Manitoba Hydro has released its Quarterly Report to September 30, 2010 showing net income of $10 million for the six-month period. This represents an increase of $2 million compared to net income of $8 million for the same six-month period last year. The increase in net income is attributed to higher revenues from both domestic and export revenues. Financial results are expected to continue to improve over the next six months and Hydro is projecting net income to exceed $150 million for 2010-11 fiscal year.
Hydro’s net income of $10 million was comprised of a $34 million profit in the electricity sector and a $24 million net 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 will be recouped over the winter heating season.
The Quarterly Report also references progress towards final route selection for the Bipole III transmission line from northern Manitoba to a site outside Winnipeg. A series of meetings and open houses with municipalities, Aboriginal groups, landowners and other stakeholders is currently being conducted to address any concerns and obtain feedback. A final route is expected to be submitted as part of the Environmental Impact Statement to be filed for regulatory approval in the summer of 2011.
The Quarterly Report also references the launching of Hydro’s new Water and Energy Saver program as well as Manitoba’s recent recognition by The Canadian Energy Efficiency Alliance with an A+ for its energy efficiency initiatives. Manitoba Hydro’s Power Smart program was cited as the largest contributor to energy efficiency accomplishments in the province.
