The debts of Manitoba Hydro rose above $19 billion

The debts of Manitoba Hydro rose above $19 billion

Manitoba Hydro showed their real debts.

The provided annual public report shows that the total consolidated net profit fell from $71 million in 2016-2017 to $37 million in the last financial year.

The company management made a statement and informed that the station modernization led to the reduction in annual profits.

Also, the report shows that the company's debts increased significantly compared to previous years. This year, the company's debt rose up to $19.2 billion. The company management also reports about a possible increase in debt up to $25 billion due to the development of new projects and commissioning in the company.

These new projects and growing debts can affect clients of the company rather strongly. In order to correct a difficult financial situation, it was suggested to increase the tariffs for the services.

As it became known, 800 employees were dismissed and expenses for the maintenance of the administrative apparatus were reduced by 26%.

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ManitobaHydro debts annualpublicreport