Higher power export sales improved Manitoba Hydro’s second-quarter results by $38 million, the Crown utility said late Friday.
Hydro released its quarterly report ending Sept. 30 that showed extra-provincial revenues of $245 million, $38 million (or 18 per cent) higher than the same period last year.
Hydro said that’s mostly due to higher export sales, favourable water conditions and higher export prices.
It said energy sold in the export market was 7.1 billion kilowatt-hours compared to 6.0 billion kilowatt-hours sold in the same period last year.
If the current trends continue, Hydro said its financial position will improve over the rest of the fiscal year and net income should exceed $100 million by March 31, 2014.
It also said this year’s second-quarter increased revenues resulted in a net loss of $2 million for the first six months of the 2013-14 fiscal year, compared to a net loss for the same period last year of $43 million.
Hydro’s consolidated net loss was comprised of a $21-million loss in the natural gas sector and a $19-million profit in the electricity sector. The loss in the natural gas sector is the result of seasonal variations in the demand for natural gas and is expected to be recouped over the winter heating season.