Newfoundland and Labrador Hydro is reporting a net income of $619 million for 2023 and, for the first time in two decades, the utility paid a $300 million dividend to the province.
Hydro’s first quarter profit was $294 million, an increase of $135 million compared to the same period last year. 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 2,000 customers provided feedback and are concerned about rising electricity rates. Meanwhile, NL Hydro provided 700 rebates for residents and businesses purchasing electric and hybrid vehicles, an increase of 88 per cent over last year.
Other stories in this CKVB Newscast: charges laid against a seafood producer for processing dead crab, opposition calls on government to address childcare issues, and the Corner Brook Port Corporation celebrates 20 years.
– With files form Dean Clarke
