HAMILTON, ON, Dec. 4, 2019 /CNW/ - Today Hydro One Networks Inc. (Hydro One), Ontario's largest electricity transmission and distribution company, and Alectra Utilities announced they expect to complete approximately $250 million of work in the Hamilton area by 2022 to upgrade local electricity infrastructure and improve service reliability.
As part of these plans to strengthen the electricity grid in the Hamilton region, investments are expected to include:
Hydro One will be working with Alectra Utilities to replace aging infrastructure at Elgin transmission station.
"A loss of power grinds life to a halt, impacting businesses, families and productivity. That's why Hydro One is partnering with Alectra Utilities to support a growing local economy in Hamilton, while improving power reliability for its residents," said Jason Fitzsimmons, Chief Corporate Affairs and Customer Care Officer. "Replacing aging infrastructure and modernizing equipment is part of our plan to build a stronger, safer and more reliable electricity system for Ontario now and into the future."
"Partnering with Hydro One to invest in our local community will create a safer, more resilient and reliable system for the future," said Max Cananzi, President, Alectra Utilities. "In addition to investments in the transmission system, Alectra Utilities also plans to invest $235 million over the next five years to renew, upgrade and connect customers to the electrical distribution and supporting systems in Hamilton. Investments in the transmission and distribution systems in Hamilton will contribute to the long-term sustainability of our communities."
"I am pleased to see Hydro One and Alectra investing in modernizing local electricity infrastructure and improving reliability," said Member of Provincial Parliament, Donna Skelly. "Safe and reliable power is essential to supporting local families, businesses and our community."
Hydro One's investments included in this announcement are captured in its previously disclosed future capital expenditures.
Much of Hydro One's electricity system was built in the 1950s. Its three-year, $5 billion investment plan supports safe and reliable power to communities across Ontario.
About Hydro One Inc.:
Hydro One Inc. is a fully owned subsidiary of Hydro One Limited, Ontario's largest electricity transmission and distribution provider with almost 1.4 million valued customers, over $25.6 billion in assets and 2018 annual revenues of over $6.1 billion. Our team of approximately 8,600 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2018, Hydro One invested almost $1.6 billion in its 30,000 circuit kilometres of high-voltage transmission and 123,000 circuit kilometres of primary distribution networks and injected approximately $1.3 billion into the economy by buying goods and services in Ontario. 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 Toronto Stock Exchange (TSX: H).
Forward-Looking Statements and Information
This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect", "anticipate", "intend", "attempt", "may", "plan", "will", "can", "believe", "seek", "estimate", and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
About Alectra Utilities:
Serving more than one million homes and businesses in Ontario's Greater Golden Horseshoe area, Alectra Utilities is now the largest municipally-owned electric utility in Canada, based on the total number of customers served. We contribute to the economic growth and vibrancy of the 17 communities we serve by investing in essential energy infrastructure, delivering a safe and reliable supply of electricity, and providing innovative energy solutions.
Our mission is to be an energy ally, helping our customers and the communities we serve to discover the possibilities of tomorrow's energy future.
SOURCE Hydro One Inc.
For further information: Hydro One: Hydro One Media Relations 24 hours a day at 1-877-506-7584 (toll-free in Ontario only) or 416-345-6868. Our website is www.HydroOne.com. Follow us on facebook.com/hydrooneofficial, twitter.com/hydroone and instagram.com/hydrooneofficial; For more information visit alectrautilities.com. Media Contact: Rachel Bertone, Media Spokesperson, [email protected], Telephone: 647.339.3826, 24/7 Media Line: 1.833.MEDIALN
Hydro One Inc. is a fully owned subsidiary of Hydro One Limited, Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, $25 billion in assets and 2017 annual revenues of nearly $6 billion. Our team of over 7,400...
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