Manitoba Hydro is hoping to raise your gas and electricity bill 7.9 per cent this summer — and potentially over the next five years.
The provincial Crown Corporation filed the request Friday with the Public Utilities Board (PUB).
The request includes a 7.9 per cent increase starting Aug. 1. Hydro also asked for a 7.9 per cent increase starting April 1, 2018.
“The utility’s long-term financial plan includes a total of five years of 7.9 per cent rate increases starting in 2017 after which it projects much lower increases of two per cent annually,” Manitoba Hydro stated in a media release.
That means an average residential consumer will see their monthly bill increase of $6.88 in 2017. The 7.9 per cent in 2018 will result a further increase of $7.43 per month for the same customer.
READ MORE: Manitoba Hydro asking for rate hike now, and years to come
“This is a big hit for consumers,” Gloria Desorcy, with the Consumers’ Association of Canada’s Manitoba branch said. “All consumers will feel that.”
Kelvin Shepherd, president and CEO of Manitoba Hydro, said the rate increases are absolutely necessary to protect the financial sustainability of Manitoba Hydro.
“Without question, developing two major projects, the Keeyask Generating Station and Bipole III transmission line at the same time, has resulted in Manitoba Hydro taking on a significant amount of debt to finance the construction of those projects,” Shepherd said.
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“The rates we are proposing today will help ensure that Manitoba Hydro’s debt will continue to be self-supporting. This is critical as it protects both Manitoba Hydro and the province from the risk of higher borrowing costs and reduced access to capital.”
Manitoba Hydro posted a statement on their website Friday afternoon.
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