HydroQuébec profits decline slightly in first quarter of 2017

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MONTREAL — Despite the fact that exports reached a historic level, Hydro-Québec profits and revenue declined slightly in the first three months of 2017.

The Crown corporation Friday posted a net profit of $1.54 billion for the three months ending March 31, a 2.5 per cent decline year over year.

Revenues were $4.25 billion, down from $4.3 billion during the same period in 2016.

For the first time during one quarter, Hydro-Québec exported more than 10 terawatt hours, an increase that was counterbalanced by lower market prices. The Crown corporation’s net exports were $100 million.

Electricity sales in Quebec increased to $3.67 billion, a $25 million hike. According to Hydro-Québec, that was the result of temperatures in March that were three degrees lower than the norm.

Interest expenses were $617 million, down by $36 million, attributable to a favourable variation in the interest rate.

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