June 19, 2026, St. John’s, NL – Today, Newfoundland and Labrador Hydro (Hydro) held its Annual General Meeting reflecting on 2025 and presenting the Annual Audited Consolidated Financial Statements for the year ended December 31, 2025. Hydro also released its Unaudited Financial Statements and financial results for the first quarter of 2026.

In 2025, Hydro completed the objectives outlined within its 2023-2025 Strategic Plan, anchoring actions to three core priorities: enabling sustainable growth, serving the province, and working together. Guided by these priorities, Hydro made steady progress on new approaches to meeting the future needs of the system and positively contributing to a sustainable, economically bright future for Newfoundland and Labrador.

“For more than 70 years, Hydro has played a central role in powering our province. Last year, we continued our work to meet the growing need for more electricity across Newfoundland and Labrador. From expansion plans and new sources of capacity on the Island, to advancing studies towards the construction of a new transmission line in Labrador West, we are preparing for the future. I also look forward to our continued work with the Provincial Government, and the recently announced negotiation team as we move forward to ensure the best possible future for the Churchill River and the people of this province.”

Jennifer Williams, President and CEO, Newfoundland and Labrador Hydro

In 2025, more than 90 per cent of the electricity produced in the province came from renewable energy resources. Hydro continued to reduce reliance on thermal generation to meet demand as the Labrador Island Link is reliably integrated into our electricity system.

The electricity industry continues to be at the forefront of an exciting national energy conversation, and the Government of Canada’s recently announced National Electricity Strategy. Hydro teams remain committed to bringing deep utility knowledge and expertise to support this important work on behalf of the people of Newfoundland and Labrador.

2025 Highlights:

• From 2019-2025, Hydro reduced fuel usage at Holyrood by 40 per cent as we see improved reliability on the Labrador Island Link and increasing deliveries from Muskrat Falls to the island system.

• In December, Hydro safely finished a multi-year $65 million capital project on Penstock 1 at Bay d’Espoir, on time and on budget, using our new major project processes with no recordable injuries and no recordable environmental events.

• Identified as a priority by the provincial government, and with funding from the Province, industry partners and the federal government, Hydro advanced a study to help expand electricity transmission infrastructure to support mining in Labrador West. The first phase of this study identified a single 735 kV transmission line as the preferred solution which will allow for a maximum power transfer limit of approximately 1500 MW.

• Hydro proudly supported over 50 charities and community groups, including $58,000 to Kids Eat Smart Newfoundland and Labrador and $10,000 to the Community Food Sharing Association through our Employee Cheer Challenge. 2025 also marked Hydro’s 15th year as presenting sponsor of the Ronald McDonald House Red Shoe Crew Walk for Families. In November, Hydro President and CEO, Jennifer Williams donated eight inches of hair during the Energy Shave in support of Young Adult Cancer Canada.

Financial Highlights:

• Hydro realized a profit of $115 million in 2025 compared to $479 million in 2024.

• Hydro’s 2025 profit declined compared to 2024, primarily because it used more funds generated from operations to keep electricity rates lower. 

• Hydro recorded a $16 million loss for the first quarter of 2026 compared to the $52 million loss in Q1 2025. The improvement in financial results was heavily impacted by stronger oil prices and production levels.

• In April 2026, Premier Wakeham directed Hydro to take action to help keep electricity rates more affordable for people across the province by significantly reducing the electricity rate increase planned for July 1, 2026.

Links:

Newfoundland and Labrador Hydro 2025 Annual Report

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 or nlhydromedia@nlh.nl.ca