Hydro-Québec just won the largest and most lucrative deal in the history of the province-owned electric utilities corporation.
For the next 20 years, Hydro-Québec will be exporting energy to Massachusetts, a deal that is expected to bring in $500 million in profit for Hydro-Québec ever year, reports the Huffington Post.
Hydro-Québec already generated $2.86-billion in profits in 2017.
The deal itself is being called the “Northern Pass Transmission project,” a joint collaboration between Hydro-Québec and New England-based energy provider Eversource.
The project will involve 9.45 terawatt hours of electricity being sent from hydroelectric plants based in Quebec straight to Massachusetts.
Hydro-Québec beat out 40 other applicants for the contract, which will be signed in March. Exact details on how much money Hydro-Québec will make off of the Northern Pass Transmission project will be unveiled then.
Canada’s National Energy Board still needs to approve the project.