president of strategy and finance, in a press release.

In 2023, Hydro Quebec’s exports fell by 35 per cent compared with the same period last year. However, lower prices on international markets …