The Company continues to support economic growth and a clean energy future in Ontario with three new transmission projects being awarded in the Northeastern and Eastern part of the province. TORONTO, Nov. 8, 2023 /PRNewswire/ – Hydro One Limited (Hydro One or the Company) today announced its financial and operating results for the third quarter ended September 30, 2023.
Third Quarter Highlights
Third quarter basic earnings per share (EPS) of $0.60 was 17.6% higher compared to EPS of $0.51 for the same period in 2022. EPS for the quarter was higher year-over-year largely due to higher revenues resulting from Ontario Energy Board (OEB)-approved 2023 transmission rates, higher average monthly peak demand, and lower income tax expense, partially offset by higher financing charges. Hydro One employees raised a record amount of approximately $2 million in donations for more than 800 registered Canadian charities through the “Power to Give” campaign in September. Hydro One was awarded the Gold level certification from the Canadian Council for Aboriginal Business (CCAB) recognizing its commitment and efforts to build a strong, lasting and mutually beneficial relationship with Indigenous communities.
Subsequent to quarter end, the Company was awarded the construction of three new priority transmission lines to meet the growing electricity demand in Northeastern and Eastern Ontario. Hydro One and the Power Workers’ Union (PWU) ratified two collective agreements covering employees in front-line and customer-facing roles across the Company’s operations. The Company and the Society of United Professionals also ratified a collective agreement covering employees in engineering, supervisory and administrative roles.
The Company priced an offering of $425 million aggregate principal amount of Floating Rate Medium-Term Notes (MTN) under its Sustainable Financing Framework. Subsequent to the quarter, the Company issued an additional $400 million MTN under the Framework. The Company’s capital investments and in-service additions for the quarter were $638 million and $699 million, respectively, compared to $501 million and $401 million in 2022. Quarterly dividend declared at $0.2964 per share, payable December 29, 2023.
“During the quarter, we were honoured with the Gold level certification from the CCAB which demonstrates the strong commitment and efforts to build mutually beneficial relationships with Indigenous partners. Also in the quarter, our employees answered the challenge and raised a record amount in donations through our Power to Give campaign in September, which will benefit various charities,” said David Lebeter, President and CEO of Hydro One. “Lastly, the awarding of the three new transmission lines further supports our commitment to enabling economic growth and a clean energy future in Ontario.”
Selected Consolidated Financial and Operating Highlights
Three months ended September 30
| 2023 | 2022 | |
|---|---|---|
| Revenues | 1,934 | 2,031 |
| Purchased power | 854 | 963 |
| Revenues, net of purchased power1 | 1,080 | 1,068 |
| Net income attributable to common shareholders | 357 | 307 |
| Basic EPS | $0.60 | $0.51 |
| Net cash from operating activities | 642 | 594 |
| Capital investments | 638 | 501 |
| Assets placed in-service | 699 | 401 |
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