English Hydrogen in the sights of Hydro-Qubec's president [Home] [Economics] Part of the equipment used to produce hydrogen by electrolysis at an Elsfleth plant in Germany Photo: Hauke-Christian Dittrich DPA via AP Part of the equipment used to produce hydrogen by electrolysis at a plant in Elsfleth, Germany Franois Desjardins August 19, 2020 Economy In the midst of a review of Hydro-Qubec's strategic plan unveiled last year, pandemic obliges, the president of the Crown corporation, Sophie Brochu, stressed the "extraordinary" potential of hydrogen, suggesting that the development of technologies could serve as a calling card for foreign companies interested in setting up operations here. During a visit to a parliamentary commission in Quebec City as part of the appropriations study, Ms. Brochu, who has been in office for four months, said the plan review would not be "a flattening out" because "there are a lot of things in there that are going to last no matter what the circumstances". The session covered a wide range of topics, from household assistance measures to energy efficiency efforts to discussions with potential customers. Announced in December 2019 when Hydro-Qubec was headed by ric Martel, the strategic plan was based on fighting climate change through electrification of transportation, increased exports, technology development and an analysis of long-term energy needs. In financial terms, Hydro-Qubec estimated that the $2.8 billion in profit in 2019 would be between $3.3 billion and $4.2 billion by 2024. However, the pandemic will have an impact of "several hundred million" this year, Ms. Brochu noted. "The new dams" "I'll give you an idea of what will not change, and what is likely to accelerate: hydrogen," said the president of Hydro-Qubec in the second hour of the session. "This is an extraordinary potential. And hydrogen is, somewhere, Quebec's new dams. Somewhere. Because it's going to be a way to transform our economy, to make investments. The idea of building new dams is not out of the question," she said. "But you know, they say that we are striking the imagination, and what can we do with our electricity, and what can we build to bring a green hydrogen that will be a vector in the new energy transition? Well, that's one part of it. » Hydrogen can be used as a fuel, but it can also be injected "into a natural gas grid to make a completely renewable portion of natural gas," Brochu later added. "And one day, not too far away, we're going to take hydrogen, mix it with CO2 and turn it into a completely renewable gas. What's going to happen? Quebec is going to be one of the first places on Earth to say, "Come to us, you're going to be 100% renewable, whether you have an electric or a thermal load." That's our ambition. » The 48-page strategic plan tabled in December stated that Quebec had "all the assets" to support the development of "clean hydrogen, produced by electrolysis rather than from the methane in natural gas," which could generate "interesting prospects both in Quebec and in external markets. A few weeks later, in January 2020, certain players in the Quebec hydrogen sector - including Air Liquide, Toyota and Harnois nergies - joined forces to promote this gas as a potential energy transition option. Hydro-Qubec's surplus electricity could be used to produce clean hydrogen, the companies argued, naming their group Hydrogne Qubec. Moreover, according to Sophie Brochu, Hydro-Qubec, whose sales have been affected by the pandemic both in Quebec and on export markets, could be in a position to make a net profit "north of 2 billion" in 2020. "Obviously, we don't yet know the domino effect of the impact of the first wave, and whether or not there will be a second wave. » Before the pandemic, the forecast was for a profit of 2.9 billion. But the crisis has reduced sales in Quebec by about $200 million and $200 million in exports, she said.