Borrowing program

To finance part of its investment program and to repay maturing debt, Hydro‑Québec issues securities which are guaranteed by the Québec government, its sole shareholder.

As at December 31, 2024, long-term debt totaled $60.4 billion, including current portion and perpetual debt.

The Board of Directors approves the annual borrowing program. The program is then authorized by the shareholder, the Québec government, which guarantees the payment of principal and interest of the issued securities.

Debt maturities
As at December 31, 2024 ($M)

THIS GRAPH SHOWS CASH OUTFLOWS RELATED TO BOND AND MEDIUM-TERM NOTE MATURITIES, BASED ON THE NOMINAL AMOUNT OF THESE DEBTS AS AT DECEMBER 31, 2024.

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Ce tableau montre les sorties de fonds par années
Année Montant en Millions de $ CAN
2024 1,400
2025 87
2026 733
2027 379
2028 2,473
2029 2,872
2030 1,363
2031 1,037
2032 17
2033 7
2034 7
2035 4,859
2036 N/A
2037 N/A
2038 N/A
2039 2
2040 3,771
2041 N/A
2042 N/A
2043 N/A
2044 N/A
2045 5,000
2046 N/A
2047 N/A
2048 N/A
2049 N/A
2050 7,050
2051 N/A
2052 N/A
2053 N/A
2054 N/A
2055 7000
2056 N/A
2057 N/A
2058 N/A
2059 N/A
2060 6,861
2061 5,861
2062 5,861
2063 4000

Debt Characteristics1

  • Average term 23 years
  • Breakdown – Fixed rate2 96.8%
  • Breakdown – Floating rate2 3.2%
  • Breakdown – Currency at time of issue – C$ 92.8%
  • Breakdown – Currency at time of issue – US$ 7.2%
  • Breakdown – Repayment currency2 C$ 100%

Recent issues

Bond and medium-term note issues for the last two years.
All figures are presented in Canadian dollars, unless otherwise indicated.

Sources of financing

  1. As at December 31, 2024.
  2. Including derivatives, which consist of swaps and forward contracts traded for purposes of managing long-term risk related to debt.
  3. Amounts rounded to million.
  4. This amount corresponds to the net proceeds from the issuance of medium-term notes.
  5. Includes a US$750-million swing loan.
  6. Of this amount, available balances of US$259 million, C$2 million and $451 million in Canadian or U.S. dollars are covered by operating credit line agreements with the financial institutions concerned.

How can we help you?

For questions regarding financing, view our FAQ or contact the Investor Relations team

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