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Manitoba Hydro-Electric Board 53Rd Annual Report Manitoba Hydro-Electric Board 53Rd Annual Report

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Manitoba Hydro-Electric Board 53Rd Annual Report Manitoba Hydro-Electric Board 53Rd Annual Report (a) 2004 cover REV 7/29/04 2:01 PM Page 1 Manitoba Hydro-Electric Board 53rd Annual Report 53rd Board Manitoba Hydro-Electric Manitoba Hydro-Electric Board 53rd Annual Report For The Year Ended March 31, 2004 For The Year Ended March 31, 2004 Ended March For The Year (a) 2004 cover REV 7/29/04 2:01 PM Page 2 (b) pg 1-16 7/29/04 2:03 PM Page 1 1 Manitoba Hydro-Electric Board 53rd Annual Report CONTENTS 2 Letter of Transmittal 3 Corporate Profile 3 Vision, Mission and Goals 4 Highlights 6 Chairman’s Message 7 President’s Message YEAR IN REVIEW 10 Customer Service 22 Transmission and Distribution 28 Power Supply 38 Environment 44 Employees and Safety 48 Corporate Citizenship 52 Subsidiaries FINANCIAL REVIEW 56 Management’s Discussion & Analysis 69 Management Report 70 Auditors’ Report 71 Consolidated Statement of Income 71 Consolidated Statement of Retained Earnings 72 Consolidated Balance Sheet 74 Consolidated Statement of Cash Flows 75 Notes to the Consolidated Financial Statements 88 Consolidated Financial Statistics — A 10-year overview 87 Corporate Governance 89 Operating Statistics — A 10-year overview 90 Members of the Board 91 Manitoba Hydro Senior Officers 92 Major Electric & Gas Facilities Map 93 Source of Electrical Energy Generated and Imported 93 Generating Stations and Capabilities 95 Glossary COVER The Many Faces of our Customers: Manitoba Hydro's relationship with its many customers is one borne with the mandate to provide all its customers with exceptional value in rates, service, public safety, reliability, and power quality. Our customers come from many different walks of life and come with different energy needs. This annual report is a tribute to our customers and their relationship with their utility. Vous trouverez le rapport en français sur le site Web de Manitoba Hydro à l’adresse suivante : www.hydro.mb.ca (b) pg 1-16 7/29/04 2:03 PM Page 2 2 Manitoba Hydro-Electric Board 53rd Annual Report LETTER OF TRANSMITTAL July 30, 2004 The Honourable Tim Sale Minister Charged with the Administration of The Manitoba Hydro Act Legislative Building Winnipeg, Manitoba R3C 0V8 Dear Minister: I have the honour of presenting the 53rd Annual Report of The Manitoba Hydro-Electric Board together with the financial statements for the fiscal year ended March 31, 2004. Respectfully submitted, Victor H. Schroeder, QC Chairman, The Manitoba Hydro-Electric Board (b) pg 1-16 7/29/04 2:03 PM Page 3 3 Manitoba Hydro-Electric Board 53rd Annual Report CORPORATE PROFILE ◗ Manitoba Hydro is a ◗ We offer our customers ◗ We deliver natural gas provincial Crown Corporation a wide range of energy throughout the southern providing electric energy to services, either directly or portion of the province to 505 883 customers throughout through our subsidiaries. nearly 100 communities using Manitoba and natural gas Manitoba Hydro is also known approximately 8 200 kilometres service to 253 631 customers worldwide for its expertise in of pipelines. On average, we in various communities in high voltage direct current deliver about 2.1 billion cubic southern Manitoba. We also transmission. metres of natural gas through export electricity to over 50 our system. electric utilities and marketers ◗ Nearly all of our electricity is in the mid-western U.S., generated from self-renewing ◗ Our capital assets in Ontario and Saskatchewan. waterpower. On average, about service at original cost exceed 30 billion kilowatt hours of $10 billion, making us one of electricity are generated the largest energy utilities in annually, with 98 per cent Canada. The governance of produced from 14 hydroelectric the Corporation is through generating stations on the The Manitoba Hydro-Electric Nelson, Winnipeg, Board, whose members are Saskatchewan, and Laurie appointed by the Lieutenant- rivers. About two per cent of Governor in Council. the province’s energy needs are produced from two thermal generating stations and four remote diesel generating stations. VISION To be the best utility in North America with respect to safety, rates, reliability, customer satisfaction and environmental management, and to always be considerate of the needs of customers, employees, and stakeholders. MISSION To provide for the continuance of a supply of energy to meet the needs of the province and to promote economy and efficiency in the development, generation, transmission, distribution, supply, and end-of-use of energy. GOALS ◗ Continuously improve safety in the work environment. ◗ Provide customers with exceptional value (rates, service, public safety, reliability, and power quality). ◗ Be a leader in strengthening working relationships with Aboriginal Peoples. ◗ Improve corporate financial strength. ◗ Maximize export power net revenues. ◗ Have highly skilled, effective, innovative employees and a diverse workforce that reflects the demographics of Manitoba. ◗ Be proactive in protecting the environment and the leading utility in promoting sustainable energy supply and service. ◗ Be an outstanding corporate citizen. ◗ Proactively support agencies responsible for business development in Manitoba. ◗ Be a leader in implementing cost-effective energy conservation and alternate energy programs. (b) pg 1-16 7/29/04 2:03 PM Page 4 4 Manitoba Hydro-Electric Board 53rd Annual Report HIGHLIGHTS ◗ Manitoba Hydro deals with its ◗ The historically low water ◗ New historical peaks for electricity second worst drought since the 1940s conditions and persisting drought and natural gas use occur on the having to manage its water resources conditions result in significant same day. under challenging conditions. Net financial losses for the Corporation. importing of electricity is required for ◗ Electricity rates unchanged or the first time since 1989. lowered for the seventh consecutive year for residential customers and the 12th year for industrial electricity customers in 2003-04. TOTAL REVENUE millions of dollars Gas sales Extraprovincial electricity sales Electricity sales 2 000 1 600 1 200 800 400 0 2000 2001 2002 2003 2004 ANNUAL RATE INCREASES VS MANITOBA CONSUMER PRICE INDEX 1992=100 Consumer price index Manitoba Hydro residential Manitoba Hydro industrial 130 125 120 115 110 105 100 95 1994 1996 1998 2000 2002 2004 TOTAL GENERATION 000 000 kWh 35 000 30 000 25 000 20 000 15 000 2000 2001 2002 2003 2004 (b) pg 1-16 7/29/04 2:03 PM Page 5 5 Manitoba Hydro-Electric Board 53rd Annual Report HIGHLIGHTS ◗ Manitoba Hydro and ◗ The Power Smart Home Comfort ◗ Manitoba is the national leader in Nisichawayasihk Cree Nation and Energy Savings Program delivers the installation of geothermal heat participate in an environmental an unprecedented $43 million in pumps, primarily through the Power review of the Wuskwatim Generating convenient financing for energy Smart Earth Power Program. Station and its associated efficiency improvements. The cost transmission line projects before effectiveness and high participation Manitoba's Clean Environment of the Power Smart line of programs Commission. leads to the launch of a new home program and further enhancements to existing programs. CONSOLIDATED FINANCIAL RESULTS 2003-04 2002-03 Change millions of dollars Electric Operations Manitoba revenue 936 891891 45 Extraprovincial revenue 351 891463 (112) Expenses 1 715 1 281 434 Net (loss) income 1 170 (428) 73 (501) Natural Gas Operations Revenue 494 515 (21) Cost of gas sold 502 375 392 (17) Expenses 112 110 2 Net income before Corporate allocations 7 13 (6) Corporate allocations 71 15 15 – Net loss 1 170 (8) (2) (6) Consolidated net (loss) income (436) 71 (507) Retained earnings 734 1 170 (436) OPERATING STATISTICS 2003-04 2002-03 Change Electric Operations billions of kilowatt hours Generation 19.3 89129.2 (9.9) Energy sales - Manitoba 19.3 89119.3 – Energy sales - Extraprovincial 7.0 5159.7 (2.7) 8 thousands of kilowatts — Manitoba peak load 3 959 3 916 43 Natural Gas Deliveries millions of cubic metres Residential sales 502 653 714 (61) Commercial and industrial sales 893 980 (87) 1 546 1 694 (148) Transportation service 502 577 640 (63) 2 123 2 334 (211) (b) pg 1-16 7/29/04 2:03 PM Page 6 6 Manitoba Hydro-Electric Board 53rd Annual Report CHAIRMAN’S MESSAGE The past year was a very demanding Hydro One began a feasibility study during the year one for Manitoba Hydro as it managed to examine potential new generating facilities in the difficulties associated with Manitoba and a high-voltage transmission line drought. between the two provinces. Any sale agreement arising out of this study would provide clean energy The low water conditions meant to Ontario to potentially replace electricity currently significant losses for the Corporation, produced by fossil-fuel generating stations. following several successful years of net revenues based largely on success The Corporation continued its efforts during the year in the export market. We expect that to enhance its relationship with Aboriginal people in the drought cycle will give way to the province and to ensure that our workforce reflects more normal water conditions and that the population we are serving in Manitoba. To that Manitoba Hydro will regain its positive end, the Corporation has emerged as a leader in financial performance. Canada in Aboriginal employment, with approximate- ly nine per cent of its workforce Aboriginal, with over The Board was pleased during the year with the 30 per cent of its northern employees of Aboriginal Corporation's involvement in new areas of energy ancestry. development, including the continuation of Manitoba Hydro’s wind monitoring study as well as prepara- The Board has also followed with interest the ongoing tions for small-scale hydrogen production. The efforts of the Corporation to provide information and Corporation has also partnered with three other incentives to improve the efficient use of energy in Canadian utilities to further investigate developments Manitoba. The Corporation's Power Smart programs in the use of biomass to produce electricity. have proved popular with residential and commercial customers, providing savings on customer’s bills, We also viewed with satisfaction the progress on the while allowing Manitoba Hydro to export the potential partnership between Manitoba Hydro and electricity that has been saved.
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