A YEAR MARKED BY MANY ACCOMPLISHMENTS

On behalf of the entire Board, I would like to salute everyone at Hydro-Québec for their outstanding performance in 2022, as demonstrated by the year’s excellent financial results, which include recordbreaking net income of $4,557 million.

Following the tabling of the Strategic Plan 2022–2026 at the start of the year, Hydro-Québec launched an ambitious project to further develop Québec’s energy infrastructure. This project, which the Board fully supports, takes into account all the conditions required for the transition to a lowcarbon economy and the implementation of the vast electrification initiative proposed in the Québec government’s 2030 Plan for a Green Economy. The objective is clear. It’s a huge task, but Hydro-Québec is up to the challenge.

In addition, the Board closely followed the progress of high-priority strategic initiatives in areas like customer experience, energy efficiency, the addition of capacity and energy to the supply portfolio, occupational health and safety, capital allocation, and the modernization of Hydro-Québec’s rate structure and legal frameworks.

The Board played an active role in the discussions that ushered in significant changes to Hydro-Québec’s organizational structure and culture and the birth of One Hydro, a fundamental transformation that paves the way for optimization across the company’s value chain. The Board also supported the management team in implementing this new vision for the organization and monitored the process closely.

Among other things, the Board’s input was sought with regard to the acquisition of Great River Hydro and the deployment of a 1,250-MW interconnection with New York State in partnership with the Mohawk community of Kahnawà:ke, as well as in the strategic positioning of Québec’s wind power sector.

On the governance front, we welcomed three new directors in 2022: David Bahan, Sarin Boivin-Picard and Claude Tessier, whose skills complement the Board’s existing expertise and experience. In addition, we reviewed with interest the periodic reports on how equity, diversity and inclusion are progressing within the organization.

It has been a pleasure for me to preside over the Board for over four years now, but my time at the helm will soon come to an end. I would like to thank the Québec government for allowing me to serve at such an important time for Hydro-Québec and for Québec society as a whole. I would also like to express my gratitude to my colleagues on the Board, to the entire management team and to all the wonderful Hydro-Quebecers.

In closing, I wish to salute Sophie Brochu, an exceptional leader who will long be remembered for her personable approach and remarkable communication skills.

Jacynthe Côté Chair of the Board