MANITOBA: Manitoba Hydro’s net revenues dropped by tens of millions of dollars compared to last year.
Hydro’s revenue was $49 million this year, compared to $136 million last year. That represents a drop of $87 million, or 64 per cent.
Hydro attributes the decrease in revenue to lower local profits and higher expenses, including capital investments it says are needed to ensure a reliable energy supply.
The decrease in revenue was offset slightly by an increase in export sales.
Export sales made up more than 20 per cent of Hydro’s overall electricity revenues from 2015to 2016.
Looking to the future, the utility noted a 20-year agreement signed with SaskPower to sell electricity starting in 2020.
