Winnipeg Free Press - PRINT EDITION

$24-M loss for Hydro in its first quarter

Blames lower sales, higher operating costs

  • Print

MANITOBA Hydro lost $24 million in the first three months of its operating year, the Crown corporation said Wednesday.

Hydro blamed the loss on lower revenues from "spot market" power sales outside the province and higher operating costs.

Last year, Hydro earned a $6-million profit in its first quarter (April 1 to June 30), usually one of its poorer operating periods.

The corporation lost $14 million on electricity sales and $10 million on sales of natural gas.

The company said in a news release the natural gas losses were due to seasonal variations in demand and should be recouped over the winter heating season.

Last week, the Manitoba Public Utilities Board expressed concern about the corporation's finances while granting it a 2.5 per cent interim increase in electricity rates, effective Sept. 1.

Hydro projects the increased rate will improve its bottom line "modestly" and net income this year should reach $30 million.

Meanwhile, Hydro also announced Wednesday it posted a profit of $61 million for the 2011-12 fiscal year. That compares with a $150-million profit the previous year. The utility attributed the decrease to lower electricity prices in short-term export markets and reduced natural gas sales as a result of an unusually mild winter in 2011-12.

 

-- staff

Republished from the Winnipeg Free Press print edition September 6, 2012 B5

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Key of Bart: Another Kick At A Paywall

View more like this

Photo Store Gallery

  • A monarch butterfly looks for nectar in Mexican sunflowers at Winnipeg's Assiniboine Park Monday afternoon-Monarch butterflys start their annual migration usually in late August with the first sign of frost- Standup photo– August 22, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A baby Red Panda in her area at the Zoo. International Red Panda Day is Saturday September 15th and the Assiniboine Park Zoo will be celebrating in a big way! The Zoo is home to three red pandas - Rufus, Rouge and their cub who was born on June 30 of this year. The female cub has yet to be named and the Assiniboine Park Zoo is asking the community to help. September 14, 2012  BORIS MINKEVICH / WINNIPEG FREE PRESS

View More Gallery Photos

Poll

Are you planning to go visit the new polar bear, Humphrey, at the Assiniboine Park Zoo?

View Results

View Related Story

Ads by Google