{"id":747632,"date":"2026-06-19T16:44:14","date_gmt":"2026-06-19T16:44:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/747632\/"},"modified":"2026-06-19T16:44:14","modified_gmt":"2026-06-19T16:44:14","slug":"nl-hydro-reporting-drop-in-profits-in-2025-over-2024","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/747632\/","title":{"rendered":"NL Hydro Reporting Drop in Profits in 2025 Over 2024"},"content":{"rendered":"<p>\t\t\t\t&#13;<\/p>\n<p>\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/06\/nl-newfoundland-and-labrador-hydro-office.jpg\" class=\"header-image\" alt=\"NL Hydro Reporting Drop in Profits in 2025 Over 2024\"\/><\/p>\n<p class=\"wp-caption-text\">(VOCM News)<\/p>\n<p>NL Hydro\u2019s profits in 2025 were well down from the previous year \u2013 caused by funds used to keep electricity rates lower. The utility reported the drop in profits during its <a href=\"https:\/\/nlhydro.com\/annual-report-2025\/\" rel=\"nofollow noopener\" target=\"_blank\">AGM in St. John\u2019s today<\/a>.<\/p>\n<p>NL Hydro\u2019s profit for 2025 was $115 million \u2013 down from $479 million reported in 2024.<\/p>\n<p>In the meantime, the utility is recording a $16 million loss for the first quarter of 2026 compared to a $52 million loss reported in the first quarter of last year. Higher oil prices and greater production is being credited with the improvement.<\/p>\n<p>Hydro says <a href=\"https:\/\/vocm.com\/2026\/04\/22\/government-encouraging-nl-hydro-to-use-existing-credit-to-mitigate-any-possible-power-rate-increases\/\" rel=\"nofollow noopener\" target=\"_blank\">the premier directed the utility<\/a> to take action in April of 2026 to keep electricity rates more affordable for residents by significantly reducing the electricity rate increase planned for July 1st. Hydro this week filed an application with the PUB for a <a href=\"https:\/\/vocm.com\/2026\/06\/18\/nl-hydro-applies-for-rate-increases-starting-in-2027\/\" rel=\"nofollow noopener\" target=\"_blank\">general rate increase of 2.25 per cent for July of 2027<\/a>.<\/p>\n<p><a href=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/06\/nl-hydro-penstock-work.jpg\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-302061\" class=\"size-full wp-image-302061\" src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/06\/nl-hydro-penstock-work.jpg\" alt=\"\" width=\"800\" height=\"400\"  \/><\/a><\/p>\n<p id=\"caption-attachment-302061\" class=\"wp-caption-text\">Work on the penstock at Bay d\u2019Espoir (NL Hydro)<\/p>\n<p>In the meantime, last year also saw the completion of Hydro\u2019s $65 million <a href=\"https:\/\/nlhydro.com\/good-to-know\/expanding-and-upgrading-our-bay-despoir-facility\/\" rel=\"nofollow noopener\" target=\"_blank\">multi-year capital project on Penstock 1 at Bay d\u2019Espoir<\/a>.<\/p>\n<p>Hydro also moved forward with a study to help expand the transmission of electricity to Labrador West. The first phase of the study identified a single 735 kV transmission line as the preferred solution, which will allow for a maximum power transfer limit of about 1500 MW.<\/p>\n","protected":false},"excerpt":{"rendered":"&#13; (VOCM News) NL Hydro\u2019s profits in 2025 were well down from the previous year \u2013 caused by&hellip;\n","protected":false},"author":2,"featured_media":747633,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48],"class_list":["post-747632","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/747632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=747632"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/747632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/747633"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=747632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=747632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=747632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}