We did record a net income of $3,380 million in 2014. Each year, 75% of profits are returned to the Québec government in the form of a dividend, which is used to help support the province’s public expenses.
Most of the company’s profits do not come from rates, but from the activities carried out by Hydro-Québec Production, which is the division in charge of exports. There is no connection between the company’s annual profits and the rate application filed with the Régie de l’énergie.
Our rates are set by the Régie de l’énergie. To determine the rate adjustments we request from the Régie de l’énergie, we base our decision on the amounts we will need to spend to be able to offer electricity service to all our customers in Québec during the following year as well as on the revenue we expect to receive when our customers pay their electricity bills.
The rates set for our residential customers are the lowest in North America.
Learn more about how rates are set:
Every year, Hydro-Québec files a rate adjustment application with the Régie de l’énergie, an independent regulatory body. This application is analyzed according to a rigorous process that includes public hearings in December, during which representatives from all stakeholders can express their views. In March, when the Régie de l’énergie has completed its analysis, it sets the electricity rates that will go into effect on April 1.