WINNIPEG – Manitoba Hydro is in big financial trouble, according to a report by its board of directors.
The Crown corporation’s debt is expected to double in the next few years to $25 billion.
Meanwhile, several major projects are way over budget.
BiPole III will cost almost $5 billion, an increase of $300 million while the Keeyask dam will cost at least $7.2 billion, an increase of $700 million.
When it comes to BiPole III, board chair Sanford Riley says there’s no turning back now.
“We cannot delay or cancel or reroute the current BiPole III without costing Manitobans seven billion dollars,” says Riley. “Rerouting BiPole III down the west side of the province was obviously a wrong decision, one forced on Hydro by the previous government.”
Riley says that decision by the NDP government cost taxpayers an extra $1 billion.
The PC government is hoping this does not lead to more downgrades to Manitoba’s credit rating.