TORONTO, June 23 /CNW/ - The Ontario Energy Board (OEB) has approved with conditions, Hydro One's Leave to Construct application for the Midtown Electricity Infrastructure Renewal Project in Toronto. The project is needed to strengthen the aging 115 kilovolt (kV) transmission system that serves Toronto's midtown and areas to west.
In its decision, the OEB found the project to be in the public interest in regard to its impact on price, reliability and quality of electricity service to consumers.
"This decision is an important milestone in our efforts to strengthen Hydro One's transmission system," said Laura Formusa, President and CEO, Hydro One. "The Midtown Project will allow us to ensure a reliable electricity supply to customers by replacing aging and approaching end-of-life electricity infrastructure."
The OEB Decision is the first major approval required to build the line and is conditional upon, among other things, the project receiving Ontario Environmental Assessment Act (EA) approval. Hydro One released a draft Environmental Study Report (ESR) on March 2, 2010 for review by interested parties. The review period for the ESR was extended until June 25, 2010 in order to address issues raised by stakeholders. At the conclusion of the review period, the document will be revised as appropriate, and a final ESR is expected to be submitted to the Ministry of the Environment on June 30, 2010.
Construction of the Midtown Project is scheduled to begin once approvals are received. The new facilities are planned to go into service in mid-2013. The total cost of the project will be jointly financed by Hydro One and Toronto Hydro.
The complete OEB decision is available at www.OEB.gov.on.ca and on Hydro One's Midtown Electricity Infrastructure Renewal Project website at www.HydroOne.com/Projects/Midtown.
Hydro One delivers electricity safely, reliably and responsibly to homes and businesses across the province of Ontario and owns and operates Ontario's 29,000 km high-voltage transmission network that delivers electricity to large industrial customers and municipal utilities, and a 123,000 km low-voltage distribution system that serves about 1.3 million end-use customers and smaller municipal utilities in the province. Hydro One is wholly owned by the Province of Ontario.
FORWARD-LOOKING STATEMENTS AND INFORMATION
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These forward-looking statements are based on a variety of factors and assumptions including, but not limited to the following: no unforeseen changes in the legislative and operating framework for Ontario's electricity market; no unfavourable decisions from the OEB and other regulatory bodies concerning outstanding rate and other applications; no unforeseen changes in rate orders or rate structures for our distribution and transmission businesses; a stable regulatory environment; and no significant event occurring outside the ordinary course of business. These assumptions are based on information currently available to us, including information obtained from third party industry analysts. Actual results may differ materially from those predicted by such forward-looking statements.
SOURCE Hydro One Inc.
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