New Hydro-Québec CEO could possibly be named in April, Fitzgibbon says

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Quebec is hopeful of appointing a successor to Hydro-Québec chief govt Sophie Brochu someday in April, financial system and vitality minister Pierre Fitzgibbon stated.

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Brochu, the corporate’s CEO since 2020, is scheduled to step down April 11. Underneath the Hydro-Québec Act, it’s the provincial cupboard that appoints the utility’s CEO.

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“There may be an effort made by the Hydro-Québec board. That’s the method. After that, they are going to make suggestions to cupboard and this shall be permitted,” Fitzgibbon instructed reporters Friday in Montreal on the sidelines of a know-how announcement.

“Issues are continuing. There are candidates, and we hope to have the ability to do one thing in April perhaps. We don’t have a exact timeline however there are candidates,” he added.

Fitzgibbon didn’t elaborate on who these people is perhaps.

Brochu is the primary girl to run Hydro-Québec. Earlier than becoming a member of North America’s largest electrical energy producer, she spent greater than 25 years working in vitality — together with a stint as CEO of Énergir, the previous Gaz Métropolitain, which she had joined in 1997.

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When her departure was introduced in January, Brochu insisted she wasn’t leaving as a result of she had obtained one other place, due to her well being or to enter politics. She stated she was leaving with a “feeling of accomplishment.”

Hydro-Québec posted its finest 12 months in 2022, with internet earnings leaping 28 per cent to $4.56 billion. The outcomes allowed it to pay its sole shareholder, the federal government of Quebec, a $3.42-billion dividend — the very best quantity in historical past.

Electrical energy charges in Quebec are going up as of Saturday. For residential customers who warmth their dwelling with electrical energy, the three per cent improve will translate into extra month-to-month prices starting from $2.28, for a three-bedroom residence, to $6.99, for a 207-square-metre (2,228-square-foot) home, in keeping with Hydro-Québec.

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Companies, for his or her half, are dealing with a 6.5 per cent improve that the Canadian Federation of Unbiased Enterprise says is the most important in 25 years. It’ll value small- and medium-sized companies a mixed $250 million, CFIB calculates.

The upper charges characterize “one more blow for small- and medium-sized companies already weakened by labour shortages, rising prices and the pandemic debt they nonetheless need to repay,” CFIB’s Quebec head, François Vincent, stated Friday in an announcement. “Let’s not child ourselves, it will put strain on client value will increase and additional hardship on small companies.”

Regardless of the hike, energy charges within the province stay comparatively reasonably priced, Fitzgibbon stated. His authorities will contemplate appearing on different fronts to assist small companies if the financial state of affairs worsens, he added.

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“We’re getting into a interval that’s tougher economically,” Fitzgibbon stated. “We’re undecided but if there shall be a recession, however we’ve to be awake. I have a look at issues like indebtedness and small companies which are in bother. We’re watching what is going to occur over the following 12 to 18 months. If we’ve to behave, we’ll do it. I don’t suppose we’ll act on electrical energy charges as a result of we’ve the bottom charges in Canada, however there are different mechanisms we might put in place to assist small companies, if the necessity arises.”

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