Financial information submitted by Manitoba Hydro to the Public Utilities Board demonstrates there has not been a substantial change in Manitoba Hydro’s financial circumstances since the last General Rate Application in 2017-18.
The utility today responded to comments regarding the Crown corporation’s actual financial results and budget filed with the PUB.
“Our submissions to the PUB provide a comprehensive picture of Manitoba Hydro’s actual and budgeted 2021-22 financial position,” Manitoba Hydro President and CEO Jay Grewal said. “The coalition groups did not dispute the information we provided that supports this fact.
“It’s verging on offensive to suggest we are defying orders by not supplying information we have already told the PUB does not exist,” she said. “To be clear, what we supplied will allow the PUB to answer the question it currently has before it – whether there’s been a substantial change in Manitoba Hydro’s finances. And we’re confident the information we provided clearly demonstrates that there has not been a substantive change since the last GRA.”
Grewal said that going forward, the Corporation’s long-term financial forecasts will be more informed and comprehensive, with a thorough integration of long-term strategic and operating plans. Those forecasts will underpin the utility’s first five-year GRA, which will be filed with the PUB in the winter of 2022-23.
“We are in the midst of identifying, developing and assessing what is required to successfully execute on our long-term strategic vision for Manitoba Hydro, which puts our customers at the forefront of everything we do,” Grewal said.
“We are implementing new processes and improved approaches that we believe are necessary to prepare Manitoba Hydro to be able to effectively respond to the changing energy landscape of the future and ensure we operate as efficiently as possible, both today and into the future.”
Grewal added Manitoba Hydro routinely provides the PUB with information on its financial state, including operating and administrative costs, capital projects, and other information to ensure the regulatory body is always aware of state of the organization.
Manitoba Hydro always operates in full compliance of all legislated and regulatory requirements.
“I want to assure our customers that Manitoba Hydro and its employees remain committed to providing them with the affordable and reliable energy they have come to rely on, today and always,” Grewal said.
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