Record drought forces Hydro-Québec to buy more power and reduce exports to save reservoir water

A record drought forced Hydro-Québec to buy more electricity this summer to conserve reservoir water, the utility said Friday in third-quarter results. Regions with its dams have had their four driest consecutive years since records began in 1943, its chief financial officer said. Purchases cost $312 million more than a year earlier in the quarter, and the utility must reduce exports to keep enough water for Quebec demand. In the first nine months of 2026, it spent $3.6 billion buying power, about double its $1.8 billion in export revenue. Quarterly net income still rose five per cent, to $580 million.