Hydro-Quebec has just released its five-year strategic plan, and it says the utility is investigating options to build new hydro in the province.
According to Hydro-Quebec, the Strategic Plan 2016-2020 centers on four major objectives:
- Lay the groundwork to double our revenue over the next 15 years so as to increase profits;
- Be a benchmark in customer service;
- Contribute to Quebec’s economic development and energy transition; and
- Keep rate increases lower than or equal to inflation.
The 44-page report indicates new growth areas for the provincial utility are new export opportunities and acquisition of assets or stakes outside Quebec/commercialization of innovations.
More than 99% of Hydro-Quebec’s power output comes from clean, renewable sources, according to the report, and its residential electricity rates are the lowest in North America.
It’s contributions to the Quebec economy include $3.8 billion in capital investment, $2.9 billion in purchases of goods and services, $3 billion paid to the Quebec government and 39,000 direct and indirect jobs sustained in 2015.
The report says, “The energy available to us is more than the quantity required to meet Quebec’s electricity needs.” At the same time, “We don’t want to use up all the energy available to meet Quebec needs before making new purchases.”
To meet the needs of the Quebec market and/or seize export opportunities, Hydro-Quebec says it intends to bring into service the last two Romaine generating stations (640 MW by 2020) undertake new projects to increase the capacity of some of its hydroelectric generating facilities (about 500 MW by 2025) and determine (by 2020) what the next major hydropower project will be after the Romaine complex.
In fact, the utility plans to carry out preliminary studies of various hydropower projects in the Plan Nord area, with the goal of being in a position by 2020 “to choose a hydroelectric project for the next decade based on future needs.”
The full report is available online.