Manitoba Hydro releases 2020-2021 annual report
On September 23, Manitoba Hydro released its annual report showing a total consolidated net income of $119 million for the fiscal year ended March 31, 2021.
“This is a good result for our customers in what was a challenging year for everyone,” said Jay Grewal (President & CEO).
“The corporation’s net income is extremely variable, subject to factors such as water flow conditions, weather, interest rates and export prices that — apart from our firm power sales — can be unpredictable and are not in our control,” Jay said. “Achieving this level of net income and making a modest contribution to improve Manitoba Hydro’s financial position is key to protecting our customers from steeper, unpredictable rate increases in the future.”
The consolidated net income for the 2020-21 fiscal year was comprised of net income of $116 million in the electric segment, a net loss of $3 million in the natural gas segment, and net income of $6 million from other subsidiaries.
Manitoba Hydro attributes the $20 million increase in net income primarily to higher extraprovincial revenues due to new firm export sales contracts, made possible by the 695-megawatt Keeyask Project under construction in northern Manitoba and the 500-kilovolt Manitoba-Minnesota Transmission Project (completed in June 2020).
The annual report also highlights the achievement of a significant milestone on the Keeyask Project, with the generating station’s first unit brought online February 16, 2021, and connected to the Manitoba Hydro power grid. The remaining six units are expected to be in-service during the 2021-22 fiscal year, with the last unit completed by March 2022.
When complete, Keeyask will add 4,400 gigawatt-hours of clean, dependable hydroelectric generating energy to Manitoba Hydro’s system, which will be used to power future economic growth in the province and provide additional export sales opportunities.
The Keeyask Project is being developed by the Keeyask Hydropower Limited Partnership, a joint venture between Manitoba Hydro and four Manitoba First Nations — Tataskweyak Cree Nation, War Lake First Nation, York Factory First Nation, and Fox Lake Cree Nation.