Manitoba Hydro has released its annual report and the contents are a shocking contradiction of the NDP’s argument that additional hydro capacity is needed to promote the sale of Manitoba power.
“The NDP’s risky hydro plan is based on booming power export markets but according to Hydro’s own analysis, the bottom is falling out of the export market,” said Opposition Leader Brian Pallister. “Again, the NDP math just doesn’t add up and Manitobans will again be paying more and getting less.”
The corporation’s 2014-15 annual report notes a decline in net income, a decline in export sales and an increase in debt and expenses. It further specifies that “overall revenue was decreased primarily due to lower export electricity sales” and “it is likely that export revenues will remain significantly below what we earned prior to 2008-09 for the foreseeable future.”
Under Premier Greg Selinger, Manitobans have experienced eight rate increases totaling over 25% under the failed NDP hydro plan. The NDP practice of hiking rates to raise revenue on the backs of Manitobans is business as usual as Manitoba Hydro is being forced to more than double our rates over the next two decades.