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This article was published 11/10/2019 (350 days ago), so information in it may no longer be current.

Manitoba Hydro recorded a profit of $121 million last year, up substantially from $37 million the previous year.

The Crown corporation said in its annual report that the increase was the result of rate increases, "favourable weather," and lower restructuring and operating expenses.

Revenues from past rate increases set aside in a deferral account for the construction of the $5-billion Bipole III transmission line were recognized in the 2018-19 fiscal year as the line came into service, the corporation said.

As of March 31, Manitoba Hydro had total assets of $27.4 billion and a total debt of $21.6 billion.

It boasted 5,475 full-time employees, including 1,016 Indigenous employees.

The $121-million profit was $15 million less than targeted. The corporation said the lower-than-expected profit was partly a result of the Public Utilities Board’s decision to grant it a lower increase in electrical rates than it sought.

Revenues from electricity sales in Manitoba increased by $243 million (to $1.7 billion), compared with the previous year. The increased consumption was due to higher heating and cooling demand and an increase in residential and commercial customers.

Residential power sales in Manitoba made up 34 per cent of the corporation’s electrical revenues, while commercial sales made up 28 per cent, extraprovincial sales 20 per cent and industrial sales 17 per cent.

Last year, Manitoba Hydro sold $430 million worth of power outside the province, a decrease of $7 million from the previous year. Eighty-eight per cent of these sales were to the U.S. market.

Meanwhile, Centra Gas, a wholly owned subsidiary of Manitoba Hydro, earned a profit of $12 million in 2018-19 compared to $7 million the previous year.

The increased profit was mainly attributable to colder winter weather and lower restructuring and operating costs.

larry.kusch@freepress.mb.ca