H-5 - Hydro-Québec Act

Section 15.1.1 Disposition versions

2023-12-07

15.1.1. Out of the dividends paid by the Company for each of its financial periods as of the one ending on 31 December 2023, the Minister of Finance must pay an amount of $650,000,000 annually into the Generations Fund.

The Government may only declare dividends under that amount if the distributable surplus is under that amount or the dividends would result in a reduction of the rate of capitalization of the Company to less than 25%; in such a case, the Government must declare the maximum dividends possible under this Act and pay them into the Generations Fund in their entirety.

2010, c. 20, s. 57; 2013, c. 16, s. 131; 2023, c. 30, s. 39.

2014-01-01

15.1.1. The Minister of Finance must pay into the Generations Fund the amount determined under or set out in each of the following subparagraphs, out of the dividends paid by the Company for each of its financial periods referred to in those subparagraphs:

(1)  an amount corresponding to the revenues of the Company that the Government attributes to the indexation of the average cost of heritage pool electricity as of the year 2014, for each financial period ending in or after that year; and

(2)  an amount of $215,000,000 for each financial period ending in or after the year 2017 until that ending in 2043.

The Government may only declare dividends under those amounts if the distributable surplus is under those amounts or the dividends would result in a reduction of the rate of capitalization of the Company to less than 25%; in such a case, the Government must declare the maximum dividends possible under this Act and pay them into the Generations Fund in their entirety.

The information necessary to determine the Company’s revenues attributable to the indexation of the average cost of heritage pool electricity must be submitted with the financial data referred to in section 15.1.

2010, c. 20, s. 57; 2013, c. 16, s. 131.