ontario news watch

Manitoba Hydro forecasting $190M net loss for fiscal year ending in March

WINNIPEG — Manitoba’s Crown-owned energy utility is facing more red ink.

A quarterly fiscal report from Manitoba Hydro is forecasting a $190-million net loss for the fiscal year that will end in March.

That is $29 million higher than the loss predicted in the last quarterly update, and a big change from an original prediction of $450 million in net income last spring.

The utility says the change is due largely to drought conditions that have reduced water levels used to general power, along with other factors such as a warm autumn that reduced demand for heat.

The new numbers come at a time of change for Manitoba Hydro, as the NDP government replaced the corporation’s board after the Oct. 3 election, and the board dismissed chief executive officer Jay Grewal.

Grewal had promoted a plan to use wind power from independent providers, while the NDP government has insisted future power sources will be publicly owned.

This report by The Canadian Press was first published Feb. 22, 2024.

The Canadian Press

Leave a Reply

Your email address will not be published. Required fields are marked *