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Hydro One Reports Fourth Quarter Results

Hydro One Reports Fourth Quarter Results

Press Release

The Company continues to execute on its capital plans in support of economic growth in Ontario and the transition to a clean energy future.

TORONTO, Feb. 13, 2024 Hydro One Limited (Hydro One or the Company) today announced its financial and operating results for the fourth quarter ended December 31, 2023.

Fourth Quarter Highlights

  • Fourth quarter basic earnings per share (EPS) of $0.30 was comparable to EPS of $0.30 for the same period in 2022. For the full year, basic EPS of $1.81 was 3.4% higher than basic EPS of $1.75 in 2022.
  • EPS for the quarter was unchanged year-over-year largely due to higher average monthly peak demand and energy consumption, as well as higher revenues resulting from Ontario Energy Board (OEB)-approved 2023 transmission rates, offset by higher financing charges and depreciation expense, as well as the impact of regulatory adjustments including the recognition of Conservation and Demand Management (CDM) revenues in the prior year and higher earnings sharing in the current period.
  • In line with incentive rate-making and for the benefit of Ontario ratepayers, Hydro One rebased productivity as part of the Joint Rate Application (JRAP). For 2023, Hydro One achieved $114 million of annual productivity savings. These efficiencies coincide with the current rate application period to date.
  • Hydro One continued to expand its network of strategic partnerships through the signing of a partnership agreement with Five Nations Development Inc., a wholly owned subsidiary of Five Nations Energy Inc., to work together to maximize Indigenous participation in the energy sector.
  • Hydro One was recognized as one of Canada’s Best Employers for 2024 by Forbes for the 9th consecutive year.
  • Hydro One and the Canadian Council for Aboriginal Business (CCAB) announced the ten recipients of the Hydro One Indigenous Entrepreneurship Grant.
  • During the quarter, Hydro One Inc., a subsidiary of the Company, priced and issued $900 million aggregate principal amount of Medium-Term Notes (MTN), under the Company’s Sustainable Financing Framework (Framework). Subsequent to the quarter end, Hydro One Inc. issued an additional $800 million aggregate principal amount of MTN under the Framework.
  • Subsequent to quarter end, Hydro One restored power to more than 125,000 customers during a January storm.
  • Subsequent to quarter end, the Company announced that Chris Lopez, Chief Financial and Regulatory Officer intends to step down to pursue other opportunities as of June 30, 2024.
  • The Company’s capital investments and in-service additions for the year were $2,531 million and $2,324 million, respectively, compared to $2,132 million and $2,267 million in 2022.
  • Quarterly dividend declared at $0.2964 per share, payable March 28, 2024.

“Our approach to building critical transmission infrastructure to meet the growing electricity demand in Ontario continues to be underpinned by a genuine commitment to developing strategic partnerships with First Nations, communities, government and industry,” said David Lebeter, President and Chief Executive Officer of Hydro One. “This commitment remains at the heart of everything we do and demonstrates our efforts to building mutually beneficial relationships that benefit from our strategic investments in energy infrastructure.”

For further information: Investors: Omar Javed, VP, Communications, Marketing & Investor Relations, investor.relations@hydroone.com, 416-345-5943; Media: media.relations@hydroone.com, 416-345-6868

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