MESSAGE FROM THE CHAIR OF THE BOARD

Jacynthe Côté Chair of the Board Throughout the year, the Board of Directors worked with Management to ensure Hydro-Québec’s success. We were particularly active in drafting the company’s new strategic plan, which sets out Hydro-Québec’s priority objectives for the coming years.

In terms of commercial activities, we were delighted by New York State’s selection of the joint proposal submitted by Hydro-Québec and Transmission Developers, proponent of the Champlain Hudson Power Express. The 1,250-MW lines that will be built on either side of the border under this project will deliver clean energy covering approximately 20% of New York City’s electricity needs.

In 2021, the Board focused on health and safety issues, closely monitoring the actions taken by the company after accidents occurred on its jobsites and in its facilities, some of which unfortunately resulted in the death of contractors’ employees. The Board provided Management with its full support in analyzing and managing these accidents.

The Board also paid special attention to Hydro-Québec’s relations with First Nations and the Inuit Nation. Training sessions and discussions were held to raise awareness about the historical context and the rapport that the company hopes to build with Indigenous communities going forward.

The Board approved two key projects: a partnership between Hydro-Québec and Énergir to convert buildings to dual energy; and the joint acquisition, with Innergex énergie renouvelable, of two hydroelectric generating stations in New York State, which will allow the company to increase its participation in the U.S. renewable energy market.

The Board supported the creation of a team whose mission is to promote equity, diversity and inclusion within the company. In addition, it closely monitored Hydro-Québec’s progress regarding its commitments in connection with the energy transition and the rollout of public fast charging stations for electric vehicles, among other things.

This past year, the Board welcomed two new members, Geneviève Biron and Marco Dodier, whose skills expand the Board’s expertise.

My fellow Board members and I would like to highlight the outstanding work done by the entire Hydro-Québec team in 2021, which led to the excellent financial results posted by the company, including remarkable net income of $3,564 million.

Jacynthe Côté