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The five-year Investment Plan will reduce the impacts of power outages for its distribution customers by approximately 25 per cent
Timmins, ON, Aug. 24, 2021 – Today, Hydro One announced plans to reduce the impacts of power outages to its customers in northeast Ontario, enable economic growth in the region and prepare its system for the impacts of climate change through its $17 billion five-year Investment Plan. Hydro One recently filed its Joint Rate Application with the Ontario Energy Board (OEB), which includes its 2023-2027 Investment Plan for the company’s transmission and distribution system. The five-year Investment Plan, informed by customer feedback, will reduce the impacts of power outages for its distribution customers by approximately 25 per cent.
“Our plan will make smart investments in northeast Ontario to significantly reduce the impacts of power outages for our customers. With much of our system built in the 1950s and 1960s, we will continue to invest in renewing or replacing critical infrastructure in almost every community across the province, including in the Timmins region,” said Mark Poweska, President and CEO, Hydro One. “This plan was directly informed by the feedback of almost 50,000 customers. The majority of customers told us they support proactive investments in a resilient and reliable system prepared for climate change.”
If approved by the OEB, Hydro One’s five-year Investment Plan will energize life in northeast Ontario by:
Renewing or replacing critical infrastructure
Improving resiliency and reliability and preparing for the impacts of climate change
Building a grid for the future to support economic growth and customer choice
By investing in the electricity system and renewing critical infrastructure, Hydro One’s plan will improve service for customers, prepare the system for more severe weather and better protect small businesses and large manufacturers from power outages responsible for millions of dollars in lost productivity.
“Investments in the system are critical to supporting the shift to electrification, a low carbon economy and providing customers with greater choice,” said Poweska.
More details can be found at www.hydroone.com/5YearInvestmentPlan
Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario’s largest electricity transmission and distribution provider with approximately 1.4 million valued customers, approximately $30.3 billion in assets as at December 31, 2020, and annual revenues in 2020 of approximately $7.3 billion.
Our team of approximately 8,700 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2020, Hydro One invested approximately $1.9 billion in its transmission and distribution networks, and supported the economy through buying approximately $1.7 billion of goods and services.
We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives. We are designated as a Sustainable Electricity Company by the Canadian Electricity Association.
Hydro One Limited’s common shares are listed on the TSX and certain of Hydro One Inc.’s medium term notes are listed on the NYSE. Additional information can be accessed at www.hydroone.com; www.sedar.com or www.sec.gov.
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