Manitoba Hydro is planning on pulling back on its General Rate Application with the Public Utilities Board.
Hydro was originally seeking rate increases of 3.5% in the 2023-24, and 2024-25 fiscal years, but they'll now ask for 2% increases in each instead. Hydro will still seek confirmation on the 3.6% interim rate increase that came into effect in January 2022.
Hydro President and CEO Jay Grewal said the significantly lower rate request is due to the Manitoba government’s decision last week to reduce what it collects from Manitoba Hydro annually in provincial debt guarantee and water rental payments.
“The reduction announced by the government will help keep rates low for customers, and that’s great news when we know many customers are struggling with the cost of living,” says Grewal. “It also gives Manitoba Hydro the ability to start to reduce our debt while making investments in our system so our customers get the service they demand."
