WINNIPEG – The cost to build the Keeyask Generating Station has jumped to $8.7 billion dollars.
In a news release sent Tuesday Manitoba Hydro said the previously approved budget of $6.5 billion had been revised to not only include rising costs, but a revised completion date.
Instead of November 2019, the new ‘in-service date’ is August 2021.
Last fall the public utility indicated a possible price increase after the Boston Consulting Group (BCG) reviewed its 2014 budget. At that time it warned the price tag could climb from $6.5 billion to $7.8 billion.
In its release president and CEO of Manitoba Hydro, Kelvin Shepherd, warned costs could climb again.
“There is always a chance of additional risks materializing that could impact the schedule and costs,” Shepherd said.
Once completed Hydo said the export contracts would bring in $4.5 billion.
“It’s important to remember Manitoba is growing, “Shepherd said in the news released.”Updated electric growth forecasts indicated our province is going to need a new source of generation to meet domestic load by approximately 2033.”
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