TORONTO, March 27, 2020 /CNW/ - Today, Hydro One announced it is taking additional steps to provide support to its customers during the COVID-19 pandemic. Effective today, the utility will temporarily suspend late fees for all customers and return approximately $5 million in security deposits to over 4,000 eligible business customers. Late payment fees will be suspended until May 7, 2020, in line with the Ontario government's recently announced rate relief program.
Hydro One no longer collects security deposits from residential customers after changing its policy in 2017.
"We are here to support families and businesses during this unprecedented time," said Mark Poweska, President and CEO, Hydro One.
These additional customer support measures follow Hydro One's earlier announcement of a new Pandemic Relief Fund to offer payment flexibility and financial assistance to customers experiencing financial hardship as a result of COVID-19. The company also recently applauded the Ontario government for offering temporary relief from on-peak Time-of-Use (TOU) rates for a period of 45 days. While Hydro One is regulated to adhere to TOU pricing, the company had been working with the industry and government to offer relief to families and businesses as they cope with the financial impacts of COVID-19.
"Customers are counting on us now more than ever – not only to keep the lights on across the province, but to offer support during this difficult time," said Poweska. "Hydro One will continue to work with industry partners and the province to advocate on behalf of our customers now and into the future."
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 $27.1 billion in assets as at December 31, 2019, and annual revenues in 2019 of approximately $6.5 billion. Our team of approximately 8,800 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2019, Hydro One invested approximately $1.7 billion in its transmission and distribution networks and supported the economy through buying approximately $1.5 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.
SOURCE Hydro One Inc.
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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...