Manitoba Hydro is looking to increase rates by 7.9 per cent per year until the year 2024.
In a letter to the Public Utilities Board, the corporation said it’s now looking at additional rate increases of 7.9 per cent per year until 2023-24, and an increase of 4.54 per cent in 2024-25 instead of the 2 per cent originally projected after the year 2022.
Earlier this year Manitoba Hydro proposed the 7.9 per cent increase starting August but was denied. The corporation was looking to increase rates for five years but was instead approved a 3.36 increase.
Manitoba Hydro said the rate increases are necessary because the corporation wasn’t approved the 7.9 per cent increase requested this year.
Manitoba Hydro’s debt rose to $1.9 billion this year following projects in the Northern part of the province.
The Crown Corporation said they are committed to restoring its financial health over a 10-year period and in the long run it will benefit customers.
Public Utilities Board hearings for the general rate application are set to begin in December.