Montreal

Hydro-Québec's 2014 profit surges 15% due to cold weather

Cold winter weather helped Hydro-Québec's profits surge by 15 per cent to $3.38 billion in 2014, the utility said Thursday.

Hydroelectricity utility made $3.38B in net profits in 2014 but is still asking for 3.9% hike

Thierry Vandal, president and CEO of Hydro-Québec, announced the utility's bump in profits at a news conference on Thursday, Feb. 26, 2015. (CBC)

Cold winter weather helped Hydro-Québec's profits surge by 15 per cent to $3.38 billion in 2014, the utility said Thursday.

Overall electricity sales grew 4.55 per cent to $13.1 billion while exports increased 30 per cent to $814 million.

The stronger results prompted a 15 per cent boost in the dividend paid to the Quebec government to $2.53 billion.

In addition to impact of colder temperatures and higher exports, the utility benefited from a rate hike.

Hydro-Quebec's spending, mainly on development projects, decreased $400 million to $3.9 billion last year from $4.3 billion in 2013.

The provincial utility is asking that customers pay 3.9 per cent more in 2015-2016. That’s on top of a 4.3 per cent increase which went into effect last April.

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