Manitoba Hydro seeking yearly rate hikes of 7.9% until 2024
Manitoba Hydro wants to increase its rates by 7.9 per cent per year until 2024.
In a letter to the Public Utilities Board, the Crown corporation says it wants additional increases of 7.9 per cent in 2022/23, 2023/24 and then a 4.54 per cent increase in 2024/25.
In May, Manitoba Hydro proposed a 7.9 per cent increase every year for five years starting in August. The request was denied for 2017 and instead a 3.36 per cent increase was approved, which started on August 1.
In the spring, the Crown corporation estimated that after 2022, much lower increases of two per cent would be expected.
However, in the letter on Sept. 5, Hydro says instead of the two per cent increase it’s seeking hikes of 7.9 per cent until 2024 due to the missed revenue after being denied their request for August 1.
Hydro says it’s committed to restoring its financial health over a 10-year period and that it’s in the long-term interest of customers.
The money will be directed to cover costs from the debt Hydro has taken on through dam projects and the Bipole III transmission line.
There will be public hearings on the rate increases starting in December.
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