Hydro reported a net income of $619 million and paid a $300 million dividend to the Province, the first in over two decades.
Newfoundland and Labrador Hydro (Hydro) held its Annual General Meeting on Friday, Hydro reported a net income of $619 million and paid a $300 million dividend to the Province, the first in over two decades. Hydro’s Energy Marketing division is reporting $95 million in gross export sales and over $5M in sales of Renewable Energy Credits. Hydro’s first quarter profit was $294 million, an increase of $135 million compared to the same period in 2023. Electricity sales were $369 million, an increase of $38 million compared to the first quarter in 2023. President and CEO Jennifer Williams says last year, more than 2000 customers provided feedback and are concerned about rising electricity rates. Hydro provided 700 rebates for residents and businesses purchasing electric and hybrid vehicles, an increase of 88 per cent over the previous year.
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