Manitoba Hydro has released financial results to December 31, 2008 showing net income of $217 million compared to $220 million for the same nine months last year. The decrease in net income was attributed to increased electricity sales offset by higher operating, maintenance and depreciation expenses.
Hydro’s net income of $217 million was comprised of a $230 million profit in the electricity sector and a $13 million net loss in the natural gas sector. The loss in the gas sector is seasonal and will be recouped over the remaining months of the winter heating season.
The Quarterly Report also references the introduction of Hydro’s new fixed rate service for natural gas which will allow customers to purchase fixed rate products from Manitoba Hydro for terms of up to five years.
The report also notes that Manitoba Hydro has partnered with Natural Resources Canada in the introduction of a new residential solar water heating program. The new solar program will provide homeowners with rebates of up to $1 700 on the installation of a new solar system. Energy savings from the new system can result in reductions to water heating costs of up to $175 per year.
