Hydro-Québec’s second-quarter results take a hit during pandemic

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The entire first half of 2020 was also affected by the pandemic and the inherent restrictive measures.

Net income for the first half of 2020 decreased from $2.038 billion to $1.605 billion, a decrease of $433 million.

“A great deal of uncertainty remains,” said Jean-Hugues Lafleur, executive vice-president and chief financial and risk officer at Hydro-Québec, during a virtual meeting with the press to present the financial results on Friday.

The decrease is attributable not only to the pandemic, but also to the winter of 2020, which proved to be warmer than the winter of 2019.

“The impacts were particularly felt during the second quarter,” Lafleur said.

Furthermore, on the export side, the price per kilowatt-hour in 2019, which was 4.9 cents, fell to 4.4 cents in 2020.