July 26, 2024, St. John’s, NL – Today, Newfoundland and Labrador Hydro (Hydro) held its Annual General Meeting reflecting on 2023 and presenting the Annual Audited Consolidated Financial Statements for the year ended December 31, 2023. Hydro also released its Unaudited Financial Statements and financial results for the first quarter of 2024.

“Through the hard work and dedication of all Hydro employees, 2023 was a truly momentous year. We continued on our journey toward meeting Canada’s goal for a net-zero electricity sector when we commissioned the Labrador Island Link last April. We continued to put people first, which extends far beyond the walls and switchyards of Hydro. Our employees have a proud history of giving back to the communities we serve and I’m even more proud that we have continued to build on that legacy. In 2023, we also lost a dear friend and colleague. We will never cease our relentless effort towards safety and assure Bill’s family, our employees, and our colleagues that we carry his memory as a reminder that we must remain vigilant in our pursuit of safety, nothing is more important.”

Jennifer Williams, President and CEO, Newfoundland and Labrador Hydro

An extraordinary transition and expansion of the Province’s electricity system is underway. Hydro continues to advance plans to decarbonize, achieve net-zero targets, and meet the increasing demand for electricity through new sources of reliable, renewable electricity. Hydro has been readying for this change.

In 2023, Hydro, continued to anchor its actions to three core priorities: Enabling Sustainable Growth, Serving the Province and Working Together.

2023 Highlights:

Enabling Sustainable Growth

• With the Muskrat Falls Generating Station and Labrador Island Link fully commissioned and integrated in the province’s electricity system, 92 per cent of the electricity generated for use in this Province was from net zero energy sources. If including export energy, this increased to 99 per cent.
• The Labrador Island Link performed well with an equivalent forced outage rate of about four per cent in 2023. “Forced Outage Rate,” is a measure of how often an asset was unexpectedly offline. The Muskrat Falls Plant had a forced outage rate of 2.49% per cent. The new assets contributed to reducing energy production at Holyrood, which was 13 per cent lower when compared to the previous year.
• Hydro provided 700 Government of Newfoundland and Labrador rebates for residents and business purchasing electric and hybrid vehicles, an increase of 88 per cent over the previous year. There was also a significant increase in the use of Hydro’s network of 23 Public fast-charging stations.

Serving the Province

• While continuing to supply safe, reliable electricity for the people of the Province, Hydro reported a net income of $619 million and paid a $300 million dividend to the Province, the first in over two decades.
• When available energy exceeded customers’ needs, this excess supply was sold to neighboring regions through Hydro’s Energy Marketing division, which realized $95 million in gross export sales and over $5M in sales of Renewable Energy Credits.
• Hydro invested $362 million in capital projects, while applying a risk-based approach to preventative and corrective maintenance to ensure thoughtful investments.
• Island customers experienced the highest level of reliability in more than decade arising from its operations, with the lowest number of service interruptions since 2012.

Working Together

• Hydro launched an internal “Pause Prevents Injury” awareness campaign focusing on common workplace injuries, including its first Safety Pause event.
• Hydro published its first Accessibility Plan to improve accessibility by identifying, preventing and removing barriers for persons with disabilities.
• Hydro was honored to be recognized as Corporate Philanthropist of the Year by the Association of Fundraising Professionals, Newfoundland and Labrador
• Hydro employees proudly supported 93 charities and community groups.
• Hydro hosted its third annual Energy Breakfast with Kids Eat Smart Newfoundland and Labrador and donated more than $52,000 through employee and corporate contributions.

First Quarter Financial Highlights for 2024

• Hydro’s first quarter profit was $294 million, an increase of $135 million compared to the same period in 2023. The primary driver of the increase in profit for the quarter relates to the impacts of commissioning of the LCP assets in Q2 2023.
• Electricity sales were $369 million, an increase of $38 million compared to the first quarter in 2023. This was due to an increase in NS Block deliveries to Emera, favorable impacts of regulatory mechanisms and higher export revenue due to an increased price and volume.

Links:
Annual report 2023 – Newfoundland & Labrador Hydro (nlhydro.com)

Newfoundland and Labrador Hydro (Hydro) manages the provincial electricity system for more than 70 years. Hydro is a provincial crown utility—providing safe, cost-conscious, reliable electricity while harnessing sustainable energy opportunities to benefit the people of Newfoundland and Labrador. As the province’s primary power generator, Hydro produces the majority of the electricity that serves the province every day. Its mix of generation assets have an installed capacity of more than 8000 MW, delivering more than 40 TWh of energy annually, across more than 10,000 km of transmission and distribution lines. For more information, visit nlhydro.com.

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Media Contact:
Jill Pitcher | c. 709-689-9938 | e. jillpitcher@nlh.nl.ca