Toronto Hydro Corporation Releases its Second Quarter Financial Statements
and Related MD&A

    
    -------------------------------------------------------------------------
                       Three months ended June 30;  Six months ended June 30;
                         In Millions of dollars;     In Millions of dollars;
                                Unaudited                   Unaudited
    -------------------------------------------------------------------------
                             2010       2009             2010       2009
                             ----       ----             ----       ----

    Net Income              $15.8      $14.4            $28.4      $21.4

    Net Revenues           $135.9     $123.3           $263.0     $247.8

    Capital Expenditures    $81.9      $52.1           $154.4      $99.7
    -------------------------------------------------------------------------
    

TORONTO, Aug. 23 /CNW/ - Toronto Hydro Corporation (the "Corporation") announced today that it has filed with Canadian security regulators its consolidated financial statements and related MD&A for the six months ended June 30, 2010. Copies may be obtained from the Corporation or accessed through www.sedar.com.

    
    -   Net income for the six months ended June 30, 2010 was $28.4 million
        compared with $21.4 million for the same period in 2009.

    -   Net revenues for the six months ended June 30, 2010 were higher at
        $263.0 million compared to $247.8 million in 2009.

    -   Capital Expenditures for the six months ended June 30, 2010 were
        higher at $154.4 million compared to $99.7 million for the same
        period in 2009.
    

"We are executing the most aggressive infrastructure renewal program in the history of the company to maintain and improve customer service," said Anthony Haines, President and Chief executive Officer.

Financial Highlights

The $7.0 million increase in net income for the first six months of 2010 was mainly due to higher regulated distribution rates approved by the Ontario Energy Board associated with the renewal of electricity distribution infrastructure. As part of the electricity distribution renewal efforts, the Corporation increased capital expenditures by $54.7 million for the first six months of 2010, compared with the same period in 2009.

    
    -------------------------------------------------------------------------
                             Financial Highlights
                           Six months ended June 30
                     (in millions of dollars, unaudited)
    -------------------------------------------------------------------------
                                                                  Variance
                                                                 Favourable/
                                              2010      2009   (Unfavourable)
    -------------------------------------------------------------------------
    Net Income                                28.4      21.4         7.0
    -------------------------------------------------------------------------
    Net Revenues                             263.0     247.8        15.2
    -------------------------------------------------------------------------
    Operating Expenses                       110.6     107.1        (3.5)
    -------------------------------------------------------------------------
    Depreciation and Amortization             79.9      81.5         1.6
    -------------------------------------------------------------------------
    Change in Fair Value of Investments          -       2.5        (2.5)
    -------------------------------------------------------------------------
    Gain on disposals of Property, Plant
     & Equipment                               1.5       0.5         1.0
    -------------------------------------------------------------------------
    Provision for Payment in Lieu of Taxes    11.5       5.1        (6.4)
    -------------------------------------------------------------------------
    Net Interest Expense                      34.2      35.4         1.2
    -------------------------------------------------------------------------
    

About Toronto Hydro

The Corporation is a holding company which through its wholly-owned subsidiaries:

    
    -   Toronto Hydro-Electric System Limited ("LDC") - distributes
        electricity and engages in Conservation and Demand Management
        activities; and

    -   Toronto Hydro Energy Services Inc. ("TH Energy") - provides street
        lighting services.
    

The principal business of the Corporation is the distribution of electricity by LDC. LDC owns and operates an electricity distribution system that delivers electricity to approximately 696,000 customers located in the City of Toronto.

SOURCE Toronto Hydro Corporation

For further information: For further information: Blair Peberdy, Vice-President, Marketing, Communications and Public Affairs and Chief Conservation Officer: 416-542-2515, bpeberdy@torontohydro.com; Pankaj Sardana, VP, Treasurer and Regulatory Affairs, psardana@torontohydro.com, 416-542-2707


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