The 2019-20 consolidated net income for Manitoba Hydro was reported on Tuesday, September 29, 2020, to be $99 million. That is $22 million below both the budgeted net income and previous year’s net income of $121 million.
According to Manitoba Hydro the consolidated net income was based on $105 million from the electric segment, $2 million from natural gas and $8 million from Hydro subsidiaries. A downward adjustment of $16 million was made to comply with an order from the Public Utilities Board orders to refund previously expensed meter exchange costs to natural gas customers.
The $22 million decrease over the previous year was mostly due to lower customer usage due to a shorter heating season as well as higher financing and depreciation costs associated with Bipole III.
Hydro says that COVID-19 did not have an impact on the 2019-20 revenues as their fiscal year-end came only two weeks into the pandemic response in Manitoba.
© News4.ca 2020
