Hydro-Québec spent more on electricity imports this summer to conserve water in its reservoirs during a record-breaking drought. The higher electricity purchases cut $312 million from the state-owned utility’s third-quarter profitability, according to financial results released Friday afternoon. The regions where Hydro-Québec’s dams are located are going through their driest four-year stretch since hydrological data began to be compiled in the 1940s. Cutting exports As a result, the company has had to reduce its exports to preserve its water reserves, Chief Financial Officer Maxime Aucoin said in a press release. Net income nevertheless rose by $27 million, or five per cent, to $580 million for the July-to-September period. The summer months remain a less critical period for Hydro-Québec’s annual financial results. Last winter’s dry spell and record-breaking cold ate into profitability in the first nine months of the year. Over that period, net income fell by $230 million, or eight per cent, to $2.6 billion. - This report by The Canadian Press was first published in French on Nov. 13, 2026
