Financial dashboard 2023-2024
Hydro-Québec is an important generator, transmission provider and distributor of electricity in Canada, focusing mainly on hydroelectricity. To develop, improve and maintain its facilities, and reimburse maturing debts, the company issues securities which are guaranteed by the Québec Government, its sole shareholder.
Key Assets1
Consolidated Financial Information4
| Years | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total | 16,113in 2024 | 16,086in 2023 | 16,567in 2022 | 14,526in 2021 | 13,594in 2020 |
| Years | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Operations | 4,609in 2024 | 4,132in 2023 | 3,844in 2022 | 3,288in 2021 | 3,146in 2020 |
| Other components of employee future benefit cost | (773)in 2024 | (689)in 2023 | (1,020)in 2022 | (743)in 2021 | (494)in 2020 |
| Electricity purchases | 2,925in 2024 | 2,645in 2023 | 2,834in 2022 | 2,169in 2021 | 2,204in 2020 |
| Depreciation and amortization | 3,019in 2024 | 3,089in 2023 | 2,828in 2022 | 2,689in 2021 | 2,694in 2020 |
| Taxes | 1,210in 2024 | 1,217in 2023 | 1,230in 2022 | 1,191in 2021 | 1,138in 2020 |
| Total | 10,990in 2024 | 10,394in 2023 | 9,716in 2022 | 8,594in 2021 | 8,688in 2020 |
| Years | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Income before financial expenses | 5,123in 2024 | 5,692in 2023 | 6,851in 2022 | 5,932in 2021 | 4,906in 2020 |
| Financial expenses | 2,460in 2024 | 2,404in 2023 | 2,294in 2022 | 2,368in 2021 | 2,603in 2020 |
| Net income | 2,663in 2024 | 3,288in 2023 | 4,557in 2022 | 3,564in 2021 | 2,303in 2020 |
| Years | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total | 1,997 in 2024 | 2,466 in 2023 | 3,418 in 2022 | 2,673 in 2021 | 1,727 in 2020 |
| Years | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total assets | 99,709in 2024 | 92,668in 2023 | 89,374in 2022 | 82,698in 2021 | 80,895in 2020 |
| Long-term debt, including current portion | 60,359in 2024 | 55,155in 2023 | 51,541in 2022 | 49,698in 2021 | 48,413in 2020 |
| Equity | 28,707in 2024 | 27,527in 2023 | 26,877in 2022 | 23,260in 2021 | 21,322in 2020 |
| Years | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Property, plant and equipment and intangible assets | 5,987in 2024 | 4,898in 2023 | 4,271in 2022 | 4,223in 2021 | 3,366in 2020 |
| Years | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Return on equity (%)a | 9.6in 2024 | 12.2in 2023 | 17.6in 2022 | 14.3in 2021 | 9.5in 2020 |
| Capitalization (%)b | 32.7in 2024 | 33.7in 2023 | 34.6in 2022 | 32.0in 2021 | 31.0in 2020 |
| Profit margin (%)c | 16.5in 2024 | 20.4in 2023 | 27.5in 2022 | 24.5in 2021 | 16.9in 2020 |
| Interest coveraged | 2.03in 2024 | 2.36in 2023 | 3.01in 2022 | 2.53in 2021 | 1.91in 2020 |
| Self-financing (%)e | 37.1in 2024 | 47.5in 2023 | 55.4in 2022 | 52.7in 2021 | 12.9in 2020 |
Results and Outlook5
Investments totaled $6.0 billion in 2024.
Hydro‑Québec carried out a number of fixed-rate issues on the Canadian capital market: an issue of medium-term notes maturing in 2029, totaling $0.6 billion, at an average cost of 3.96%, and bond issues maturing in 2063 and 2065, totaling $5.2 billion, at an average cost of 4.29%. Theses issues raised a total of $5.8 billion.
Net Income
($B)
The net profit for the year 2023 is 3.3 billion Canadian dollars, and the forecast for the year 2024 is 2.7 billion Canadian dollars
Investments
($B)
The investments amount to 4.9 billion Canadian dollars in 2023, and the forecast for 2024 is 5.8 billion Canadian dollars
Financing Activities6
($B)
The financing activities for the year 2023 is 5 billion Canadian dollars, and the forecast for the year 2024 is 5 billion Canadian dollars
Hydro-Québec securities: a bright and sustainable asset
Unconditional guarantee by the Québec government on most of Hydro-Québec’s debt (debentures, medium-term notes, commercial paper).
Credit Ratings1
| Rating agencies | Long-term debt | Commercial paper | Outlook |
|---|---|---|---|
| Moody’s | Aa2 | P-1 | Stable |
| S&P Global Ratings | AA- | A-1+ | N/A* |
| Fitch Ratings | AA- | F1+ | Stable |
| Morningstar DBRS | AA (low) | R-1 (middle) | Stable |
* S&P Global Ratings does not provide an outlook for Hydro-Québec’s credit rating.
- As at December 31, 2023.
- Total installed capacity includes 37,436 MW for Québec and 619 MW for the United States.
- On April 1, 2023 (for residential customers with monthly consumption of 1,000 kWh).
-
- a) Net income divided by average equity for the year less average accumulated other comprehensive income for the year.
- b) Equity divided by the sum of equity, long-term debt, current portion of long-term debt, borrowings and derivative instrument liabilities, less derivative instrument assets and sinking fund.
- c) Net income divided by revenue.
- d) Sum of income before financial expenses and net investment income divided by interest on debt securities.
- e) Cash flows from operating activities less dividend paid, divided by the sum of cash flows from investing activities—excluding acquisitions and disposals of short-term investments and sinking fund securities—and repayment of long‑term debt.
- Forecast data is supplied for 2024.
- Gross borrowings.
- Including derivatives, which consist of swaps and forward contracts traded for purposes of managing long-term risk related to debt.
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