The decline in substantial revenues to Hydro-Quebec because of the COVID-19 is of the first victims : the bonuses to employees and executives are cancelled for the year 2020, announced Friday the direction of the company.
“In the context of the global pandemic and its consequences in Québec, the hydroelectric company has selected yesterday to “cancel the incentive plan for 2020, normally provided by the Policy of incentive compensation for its senior executives, its managers and its non-unionized staff”.
“It is also a question of solidarity with the Québécois during this period”, explained the spokesperson for Hydro-Québec, Louis-Olivier Batty.
Hydro intends to achieve savings of approximately $ 28 million, a sum which will “be invested in the quebec economy”.
Mr. Batty reiterated that the achievement of financial results originally projected for the year 2020 “presents a challenge”, whereas most large consumers, commercial and industrial, have seen electricity consumption reduced considerably from march to today.
Earlier this week, the president and CEO Sophie Brochu had envisioned a decline of revenues of “several hundred million” to Hydro-Quebec.
In a first time, at the beginning of the pandemic, Hydro-Québec had also announced the postponement until the 3rd quarter of the premiums for the year 2019.
The corporation has also decided to cancel the wage increases to 2020 of its leaders.
The premiums of the non-unionized staff for the year 2019, which had been put on the ice on 3 April, after two weeks of fighting COVID-19, will be finally paid on the 16th of July next, precise Hydro-Québec.
They totalled $ 27.9 million in 2019, down 1.5 million compared to 2018. Of the lot, approximately 1900 frames will share $ 21 million.