Transcription
Enterprise PlanManitoba Hydro’s Plan: FY 22/23
2Territorial Land AcknowledgementManitoba Hydro acknowledges its presence across Manitoba, onTreaty 1, Treaty 2, Treaty 3, Treaty 4 and Treaty 5 lands – the originalterritories of the Anishinaabe, Cree, Oji-Cree, Dakota, and Denepeoples – and the homeland of the Métis Nation. We acknowledgethese lands and pay our respects to the ancestors of these territories.The legacy of the past remains a strong influence on ManitobaHydro’s relationships with Indigenous communities today, and weremain committed to establishing and maintaining strong, mutuallybeneficial relationships with Indigenous communities2
President & CEO’s MessageStrategically adapting to our changing futureThe energy landscape, and our customers’ needs and expectations, are changing and will continue to change in the future. Around the globe, we have seen how the3Ds – digitalization, decarbonization and decentralization – have already begun to impact the consumption and production of electricity and by extension, utilities.Our customers will see a growing number of increasingly competitive energy options, driven by new technologies such as local energy storage, rooftop solar, andother options. Vehicle manufacturers are moving away from internal combustion engines (ICEs) and towards electric vehicles (EVs), with some stating that they arestopping work on ICE platforms as early as 2026. The federal government has stated that no new ICEs will be sold in Canada beyond 2035.Manitoba Hydro is well positioned to play an important role in shaping the changing energy landscape for the benefit of this province. As a vertically integratedutility, we are in the best position to take a holistic approach to managing the shifting energy environment, starting with customer-focused, long-term solutions toensure our value and relevance to customers in the future. Our goal is to be a trusted energy advisor to Manitobans today and tomorrow.To guide our success through the next 20 years, we formalized work on our long-term strategic vision as Strategy 2040 and set forth a new organizational missionstatement: Help all Manitobans efficiently navigate the evolving energy landscape, leveraging their clean energy advantage, while ensuring safe, clean, reliable energy atthe lowest possible cost.Jay Grewal,President and CEOManitoba HydroThe formalization of Strategy 2040 now shifts our business planning to a profoundly different approach - our strategy will inform our budget to spend the dollarswhere it makes the most sense to provide the service and value to our customers.While this is a long journey, we have already completed much “behind the scenes” work to review and revise our business model to build and enhance our skills andcapabilities to ensure we are successful in our mission. Part of this includes looking at our culture as an organization, and our overall transformation journey.To move this critical work forward, we have established a Business Transformation Office, reporting directly to me, to help embed and drive critical change at all levels of the organization, as well ascoordinate and guide our efforts across the Enterprise.The start of work on Manitoba Hydro’s first Integrated Resource Plan (IRP) also marks a major change as we seek to gain a better understanding of our customers’ thoughts around new technologiesentering the market; how they think we should meet tomorrow’s energy needs; and their take on costs and the need to continue to invest in the energy system of today and in the future.These efforts are being undertaken as the Province of Manitoba also begins to develop a cohesive energy policy that will help inform our IRP process as well as help guide our investment decisions inthe years ahead. This is critical as we have always worked diligently to keep energy prices as low as possible, while also striving to provide the level of service Manitobans expect. With additionalpotential demands for investment on our part, understanding both the energy policy and having a clear picture of our customers’ expectations of us are important considerations as we decide onwhere to spend our capital dollars in the future, for the betterment of the province as a whole – with Strategy 2040 providing overarching objectives.As we make informed, strategic choices, we remain committed to doing so with our core values, and the needs of our customers, guiding our efforts. The safety of our employees, customers and thepublic remains – and will remain - our top priority especially as we continue to navigate the ongoing pandemic to do our part to reduce the risks of COVID-19 transmission.Finally, how we adapt to the world of tomorrow must be informed by perspectives from our customers, our partners and our public. To that end, we have strengthened our internal resources to leadmore intensive stakeholder engagement and ensure ongoing consultation, engagement and reporting to our publics in more aspects of our business. Transparency is and will continue to be a keytenet of our success as we evolve into the Manitoba Hydro of the Future!I am proud of every employee and their efforts and excited about strategically leading our organization through the coming years, working collectively and with our Chair and the Manitoba HydroElectric Board to shape our energy future.
Executive SummaryManitoba Hydro developed a long-term vision, called Strategy 2040 to adapt to the evolving energy environment. In this changing energy landscape, the 3 Ds - Digitalization,Decarbonization and Decentralization are the key trends driving the need for Strategy 2040. Manitoba Hydro has undertaken a journey to reform its organizational structure tofacilitate and support an innovative culture anchored in customer-centricity required to successfully execute on Strategy 2040. Manitoba Hydro is focused on building its corecapabilities to plan more effectively and efficiently, to develop tools to track performance, and expand and enable new technologies.The 5 strategic pillars under Strategy 2040 that Manitoba Hydro aims to achieve as part of its long-term vision are:1Provide safe, reliableenergy thatresponsibly meets theevolving energy needsof Manitobans2Serve customersefficiently, responsively,and digitally3Help all Manitobansunderstand their energyoptions and makeinformed choices4Ensure Manitobans getmaximum value fromtheir clean, dependableenergy infrastructure5Keep energy prices aslow as possible, whileproviding the level ofservice ManitobansexpectTo progress towards these pillars and associated strategic objectives, Manitoba Hydro will continue to build the foundation required to transform while successfully meeting customerneeds. Over the next year, Manitoba Hydro will execute several key initiatives to move forward on Strategy 2040 and continue the journey to evolve into the Manitoba Hydro of theFuture.As Manitoba Hydro moves forward on Strategy 2040, it will continue to transition from construction of the Major Capital Projects, to operation and maintenance of assets totaling 31.1 billion in value for FY 22/23. Due to the capital-intensive nature of its business, Manitoba Hydro’s cost structure is largely fixed. Therefore, there will continue to be a significantimpact to Manitoba Hydro’s revenue requirements related to the finance expense, depreciation, and capital taxes on the major capital projects.Elements such as variability in water levels, weather, interest rates and spot market prices can all have significant impacts on Manitoba Hydro’s net income. Manitoba Hydro’sconsolidated net income from electricity and natural gas operations for the fiscal year ended March 31, 2023, is planned at 120 million compared to the forecasted net loss of ( 203)million for the fiscal year ended March 31, 2022. The fiscal plan for FY 22/23 assumes a return to average water conditions and recovery from the severe effects of drought thatsignificantly impacted net export revenue in FY 21/22.While Manitoba Hydro plans for the upcoming year, it will keep a strong focus on its long-term strategic direction and will continue its commitment to provide safe, clean, reliableenergy at the lowest possible cost to Manitobans.
Table of Contents1 Introduction2Strategic Direction3Enterprise Plan: FY 22/234Consolidated Financial Statements & Resource Requirements5Enterprise Scorecard6Alignment with Government7Concluding Remarks8Appendix A - Alignment with Government of Manitoba9Appendix B - Key Terms
1IntroductionAbout Manitoba Hydro's mission, values, operations, and the customers it serves6
Manitoba Hydro’sMission StatementHelp all Manitobans efficiently navigate the evolvingenergy landscape, leveraging their clean energyadvantage, while ensuring safe, clean, reliable energy atthe lowest possible cost
About Manitoba HydroWho Manitoba Hydro serves and services it providesCorporate Profile Founded in 1961, Manitoba Hydro is aprovincial Crown Corporation and one of Manitoba Hydro ensures over 600,000 customers across Manitoba are reliably supplied with clean, renewable hydroelectricityevery day.the largest integrated electricity andnatural gas distribution utilities inCanada. It is a leader in providingrenewable hydroelectricity and cleanburning natural gas – energy that powersManitoba and supports its economicgrowth. Manitoba Hydro is a forward-lookingutility, positioned to work in the bestinterests of its customers as the energylandscape evolves, both as a reliablesupplier and trusted energy advisor. Thefocus is on service today, with an eye to thefuture. The governance of the Crown Corporation is It supplies over 290,000 customers in the southern half of Manitoba with efficient, safe, clean burning natural gas. It trades in four wholesale electricity markets in Canada and the United States and has numerous contracts for theprovision of firm electrical capacity and energy with individual utilities in those markets. Manitoba Hydro’s energy exports help displace greenhouse gas emissions (GHGs) in jurisdictions where fossil fuels are aprimary generation source and provides revenue that help keep rates for Manitobans lower than they would be otherwise. Nearly all the electricity produced is green, renewable hydropower generated using Manitoba’s abundant water resources.Manitoba Hydro’s hydroelectric system means the Province enjoys one of the cleanest, lowest emitting electricity systems in theworld! Manitoba Hydro also provides a variety of ancillary services to its valued customers, including electrical inspection servicesoutside of Winnipeg, line locating services, and energy advisory services to many large and industrial clients. It maintains a robust community presence and communications program designed to ensure customers use its productssafely and are safe around its infrastructure across Manitoba.through the Manitoba Hydro-Electric Board(MHEB). Manitoba Hydro continues to focus on enhancing its overall level of service in every area of business as it moves to become amore customer-centric utility.8
Manitoba Hydro OperationsElectrical GenerationNearly all the electricity Manitoba Hydro produces each year is clean, renewable, lowGHG emitting power generated at 16 hydroelectric generating stations. As of March 31,2021, total generating capability was 5,608 Megawatts (MW). Manitoba Hydro alsooperates one thermal generating station (Brandon) and four small remote dieselgenerating stations (Brochet, Lac Brochet, Shamattawa, and Tadoule Lake).Construction on the 695 MW Keeyask Generating Station on the Nelson River iscontinuing. This plan reflects all seven Keeyask units being entered into service by FY22/23.Electrical TransmissionElectrical DistributionNatural Gas DistributionManitoba Hydro operates over 11,000 kilometres of high voltage lines across theprovince. The Manitoba Hydro system has multiple interconnections to Saskatchewan,Minnesota, North Dakota and Ontario. Its latest interconnections, the 500,000-voltManitoba-Minnesota Transmission Project and the 230,000-volt Birtle TransmissionProject, went into service in June 2020 and April 2021, respectively.Manitoba Hydro operates and maintains approximately 75,000 kilometres ofdistribution lines to serve customers.Over 10,000 kilometres of gas distribution lines are operated by Manitoba Hydro inorder to provide affordable, reliable gas service to customers in 130 communitiesacross southern Manitoba.600kElectric Customers290kNatural GasCustomers
BU DIVISIONSBU MANDATESManitoba Hydro’s Business UnitsAsset Planning &DeliveryDigital &TechnologyCFOExternal, IndigenousRelations &CommunicationsHuman Resources &Safety, Health &EnvironmentShane Mailey, VPHal Turner, VPIan Fish, VPAurel Tess,VP & CFOJeffrey Betker, VPJamie Hanly, VPAs asset operators, wemaintain a resilientpower system and areresponsible for the safe,cost-effective supply ofenergy to meet presentand future customer andmarket requirementsTo plan, deliver andmanage ManitobaHydro’s energy systemassets through theirlifecycle to meet theevolving energy needs ofManitobans andmaximize value tocustomers and theProvince’s clean energyadvantage.As a catalyst fordeveloping digital value,we empower and enablethe Enterprise to achieveour strategic objectivesby delivering secure andreliable technologies,and fostering aninnovative, agile andinsight-driven cultureBe a trusted advisor andstrategic partner to theEnterprise across ourfunctions, enable theexecution of Strategy2040, implementcomprehensiveEnterprise riskmanagement andstrategic regulatoryfunctions, and managethe procurement ofgoods and services whilemaintaining corefinancial accountabilitiesEnable the achievementof our strategicobjectives by managingthe organization’sreputation, enablingeffective internal andexternal communication,driving a consistentapproach to engagingstakeholders, proactivelybuilding meaningfulrelationships withIndigenous Peoples, andproviding legal servicesand expertiseBe a trusted advisor andstrategic partner to theEnterprise; inspire andenable a safe, healthyand engaged workforce,and ensure we meet ourcommitments to publicsafety, while beingstewards of theenvironment.Corporate ControllerGeneral Counsel &Corporate SecretarySafety, Health &EnvironmentInternal AuditIndigenous & CommunityRelationsHuman ResourcesRates & RegulatoryStakeholder RelationsCustomer Solutions& ExperienceOperationsAlex Chiang, VPAs champions ofcustomer-centricity, wedeliver customersolutions andexperiences that areresponsive to theevolving needs andexpectations ofManitobans whileoptimizing net revenue,supporting provincialeconomic developmentand inspiring ouremployees to feelconnected to Hydro'smission and brandSales, Marketing &Product DevelopmentSystem OperationsIntegrated ResourcePlanningInformation TechnologyCustomer CareGeneration Operations &MaintenanceAsset ManagementDigitalCustomer Strategy &ExperienceTransmission Operations& MaintenanceEngineeringCyber Security &ArchitectureEnergy MarketsDistribution Operations &Maintenance (Rural)ConstructionDistribution Operations &Maintenance (WPG)Project ManagementOperations BusinessSolutions & ServicesTreasuryStrategy & EnterprisePlanningEnterprise Risk ManagementManitoba Hydro InternationalSupply ChainCorporateCommunications
2Strategic DirectionStrategy 2040 objectives and Manitoba Hydro’s response to the evolving internal & external environments11
The Need for Strategy 2040Assessment of the external environment revealed key drivers of change that Manitoba Hydro will need to adapt to in order to be successful overthe next 20 yearsExamine external environmentUnderstand impact on ManitobaHydroDevelop Strategy 2040 to capitalizeon opportunities & manage risksThe energy landscape is evolving and requiresManitoba Hydro to adapt to external changesUnderstanding the impacts of the 3Ds on ManitobaHydro will enable it to respond to changesStrategy 2040 will enable Manitoba Hydro todecide where to play and how to win in thischanging environment1DigitalizationChanging environment will presentopportunities for Manitoba HydroWhat are Manitoba Hydro’sobjectives? Where will Manitoba Hydrofocus? How will Manitoba Hydro winin the chosen markets? What capabilities doesManitoba Hydro need tobuild?3DecarbonizationManitoba Hydro will need to respondto challenges to succeedDecentralizationSlide 132 45Slide 14Slides 15-2412
The Case for ChangeThe energy landscape is changing rapidly due to 3 drivers of change: Digitalization, Decarbonization and DecentralizationDIGITALIZATION Technology and connectivity are advancingat a rapid pace, which is changing customerpreferences and expectations for how theyinteract with their energy provider A technology-driven services market isemerging “behind the meter,” changing theenergy value chain for consumers, who maybecome ”prosumers” (producer/consumers)in the future Technology is allowing new suppliers toenter the market. Not traditional utilitycompanies, but rather technologycompanies offering previously unavailableproducts and servicesDECARBONIZATION The focus on reducing greenhouse gasemissions (GHG) globally is acceleratingthe pace of electrification worldwide. Thiswill only increase the demand forrenewable, dependable energyVehicle manufacturers are decreasinginvestments in internal combustionengines (ICEs) and switching to electric,along with public transit authoritiesembracing new electric technologies forbuses and other mass transitDECENTRALIZATION The cost of self-generation behind themeter, such as rooftop solar and localizedenergy storage, is falling This means Manitobans may soon be ableto generate some of their own electricity atsimilar costs to buying their power fromManitoba Hydro, and there will be a bidirectional, or two-way flow of energy13
Implications of the 3Ds on Manitoba HydroStrategy 2040 is all about the opportunities and challenges presented by the 3Ds and how Manitoba Hydro will need to think, act, and servecustomers CENTRALIZATIONDECARBONIZATION Connectivity and Internet of Things (IoT) createopportunities for automation and bundling ofservices behind the meter Opportunity to strengthen a trusted relationship withgovernment to shape the energy landscape in the bestinterest of Manitobans Meet rising customer expectations by increasingManitoba Hydro's suite of digital productsand channels to enhance the way it engages withcustomers Focus on reducing greenhouse gas emissions hasaccelerated the pace of electrification creatingopportunities to plan for the expected increase in energyload Digital grid operations will enable customerelectrification while offsetting capitalrequirements to enable new infrastructure Increase in demand for renewable, dependable, greenenergy puts Manitoba Hydro in an advantageousposition, which can be further leveraged by building itsbrand Shift in customer energy load with increasingsmart home energy solutions will require increasedinvestment in distribution grid With rise in customer expectations due toadvancement in technology, Manitoba Hydro willneed to expand its digital offerings, which shouldwork in concert with improving its traditionalchannels to increase convenience for customers Opportunity to become trusted energy advisors toManitobans by building advisory capabilities andpartnering to help Manitobans navigate their energychoices Take advantage of federal funding to improve debt-toequity ratio and meet investment requirements Opportunity to operate multiple business models andimplement innovative solutions to integrate energyproducts to provide value for Manitobans Increase in self-generation could result in strandedassets and decreased revenue Need for sufficient charging infrastructure to dealwith increase in electrification of transportationEnabling the grid to support bi-directional flow of energycould drive up costs Increased generation capacity required to meetelectrification demand in the future*Consistent peaks in demand during the winter strips theopportunity for reduction in system costs Large investments in battery technology developmentcould lead towards grid defectionEvolution of Energy Policy by the Province will have asignificant impact on the energy landscape for whichManitoba Hydro will need to plan its response*Electrification demand is estimated at 600MW in 2040 and could be greater with the electrification of public transit and long-haul fleets14
Journey to become the Manitoba Hydro of the FutureIntegration of Strategy, Business Model and Culture is required for successStrategy 2040 set the direction forManitoba Hydro:1. Provide safe, reliable energy thatresponsibly meets the evolving energyneeds of Manitobans2. Serve customers efficiently, responsively,and digitally3. Help all Manitobans efficiently navigatethe evolving energy landscapeThe Business Model is the ‘hardwiring’ required oyee2. Grow capabilities to effectively operate in thenew energy landscape3. Direct people, process, technology and dataresources to where they are most needed4. Ensure long-term sustainability4. Ensure Manitobans get maximum valuefrom their clean, dependable energyinfrastructure5. Keep costs as low as possible, whilemaking the investments necessary toserve Manitobans1. Integrate the ways of working at ManitobaHydroCultureCulture is the ‘soft wiring’ that shapes the ways of working atManitoba Hydro:Ways of working, ways of thinking, ways of leading to drive: Customer Focus, Collaboration,Empowerment, Risk-Intelligent Decision MakingManitoba Hydro has developed Strategy 2040 and is progressing on achieving the strategic objectives. Significant progress has been made on implementing the Business Model toshift the way we work. To reap the intended benefits of both, the organization is now positioned to focus on fostering an innovative customer-centric culture15
Strategy 2040 will protect and build on Manitoba’s clean energy advantagewith a strong and secure Manitoba HydroExemplified in the 5 pillars of Strategy 2040, \Manitoba Hydro will 12Provide safe,Serve customersProvide safe reliablereliable energyenergy that meetsefficiently,the evolving energythat responsiblyresponsively,meets the needsof Manitobans and digitallyevolving energyneeds ofManitobansEnergy powers your life andyour business – ManitobaHydro will ensure yourenergy is safely, responsiblyand reliably produced anddelivered to youYou expect responsiveservice, and to be able todeal with your energyprovider the way you want– Manitoba Hydro willmodernize its customerservice to deliver digitally,and to improveresponsiveness34Help allManitobansunderstand theirenergy optionsand makeinformed choicesYour home and businessenergy choices are expandingand becoming a lot morecomplex – Manitoba Hydrowill help you understand yourenergy options and makeinformed choices that areright for you5Ensure Manitobansget maximumvalue from theirclean, dependableenergyinfrastructureAll Manitobans havea tremendous asset that isbecoming even morevaluable as the worldmoves to price and reducethe use of carbon.Manitoba Hydro will helpprotect and maximize thevalue of these assets for allManitobansKeep energy pricesas low as possible,while providingthe level of serviceManitobans expectWhether at homeor in your business, yourenergy costs are importantto you – Manitoba Hydrowill take all responsiblemeasures to keep costs low,while making necessaryinvestments to serve theneeds of Manitobans16
Manitoba Hydro identified a set of strategic initiatives to support the execution ofStrategy 204012Serve customersProvide safe,Provide safe reliableefficiently,reliable energyenergy that meetsresponsively,that responsiblythe evolving energyand digitallymeets the needsof Manitobansevolving energyneeds ofManitobans3Help allManitobansunderstand theirenergy optionsand makeinformed choices4Ensure Manitobansget maximumvalue from theirclean, dependableenergyinfrastructure5Keep energy pricesas low as possible,while providingthe level of serviceManitobans expectTo support the successful execution of the 5 pillars of Strategy 2040: The 5 pillars have been translated into a set of strategic objectives Each objective has been translated into a set of strategic initiatives Each initiative has been sequenced and mapped out over the duration of Strategy2040 and created a tactical execution roadmap17
Pillar 1: Strategic objectives and initiatives12Serve customersProvide safe,Provide safe reliableefficiently,reliable energyenergy that meetsresponsively,that responsiblythe evolving energyand digitallymeets the needsof Manitobansevolving energyneeds ofManitobans1.1 Ensure sufficient supply of energy to meet demand inthe Province of Manitoba1.1.1 Understand the evolving energy needs of Manitobaand Manitobans1.1.2 Align with and support the Provincial economicdevelopment, transportation electrification, and GHGobjectives3Help allManitobansunderstand theirenergy optionsand makeinformed choices4Ensure Manitobansget maximumvalue from theirclean, dependableenergyinfrastructure1.2 Ensure energy is safely, efficiently,and reliably delivered for our customers*5Keep energy pricesas low as possible,while providingthe level of serviceManitobans expect1.3 Strengthen our role as a goodcorporate and environmental citizen,continuing to advance relationshipswith stakeholders and IndigenousPeoples1.3.1 Enhance the corporate socialresponsibility reporting framework1.1.3 Develop an Integrated Resource Plan (IRP) andsupporting processes* Initiatives have been consolidated and incorporated into other pillars18
Pillar 2: Strategic objectives and initiatives12Serve customersProvide safe,Provide safe reliableefficiently,reliable energyenergy that meetsresponsively,that responsiblythe evolving energyand digitallymeets the needsof Manitobansevolving energyneeds ofManitobans2.1 Continually redefine how Manitoba Hydroengages and serves Manitobans2.1.1 Significantly expand digital customer service* Initiatives have been consolidated and incorporated into other pillars3Help allManitobansunderstand theirenergy optionsand makeinformed choices4Ensure Manitobansget maximumvalue from theirclean, dependableenergyinfrastructure2.2 Develop and implement an integratedcustomer strategy/customer experience*5Keep energy pricesas low as possible,while providingthe level of serviceManitobans expect2.3 Be responsive to customers’ currentand evolving expectations2.3.1 Continuously improve customerresponsiveness and satisfaction19
Pillar 3: Strategic objectives and initiatives12Serve customersProvide safe,Provide safe reliableefficiently,reliable energyenergy that meetsresponsively,that responsiblythe evolving energyneedsand digitallymeets theof Manitobansevolving energyneeds ofManitobans3.1 Support the Province ofManitoba in thedevelopment and effectiveimplementation of an EnergyPolicy*3Help allManitobansunderstand theirenergy optionsand makeinformed choices3.2 Assist Manitobans tounderstand and navigate theirexpanding energy choices*3.1.0 Support the Provinceof Manitoba in thedevelopment and effectiveimplementation of anEnergy Policy* Initiatives have been consolidated and incorporated into other pillars3.2.2 Become a trusted advisorhelping Manitobans understandtheir energy options and makeinformed choices3.2.4 Explore potential newproduct and services offerings4Ensure Manitobansget maximumvalue from theirclean, dependableenergyinfrastructure3.3 As stewards, maximize thebenefit of existing energyinfrastructure, owned byManitobans3.3.1 Enhance awareness amongManitobans of their currentenergy assets as part of acoordinated communicationstrategy/Enterprise positioning5Keep energy pricesas low as possible,while providingthe level of serviceManitobans expect3.4 Within the parameters of EnergyPolicy, coordinate with new energyplayers to ensure costs and benefits ofnew energy assets are balanced for allManitobans3.4.1 Pursue relationships with newenergy entrants (e.g., charginginfrastructure providers) to ensureManitobans have the infrastructureand/or services they need20
Pillar 4: Strategic objectives and initiatives12Serve customersProvide safe,Provide safe reliableefficiently,reliable energyenergy that meetsresponsively,that responsiblythe evolving energyneedsand digitallymeets theof Manitobansevolving energyneeds ofManitobans4.1 Leverage Manitoba’s clean dependableelectricity to support the Province’s economicdevelopment objectives4.1.1 Shape/support the provincial economicdevelopment plan in the context of the evolvingenergy landscape through targeted economicdevelopment* Initiatives have been consolidated and incorporated into other pillars3Help allManitobansunderstand theirenergy optionsand makeinformed choices4Ensure Manitobansget maximumvalue from theirclean, dependableenergyinfrastructure4.3 Support the Province of Manitoba inachieving GHG targets*5Keep energy pricesas low as possible,while providingthe level of serviceManitobans expect4.4 Maximize the value of surplusenergy4.4.1 Reshape excess electricitystrategy21
Pillar 5: Strategic objectives and initiatives12Serve customersProvide safe,Provide safe reliableefficiently,reliable energyenergy that meetsresponsively,that responsiblythe evolving energyneedsand digitallymeets theof Manitobansevolving energyneeds ofManitobans5.1 Responsibly manage all costs (deferring andminimizing where appropriate)5.1.1 Develop appropriate tools to manage andshape demand as a means of optimizing investment5.1.2 Mature the asset management system tooptimize lifecycle costs (capital operations)5.1.3 Stand up continuous improvement capabilityto enable the Enterprise to operate as effectivelyand efficiently as possible5.1.4 Be an advocate for efficient and effectiveregulatory reform(a)(a) New strategic initiative as a result of Bill 35 no longer being on the legislative agenda3Help allManitobansunderstand their
consolidated net income from electricity and natural gas operations for the fiscal year ended March 31,2023, is planned at 120 million compared to the forecasted net loss of ( 203) million for the fiscal year ended March 31, 2022.The fiscal plan for FY 22/23 assumes a return to average water conditions and recovery from the severe effects of .
