Questions about Hydro‑Québec’s financing

It is possible to buy debentures through the services of a securities brokerage firm. These firms are generally affiliated to major Canadian banks and credit and savings cooperatives. They may hold Hydro‑Québec debentures in inventory and offer them to their clients.

Contact the Investor Relations team.

Contact the Investor Relations team.

Shareholders of nationalized electricity cooperatives had until December 31, 1986 to obtain a refund. The outstanding shares have no more market value.

For more information, contact the electricity department of the Ministère de l'Économie, de l'Innovation et de l'Énergie:

5700, 4^e Avenue Ouest, bureau A‑404

Québec (Québec) G1H 6R1

Telephone : 418 627‑6386

No. Hydro-Québec is a government-owned corporation whose sole shareholder is the Québec government. Hydro‑Québec meets its financing needs through the bond market.

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

Of that amount, $57.3 billion are debentures and medium‑term notes that are guaranteed unconditionally by the Québec government. After taking into account short‑term borrowings and sinking funds, the guaranteed amount is $56.1 billion. Commercial paper and standby lines of credit are also guaranteed by the Québec government.

Debts other than bonds and medium‑term notes totaling a discounted amount of $3,196 million are not guaranteed by the Québec government.

No. The Hydro‑Québec debt guaranteed by the Québec government excludes its subsidiaries and joint ventures.

Maintain the presence and impact of Hydro‑Québec on capital markets.

• Plan bond issuance—in particular, series maturing in 2055, 2060, 2063 and 2065—in order to increase market liquidity. These long-term bonds are in line with the service life of our property, plant and equipment.
  Debt maturities
• Stagger debt maturities to maintain the annual financing program at a stable level.
• Focus on strategically important capital markets, in particular the Canadian and U.S. dollar markets.

Diversify Hydro–Québec’s funding sources while minimizing foreign exchange risk

• Maintain access to foreign capital markets, particularly the U.S. dollar market.
• If needed, use swaps to hedge financing in foreign currencies.
• Secure financing in the lowest-cost market.

Manage Hydro-Québec’s debt effectively.

• Redeem debt prior to maturity.

Yes. Debentures maturing in 2065 are a good example.

This information is available in the document United States – Securities and Exchange Commission – Form 18‑K, page 80 [PDF – 576 kB].

Under the Hydro-Québec Act, the dividends to be paid by Hydro-Québec are declared once a year by the Québec government, which also determines the terms and conditions of payment. For a given financial year, the dividend cannot exceed the distributable surplus, equal to 75% of net profit. This calculation is based on the consolidated financial statements. However, no dividend may be declared in respect of a financial period if the payment thereof would result in a reduction of the rate of capitalization of the Company to less than 25% at the end of that period.