Crown owned Manitoba Hydro seeks rate hikes in next two years

By The Canadian Press

Manitoba Hydro is asking the provincial regulator to approve electricity rate increases of 3.5 per cent in each of the next two years.

The Crown-owned utility says the increases are needed to deal with fluctuating interest rates, water levels and export prices.

Last year, the utility posted a $248-million loss, due partly to low water levels that left less energy for export.

It is projecting this year a net income of $559 million due to higher water flows and higher prices on the export market.


Manitoba Hydro is also dealing with a $24-billion debt load, due in part to large cost overruns in recent years on a major transmission line and generating station.

The Opposition New Democrats have been predicting for months that rate increases could reach five per cent annually.

The Progressive Conservative government recently passed a law to cap any increase at a maximum of five per cent or the rate of inflation, whichever is lower.

This report by The Canadian Press was first published Nov. 16, 2022

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