Quebec government to name Michael Sabia head of Hydro-Qubec

Michael Sabia, Canada's deputy minister of finance since 2020, is expected to be the next president and CEO of Hydro-Qubec.

According to Radio-Canada sources, Franois Legault's Coalition Avenir Qubec government made its choice Tuesday, but has some "loose ends to tie" before making a public announcement.

Sabia previously headed the Caisse de dpot et placement du Qubec (CDPQ) for a decade, after the investment institution lost $40 billion in 2009, and stayed until 2020.

Though Sabia is well-known in the business and investment world, he has not been a key player in the energy sector. In recent months, Quebec'sminister of economy and energy, Pierre Fitzgibbon, had stressed that the ideal candidate must have an energy profile to take the head of the state company.

Sabia will be replacing Sophie Brochu who resigned April 11, before the end of her mandate, over differences in opinion with Fitzgibbon on the company's direction.

Qubec Solidaire said it has big expectations for Sabia.

"Hydro-Qubec is not a company like the others: we must not let our national jewel become the Dollarama of energy," said QS MNA Haroun Bouazzi.

"Although he has no experience in energy or ecology, we hope Mr. Sabia will focus his efforts on making the energy transition a success."

The business community was happy to hear of Sabia's return to Quebec.

"He is a wise choice to take over the reins of a state-owned company in full transformation, Hydro-Qubec. He is as familiar with international issues as those specific to Quebec. He will be an ally of the economic community, I am sure," said the president of the province's largest employers's association, theConseil du patronat du Qubec, Karl Blackburn.

The provincial government would also like to build new dams in northern Quebec, which was not a priority for Brochu. It also aims to produce more power and entice businesses to establish themselves in Quebec.