Manitoba Hydro has released its Quarterly Report to December 31, 2010 showing net income of $47 million compared to $34 million for the same nine-month period last year. The increase in net income is attributed to higher revenues from domestic electricity sales and lower costs of financing.
Financial results are expected to continue to improve over the remaining three months of the fiscal year and Hydro is projecting net income to reach approximately $140 million by March 31, 2011.
Hydro’s net income of $47 million was comprised of a $62 million profit in the electricity sector and a $15 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 the start-up of the wind farm at St. Joseph, Manitoba. The 60 turbine wind farm is expected to be fully operational by the end of February 2011.
The Quarterly Report also references that Manitoba Hydro has reached a milestone in providing assistance to over 3,000 customers with its Lower Income Energy Efficiency Program. The program provides assistance to qualifying customers with such measures as home insulation, high efficiency furnaces, and compact fluorescent lighting.
