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Hydro-Québec puts global ambitions on hold as crisis weighs on demand
MONTREAL - COVID-19 is forcing Hydro-Québec to pull the plug on its global ambitions — for now.
Quebec’s state-owned power generator and distributor has put international mergers and acquisitions on hold for the foreseeable future because of the COVID-19 crisis, chief financial officer Jean-Hugues Lafleur said Friday.
Former chief executive officer Éric Martel, who left last month, had made foreign expansion a key tenet of his growth strategy.
“We’re in revision mode” as pertains to acquisitions, Lafleur told reporters on a conference call. “I don’t see how Hydro-Québec could take $5 billion now and invest it in Chile because we have an investment…
