Quarterly bulletin Third quarter of 2025

Hydro‑Québec posts an increase in net income of nearly 30% for the first nine months of 2025

Hydro‑Québec reported net income of $2,830 million for the first nine months of 2025, an increase of $641 million compared to the same period in 2024.

Quarterly Bulletin – Q3 2025 [PDF 692 kB]

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Financial highlights of the first nine months

Sharp rise in sales volume in Québec

Winter 2024‑2025 recorded temperatures 3°C lower than the previous year, leading to higher electricity use

Strong profitability on external markets in a context of persistently low runoff conditions

Colder winter: Increase in market prices

  • Sales of approximately 8 TWh at 15¢/kWh (sales of approximately 11 TWh at 10¢/kWh in 2024)

Lower prices since second quarter: Increase in electricity imports

  • Purchases of approximately 10 TWh at 5¢/kWh (purchases of approximately 6 TWh at 3¢/kWh in 2024)

Increase in revenue related to skillful marketing strategy deployment, supported by the reliability and performance of generation and transmission facilities

Gain of $256 million on the disposal of the company’s investment in Innergex énergie renouvelable inc.

Action Plan 2035 : Sustained growth in investments and financing activities

Increase of 22% in investments compared to 2024 and of 65% compared to 2023

  • Investments of $5.6 billion in nine months, mainly to ensure asset sustainment and quality service

Financing activities raised $5.5 billion since the beginning of the year

Additional information

Earlier quarterly publications