The NDP plan to super-size Manitoba Hydro on the backs of Manitoba ratepayers took a hit when the Public Utilities Board told them “no”. A four percent interim rate increase for 2015 has been denied and the PUB has told Hydro not to look at increases for 2016 and beyond.
“We are pleased the PUB has taken the side of Manitobans who pay the bills for NDP waste,” said Hydro Critic Ralph Eichler. “We see Hydro as an asset owned by all Manitobans that must be managed thoughtfully and it appears the PUB agrees with us on this.”
Manitoba Hydro, by its own admission, has been generating less than favorable financial results including lower revenues and high capital costs. In Hydro’s most recent integrated financial forecast Hydro renewed its commitment to seek rate-hikes of 3.95 percent until 2033.
The PUB also refused to approve rate increases for 2016 noting that Hydro is currently undergoing a review of its financial targets and mandate and the results of that review aren’t yet available