Manitoba Hydro
Manitoba Hydro
Manitoba Hydro, Canada's No. 4 energy utility, reported on Thursday a full-year net income that set a record, marking its 50th anniversary on March 31, which is also the end of its fiscal year.
The Winnipeg-based energy utility posted full-year net income of $270 million, up 78 per cent from net income of $1.52 million last year.
Manitoba Hydro, which has over 400,000 electricity customers and about 250,000 gas customers in the province, said the increases were mainly due to an increase in hydroelectricity exports.
Manitoba Hydro exported a record $480-million worth of power for the year, beating the previous record of $104 million last year.
The Crown-owned utility saw its natural gas operations generate $504 million, but its full-year expenses were $501 million, so there was only a net return of $3 million.
The firm also said it will delay plans to build three dams in northern Manitoba until it knows that it can sell enough electricity to make the proposed projects worthwhile.
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