Hydro-Qubec's 2014 profit surges 15% due to cold weather

Cold winter weather helpedHydro-Qubec's profits surge by 15 per cent to $3.38 billion in 2014, the utility said Thursday.

Overall electricity sales grew 4.55 per cent to $13.1 billion while exports increased 30 per cent to $814 million.

• Hydro-Qubec seeks to hike rates by 3.9% in 2015
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The stronger results prompted a 15 per cent boost in the dividend paid to theQuebecgovernment to $2.53 billion.

In addition to impact of colder temperatures and higher exports, the utility benefited from a rate hike.

Hydro-Quebec's spending,mainly on development projects,decreased $400 million to $3.9 billion last year from $4.3 billion in 2013.

The provincial utilityis asking thatcustomerspay 3.9 per cent more in 2015-2016. Thats on top ofa 4.3 per cent increase which went into effect last April.