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TORONTO, ON, Aug. 5, 2021 – Today, Hydro One Networks Inc. (Hydro One) 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 $17 billion five-year Investment Plan, informed by customer feedback, will reduce the impacts of power outages for its distribution customers by approximately 25 per cent, enable economic growth and prepare for the impacts of climate change.
“Our plan will make smart investments to significantly reduce the impacts of power outages for our customers. With much of our system built in the 1950s and 1960s, it is time to invest in renewing or replacing critical infrastructure in almost every community across the province,” said Mark Poweska, President and CEO, Hydro One. “Every dollar we invest comes at a cost to our customers, which is why this plan was directly informed by the feedback of almost 50,000 Ontarians. The majority of customers told us they support proactive investments in a resilient and reliable system prepared for climate change.”
If approved, the five-year Investment Plan will have bill impacts below the expected rate of inflation, with the monthly bill for a typical year-round residential customer increasing by an average of $1.68 each year from 2023 to 2027.
Hydro One’s five-year Investment Plan includes plans to:
Renew or replace critical infrastructure
Improve resiliency and reliability and prepare for the impacts of climate change
Build 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.
A copy of the application including the investment plan is available 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.
For further information:
Media are invited to join a technical briefing for the Investment Plan.
David Lebeter, Chief Operating Officer, Hydro One
Jason Fitzsimmons, Chief Corporate Affairs and Customer Care Officer, Hydro One
Friday, August 6, 2021
Manby Transformer Station, 850 Kipling Ave, Toronto (Outdoor event)
The media technical briefing will also be livestreamed virtually by registering here.
*** To accommodate physical distancing, if you plan on attending in-person please secure attendance by contacting [email protected] or calling (647) 242-1759 by Friday, August 6 at 8 a.m. ***
If you are unable to join by webcast, you can dial in by calling Local: 416-764-8659 or North American Toll Free: 1-888-664-6392 with Confirmation #: 20583922
For further information: Hydro One Media Relations 24 hours a day at 1-877-506-7584 (toll-free in Ontario only) or 416-345-6868
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