Third Quarter Results The Company continues to support its customers and economic growth in the province, while building a grid for the future
TORONTO, Nov. 9, 2021 /PRNewswire/ - Hydro One Limited (Hydro One or the Company) today announced its financial and operating results for the third quarter ended September 30, 2021.
Third Quarter Highlights
- Third quarter earnings per share (EPS) was $0.50, compared to EPS of $0.47 for the same period in 2020. The increase in EPS was primarily due to approved rates for the transmission and distribution segments as well as the redemption of preferred shares in the prior year, partially offset by lower transmission peak demand and higher depreciation, amortization and asset removal costs.
- Hydro One quickly restored power to more than 84,000 customers in northern and central Ontario as well as over 70,000 customers in southern and central Ontario following severe weather across the Province. Hydro One prioritizes restoration in a way that brings power back to the greatest number of customers in the shortest period of time.
- Hydro One has partnered with Feed Ontario in the fight against hunger by providing the equivalent of 450,000 meals to those in need.
- The Canadian Council of Aboriginal Business (CCAB) has partnered with Hydro One to support Indigenous-owned businesses through two types of grants. This partnership is part of Hydro One's commitment to ensuring that 20 per cent of its community investments are directed to Indigenous communities.
- The Company recently partnered with PowerFlex, a division of EDF Renewables North America, to provide distributed energy resources for our commercial and industrial customers.
- Demonstrating its financial stability and flexibility, the Company's wholly-owned subsidiary, Hydro One Inc. successfully issued $900 million of Medium Term Notes (MTN) at competitive rates.
- The Company's capital investments and in-service additions for the quarter were $513 million and $514 million, respectively, compared to $500 million and $371 million in 2020.
- Quarterly dividend declared at $0.2663 per share, payable December 31, 2021.
"Hydro One continues to energize life in Ontario, by meeting the needs of our customers and communities," said Mark Poweska, President and CEO of Hydro One. "Hydro One strives to improve customer experience through innovation and by building a smarter, more sustainable and resilient grid."