The government-owned utility reported $4.6-billion in profit for 2022 as soaring prices in export markets contributed to a nearly $1-billion increase in net income
“The economic recovery and energy crisis that hit Europe as a result of the conflict in Ukraine drove up natural gas prices, which led to an increase in electricity prices in the U.S. Northeast where gas-fired electricity generation is prevalent,” Hydro-Québec said in a statement.
A different dynamic played out in the utility’s home market of Quebec. There, a cold winter contributed to Hydro-Québec selling an unprecedented 180.6 TWh of power. The first month of 2022 was the coldest January on record in the province since 2004. About 15 per cent of Hydro-Québec’s power comes from the Churchill Falls hydro generation facility in Labrador, one of the world’s largest. Hydro-Québec is a minority owner of the site.
Under the current contract, Quebec purchases more than 5,000 megawatts of Churchill Falls power at 0.2 cents per kilowatt-hour, a tiny fraction of the energy’s resale value. The agreement has generated decades of resentment in Newfoundland and Labrador, and successive governments of the province have pressed for a better deal, to no avail.
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