While it’s the biggest quarterly profit in the company’s history, CFO Jean-Hugues Lafleur says its unlikely to last
“Although energy market prices have fallen, our risk management strategy helped offset this setback,” Hydro-Québec chief financial officer Jean-Hugues Lafleur said in a statement. “That said, it’s unlikely that we will perform as well over the remaining fiscal year, as lower market prices are expected to have a greater impact in the coming months.”
The corporation signs forward contracts extending about a year ahead, typically for as much as half its export volume. Such deals shield it from price drops and, in this case, allowed the company to profit from last year’s higher spot market prices. Ms. Brochu served only three years of a standard five-year tenure and caused a political and media stir when she said she was quitting. Outside observers have speculated that a rift with the Quebec government over energy strategy played a part in her decision, but she has insisted publicly that there was no such conflict.
That pressure is raising questions about how the Quebec government intends to secure more supply. It’s also prompting critics of Hydro-Québec’s long-term supply pact with Massachusetts to voice their opposition again, this time on the grounds that Quebec might simply not have enough electricity to power the state.
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