Manitoba Hydro announced today it has posted a net loss of $38 million for the first nine months of the fiscal year.
It blamed decreased revenues from out-of-province sales for the red ink. Last year, it earned profits of $29 million during the same period.
Depending on the results of a rate increase application currently before the Manitoba Public Utilities Board, the Crown corporation said it could still post a profit of $30 million for the entire year.
Hydro's consolidated net loss of $38 million was comprised of a $24 million loss in the electricity sector and a $14 million loss in the natural gas sector. The loss in the natural gas sector is the result of seasonal variations in the demand for natural gas and should be recouped over the winter heating season, Hydro said.