Manitoba Hydro has officially updated its General Rate Application with the Public Utilities Board.
Hydro announced the intent to decrease their ask from 3.5% to 2% increases each of the next two years at the end of November, and now they've filed the paperwork. The decrease is thanks to the provincial government lowering what they collect from Hydro for provincial debt guarantee and water rental payments annually says President, Jay Grewal.
“The changes will allow us to start reducing our debt while continuing to make the needed investments in our system to maintain reliable service to our customers. They also ensure we have the financial resources available to address the risks created by factors out of our control like increasing interest rates, export prices, and droughts like what we saw in 2021.”
The two increases would come into effect on September 3rd, 2023, and April 1st, 2024. The bill impact for both 2% increases will be less than $3 a month for the average residential customer without electric heating, and under $6 a month for those with electric heating.
Hydro's still looking for confirmation on the 3.6% interim rate increase that came into effect at the start of this year. That increase was put into place to help Hydro counter the effects of the 2021 drought.
