Manitoba Hydro signs deal with Xcel Energy
WINNIPEG, MANITOBA - Manitoba Hydro, the province's electric utility, has signed an agreement with American customers worth an estimated $3 billion over the course of 10 years.
The deal, announced recently in Winnipeg, still needs to clear a variety of Canadian and American regulatory hurdles. If the approvals come, the delivery of electric power would begin in 2015.
The deal involves an existing customer of Manitoba Hydro, called Xcel Energy, based in Minneapolis.
"This agreement builds on an energy trading relationship that spans three decades and is another boost for our export markets," Manitoba Premier Greg Selinger is quoted as saying in a media release about the deal.
"Revenues will continue to flow to Manitoba to help support low rates for all Manitoba customers," Bob Brennan, the president and CEO of Manitoba Hydro added. Under the agreement, Xcel Energy will purchase between 375 and 500 mega-watts of power from Manitoba Hydro.
Xcel Energy supplies electricity to about 3.4 million customers in eight states in the U.S. west and mid-west.
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Lump sum credit on electricity bills as soon as July
ST JOHNS - Most people who pay electricity bills will get a one-time credit as early as July.
The provincial government on Thursday outlined a new directive to the Public Utilities Board to provide a one-time credit for customers whose electricity rates are affected by the price of oil.
Electricity customers who are not a part of the Labrador interconnected system, including those using diesel on the north coast of Labrador, will receive the credit.
The credit, announced at a press conference Thursday morning, will come from the rate stabilization fund, which has an estimated surplus of about $50 million because low oil…
