Manitoba Hydro released its 2024-25 annual report, showing a consolidated net loss of $63 million for the fiscal year ended March 31, 2025. This compares to a consolidated net loss of $157 million the previous fiscal year.

“This is the second low water year in a row and third Manitoba Hydro has experienced in four years,” said President & CEO Allan Danroth.

“While the financial impacts of the drought weren’t as severe as they were last year, these low water conditions once again led to less energy being available to sell in wholesale markets. They also meant we needed import power to meet customer requirements in Manitoba more than usual.”

The net loss attributable to Manitoba Hydro for the 2024-25 fiscal year was comprised of a loss of $49 million in the electric segment, a loss of $27 million in the natural gas segment, and net income of $13 million from subsidiaries.

The improvement over the prior year was largely driven by lower fuel and power purchases costs and increased domestic and electric natural gas revenues, partially offset by higher operating, maintenance and administrative and finance expenses.

“As I said last year, water levels and export market prices are difficult to predict and not fully in our control,” said Danroth.

“But we always operate our business in a way that attempts to minimize drought impacts. For example, responsibly managing our water resources ensured reliable operation through the year and meant we bought less energy from wholesale markets. And what we did buy was at significantly lower prices than the previous year.”

“As with any hydroelectric utility, we are at the mercy of Mother Nature when it comes to precipitation.”

Other highlights noted in the 2024-25 Annual Report include the development of a new enterprise strategy, finalized in February 2025. This new strategic direction, which aligns with Manitoba’s Affordable Energy Plan, focuses on six enterprise goals over the next three years.

“These six enterprise goals define our commitment to action, to results, and to the people we serve,” said Danroth.

“They are designed to help Manitoba Hydro deliver the energy that powers this province in the near term and to put the utility on course for a sustainable future – operationally and financially.”

The six goals are:

  • Enhancing the employee experience
  • Improving financial health
  • Upgrading SAP (a critical computer software system)
  • Ensuring HVDC system reliability
  • Planning for new energy resources
  • Providing modern customer solutions

These goals are underpinned by the foundational values of reconciliation, safety, environmental care and security – values incorporated into the everyday operations of Manitoba Hydro.

The Annual Report also notes that Manitoba Hydro filed a three-year General Rate Application with the Public Utilities Board, requesting annual increases of 3.5 per cent in each of the next three fiscal years. The rate application incorporated a reduction in Manitoba Hydro’s expenses thanks to the provincial government’s reduction in provincial debt guarantee fees and the elimination of the Crown Corporations Capital Tax.

In addition, the utility continued development of its second Integrated Resource Plan (IRP). When complete, the IRP will identify the necessary resources needed to meet the future energy needs of Manitobans, including enhanced energy efficiency, the provision for up to 600 megawatts of Indigenous majority-owned wind power, and other resources.

“Our IRP solidifies Manitoba Hydro’s commitment to clean energy and net-zero targets as outlined in the province’s Affordable Energy Plan,” said Danroth.

“It also affirms our commitment to affordable, safe and reliable energy supply, both now and well into the future.”

Concurrent with the release of its 2024-25 Annual Report, the utility also released its First Quarter Report for the 2025-26 fiscal year. The first quarter report shows a loss of $61 million for the first three months of the fiscal year, primarily attributable to ongoing low water conditions.

“While we remain hopeful for a return to more normal precipitation levels this autumn and into winter, we are continuing to manage our water and financial resources to ensure the security of the energy system going forward,” Danroth said.