Due to the electricity deregulation that occurred in the United States in the late 1990s, Hydro Québec created separate business units: Production, Transénergie, Distribution, and Équipement et Services Partagés. The latter is considered a subsidiary that builds generation and transmission facilities for the company. Today, Hydro Québec boasts some of the cheapest electricity rates in North America.
Hydro Québec also conducts R&D for the energy industry through its research institute, L’Institut de recherché d’Hydro-Québec (IREQ). IREQ focuses primarily on high voltage, mechanics, thermomechanics, and network simulations. More recently, the institute has also delved further into large-scale electrification of ground transportation, for example, improving electric drive trains.