loss

SaskPower projecting rare $100M loss this year

SaskPower projecting rare $100M loss this year

SaskPower is projecting a net shortfall of $105 million this fiscal year, something the minister responsible for the Crown corporation, Don Morgan, says is rare. SaskPower reported a net income loss of $97 million in the first half of 2022-23, a period that ending Sept. 30. Over the same period in 2021-22, the corporation reported $13 million in net income. The $110-million swing was due to a $172-million increase in expenses.

Manitoba Hydro says it needs 3.5% rate hikes in next 2 years to manage risks from debt, water levels

Manitoba Hydro says it needs 3.5% rate hikes in next 2 years to manage risks from debt, water levels

Manitoba Hydro is asking the provincial regulator, the Public Utilities Board, to approve electricity rate increases of 3.5 per cent in each of the next two years. It also warns that it will likely need rate hikes above the rate of inflation in the future if it is to meet government debt-reduction targets. "These proposed increases will help ensure Manitoba Hydro has the financial resources available to handle the risks created by our $24-billion debt load and factors that are out of our control like fluctuating interest rates, export market prices and water levels," Jay Grewal, president and CEO of the Crown-owned utility, said in a press release Wednesday.