OTTAWA, June 25, 2014 /CNW/ - Hydro Ottawa Holding Inc. (Hydro Ottawa) today released its 2013 Annual Report to its shareholder, the City of Ottawa, highlighting the company's strong financial results and ongoing commitment to serving its customers and the community.
2013 results show that Hydro Ottawa has continued to live up to its mandate of providing safe and reliable power to the over 315,000 homes and businesses and investing at unprecedented levels to ensure a more sustainable energy future for our community.
- Hydro Ottawa is proud to report a 2013 net income of $32.1 million resulting in a dividend to the City of $19.3 million which will be used to fund municipal programs and services.
- Renewable generation capacity doubled in 2013, providing enough clean power to supply 40,000 homes.
- In 2013, Hydro Ottawa invested $131 million in its infrastructure to keep the electricity system safe and reliable, including the new $25 million Terry Fox station which will better serve the growing needs of customers in Kanata and Stittsville.
- Reforms were presented to streamline the structures of the boards of directors to achieve more efficient and cost-effective governance practices.
- Customers gave Hydro Ottawa a 90 percent satisfaction rating, as measured by a third-party survey.
- Last year Hydro Ottawa employees raised a record $228,415 for the United Way.
|"I am very proud of what our company has accomplished in 2013. By remaining focused on achieving financial strength, customer value, organizational effectiveness, and corporate citizenship, we have once again produced strong results for our shareholder and our community." - Bryce Conrad, President and CEO, Hydro Ottawa|
|"Reliable electricity is always at the heart of our commitment to our customers and I am proud to say that in 2013 we invested over $131 million to improve system reliability, an unprecedented amount." - Jim Durrell, C.M., Chair, Board of Directors|
About Hydro Ottawa
Hydro Ottawa Holding Inc. (Hydro Ottawa) owns and operates two subsidiary companies, Hydro Ottawa Limited and Energy Ottawa Inc. Hydro Ottawa Limited is the third largest municipally owned electrical utility in Ontario serving more than 310,000 customers in the City of Ottawa and the Village of Casselman. Energy Ottawa Inc., Ottawa's largest producer of green power, generates renewable energy and provides commercial energy management services.
SOURCE: Hydro Ottawa Holding Inc.
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