Most major Crown-owned utilities in Canada - specifically, B.C. Hydro and Power Authority, Manitoba Hydro, Ontario Power Generation Inc. (OPG), Hydro One Inc. (HOI) and Hydro-Quebec - posted higher earnings for the periods ended Sept. 30. Manitoba Hydro, Hydro-Quebec and HOI recorded higher earnings, while results were lower for OPG and BC Hydro. Manitoba Hydro consolidated net income from electricity and natural gas operations was $ 151 million for the first six months of the 2008-09 fiscal year ended Sept. 30 compared to $143 million a year earlier. Manitoba Hydro's earnings comprised a $ 173-million profit in the electricity sector and a $22-million net loss in the gas sector, the latter attributed to seasonal variations in demand, which the utility expects will be recouped over the winter heating season. For Manitoba Hydro, consolidated net income was $8 million higher than the same six-month period last year, primarily due to higher domestic electricity revenues partially offset by higher operating, maintenance and depreciation expenses. Net income will continue to improve over the last half of the fiscal year and is projected to exceed $250 million by year-end, Manitoba Hydro said.
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