Manitoba Hydro has released its 75th Annual Report, highlighting significant investments in Manitoba’s energy future while reporting a net loss of $446 million for the fiscal year ending March 31, 2026.

The loss was primarily caused by severe drought conditions, which reduced hydroelectric generation and required Manitoba Hydro to import larger volumes of power at higher market prices to meet customer demand.

The utility also faced approximately $52 million in wildfire-related operating and capital costs during one of Manitoba’s most severe wildfire seasons on record.

“While this year’s financial results were significantly affected by factors largely outside our control, we remained focused on ensuring reliable service for Manitobans and making prudent investments that will strengthen our energy system for decades to come,” said Hal Turner, Interim President and CEO of Manitoba Hydro.

The 2025-26 fiscal year marked the fourth year of low water conditions in the past five years. Drought conditions reduced export opportunities, increased reliance on imported electricity and contributed significantly to the year’s financial results. The utility’s net loss was a deterioration from the $63 million net loss reported in 2024-25.

Despite these challenges, Manitoba Hydro continued advancing major initiatives designed to meet Manitoba’s growing energy needs while maintaining affordable and reliable service.

Key achievements in 2025-26 included:

  • Moving ahead with the plan to procure up to 600 megawatts of Indigenous majority-owned wind generation.
  • Filing Manitoba Hydro’s 2025 Integrated Resource Plan and proposed development plan, outlining a long-term strategy to ensure safe, reliable and affordable energy for our customers.
  • Continuing investments to modernize the province’s HVDC transmission system.
  • Advancing plans for advanced meters, demand-response technologies and programs, and a more modern electricity grid.
  • Continuing development of an electric vehicle charging corridor between Winnipeg and Thompson.

“Manitoba Hydro is facing many of the same pressures affecting utilities across North America, including aging infrastructure, climate-related impacts and the need to develop new energy resources,” said Turner.

“The investments we’re making today are critical to maintaining reliability, supporting economic growth and ensuring Manitobans continue to benefit from some of the most affordable electricity rates on the continent.”

Manitoba Hydro plans to invest nearly $17 billion over the next decade to maintain, renew and expand generation, transmission and distribution infrastructure. Those investments are intended to support future electricity demand, strengthen reliability and enable economic development across the province.

While financial results were negatively impacted by low water conditions, Manitoba Hydro reported domestic revenue of $2.35 billion, net export revenue of $569 million and total assets of $33.1 billion. The utility continued to provide service to more than 640,000 electric customers and more than 303,000 natural gas customers across Manitoba.

More than 97 per cent of electricity generated in Manitoba continues to come from renewable hydroelectric resources.

The Annual Report also highlights Manitoba Hydro’s ongoing work with Indigenous communities, including $81.8 million spent with Indigenous businesses during the year and continued progress on Indigenous-led energy development opportunities.