It also won't affect a promise to keep rates frozen for consumers until the turn of the century, the plan said.
Critics say the figures highlight the electrical giant's sorry state.
It confirms Hydro is in a financial death spiral. The debt was stacked up over years of building expensive nuclear reactors. In the mid-1990s, the elimination of thousands of jobs and other cost cutting, combined with repeated rate hikes, began to wipe up the red ink. But the utility stresses that the investment is needed to keep the reactors viable and will result in a much more productive operation. The corporation also wants to create more flexible labour relations and curb pension and benefits costs, the document says.