Manitoba Hydro power lines are photographed just outside Winnipeg on May 1, 2018. (THE CANADIAN PRESS/John Woods)
Manitoba Hydro posted a net loss of $446 million for the fiscal year ending March 31, 2026, up sharply from a $63-million loss the year before.
The Crown corporation, which released its 75th annual report on Tuesday, blamed severe drought that cut hydroelectric generation and forced it to import more power at higher market prices. It was the fourth low-water year in the past five. Wildfire-related operating and capital costs added roughly $52 million.
“While this year’s financial results were significantly affected by factors largely outside our control, we remained focused on ensuring reliable service for Manitobans,” said interim president and CEO Hal Turner.
Domestic revenue was $2.35 billion, net export revenue was $569 million, and total assets were $33.1 billion. The utility serves more than 640,000 electric customers and 303,000 natural gas customers.
Manitoba Hydro says it plans to invest nearly $17 billion over the next decade in generation, transmission and distribution infrastructure.
The utility also spent $81.8 million with Indigenous businesses during the fiscal year.
