Manitoba Hydro reports $60 million drop in net income for 2014-2015

Canadian provincial utility Manitoba Hydro reported consolidated net income of $114 million for the fiscal year ended March 30, 2015, down $60 million from last year.

In its annual report, released Aug. 25, Manitoba Hydro attributed the decrease in net income largely to increased financing expenses arising from additional long-term debt accumulated to finance capital expenditures.

“Manitoba Hydro is making the investments necessary to maintain the reliable supply of energy our customers depend on — replacing aging assets, addressing capacity constraints and developing new sources of electricity,” says Scott Thomson, president and chief executive officer. “We need to invest $17 billion over the next decade.”

All told, Manitoba Hydro invested nearly $2 billion in 2014-2015 to build and maintain its energy system.

The utility’s consolidated net income was comprised of $104 million in the electricity sector and $10 million in the natural gas sector. Overall revenue was $2.05 billion, a decrease of $14 million, due to lower export electricity sales arising from a U.S. transmission line outage and lower market prices. This decrease was partially offset by higher domestic electricity revenues due to rate increases and customer growth, the utility says.

Projects Manitoba Hydro is working on to ensure an adequate supply of energy for the province include construction of the 695-MW Keeyask Generating Station, which is scheduled to be complete in 2020.

The complete annual report is available here.

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