Hydro-Quebec posted net income of $2.9 billion in 2025, up 9 per cent

A cold 2025 in Quebec meant record profits for Hydro-Quebec, as customers struggled with costs and power outages.

Hydro-Quebec reported a net income of $2.9 billion in 2025, up nine per cent from 2024.

The Crown corporation’s contribution to the provincial treasury amounted to $4.4 billion, including a $2.2 billion dividend to be paid to the government.

The result is inflated by the sale of its 20 per cent stake in Innergex for $256 million.

Without the sale, net income would have been $2.650 billion, slightly lower than the $2.663 billion reported in 2024.

At the same time, the Crown corporation continues to invest $7.8 billion and estimates its contribution to Quebec’s GDP at $26.1 billion.

Record demand

The cold weather that marked the end of last winter and the beginning of this year, during the first and fourth quarters of 2025, generated record sales of nearly 185 terawatt-hours (TWh), up four per cent from the previous year.

However, Hydro-Quebec is still grappling with low water levels in its reservoirs, a situation that has persisted since 2023 and resulted in the corporation importing more electricity than it exported during the 2025 financial year.

All the same, electricity sold for more in 2025; though exports fell from 15.1 TWh to 11.8 TWh, export revenues increased by $200 million, from $1.5 billion in 2024 to $1.7 billion in 2025.

In addition, the number of outages decreased by six per cent last year, due in part to efforts in targeted areas where the impact on grid reliability is greatest.

This report by The Canadian Press was first published in French on Feb. 26, 2026.