MONTREAL—Hydro-Quebec reported spending of $856 million on property, plant, equipment and intangible assets during the first three months of 2022 as part of its Q1 financial report.
For the first three months of 2022, Hydro-Quebec posted net income of $2.062 million, up $421 million over the $1.641 million recorded for the same period in 2021, stated a release.
The increase in income is mainly due to higher sales revenue, both in and outside Quebec, which was partially offset by an increase in short-term purchases on electricity markets to meet ad hoc requirements resulting from cold winter temperatures.
Electricity purchases rose by $269 million over the same period last year, stated the report.
In Quebec, sales jumped 5.3 terawatt hours compared to the same period in 2021, bringing in $546 million more than the $3,843 million posted a year ago.
The capital spending was an increase compared to $717 million a year ago. Work progressed on the Romaine-4 jobsite in preparation of the commissioning of the generating station in 2022.
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