Canada’s largest hydroelectric utility earned $4.6 billion in annual profit, a 28 per cent jump from the prior year, according to a Wednesday statement from the provincially owned corporation. The results translate into a $3.4 billion dividend for Quebec’s provincial government.
Hydro-Quebec saw a 60 per cent surge in export sales last year to almost $3 billion, with added demand from the U.S. when Russia’s war in Ukraine escalated prices for natural gas, a common power plant fuel. That drove up electricity prices, and boosted U.S. appetite for cheaper power that the Canadian utility could provide.
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