Hydro-Québec says it is in talks with the Caisse de depot et placement and other partners about possible acquisitions abroad.

The utility's president, Éric Martel, indicated a few weeks ago Hydro-Québec had set up a division to look into acquisitions and had a team dedicated to targeting the purchase of foreign-based energy companies.

Martel said today he has held discussions with the Caisse de depot and other financial partners. He did not want to elaborate.

He was speaking as Hydro-Québec released its financial results for 2015, a year in which it posted net income of $3.1 billion.

It was the second straight year the utility had topped the $3-billion mark.

Martel sought to temper expectations for the future, saying the last few years were exceptional and cannot be repeated eternally.