OTTAWA, June 26, 2019 /CNW/ - Hydro Ottawa Holding Inc. today released its 2018 Annual Report, showcasing the company's strong performance in a year with three major weather events that impacted its business and the city.
Board Chair, Jim Durrell, ICD.D, Chair, Board of Directors, and President and Chief Executive Officer, Bryce Conrad, presented the company's 2018 results today before Ottawa City Council.
Hydro Ottawa's core mandate is to continue to provide a safe, reliable, affordable, and sustainable supply of electricity to approximately 335,000 homes and businesses that rely upon it every day; and to ensure a more sustainable energy future for its community.
- Hydro Ottawa's 2018 consolidated net income was $42.1 million.
- In accordance with the City Council-approved dividend policy, Hydro Ottawa delivered a dividend payment to the city of $22.3 million that will be used by the city to fund municipal programs and services.
- Hydro Ottawa ranked second for lowest costs per customer among large distributors in Ontario.
- Despite being hit with a major ice storm in April, a major wind storm in May, and tornadoes in September, Hydro Ottawa's service reliability remained among the best in Ontario. On average, Hydro Ottawa customers had power 99.74 per cent of the time in 2018. That percentage increases to 99.99 per cent without the severe weather events.
- In 2018, the Chaudière Falls expansion project, the largest capital project in Hydro Ottawa's history, completed its first full year of operation, boosting Hydro Ottawa's clean, renewable energy to power 20,000 additional homes, and revenues by 52 per cent, or $13.3 million.
- Hydro Ottawa started refurbishment of its two hydroelectric stations in Gatineau. Once complete in 2020, they will feed power into the Ontario grid under a 40-year purchase power agreement; alleviating a forecasted shortfall of capacity in Ottawa's downtown core.
- At the end of 2018, Hydro Ottawa's energy and utility-services business was separated from its generation business, and is now pursuing a growth and diversification strategy under the Envari brand. Envari's largest current project is the City of Ottawa streetlight conversion contract, which is almost two-thirds complete and delivering earlier and higher than projected energy savings to the City.
- Hydro Ottawa continued to enhance the customer experience by improving the flow of information and developing innovative services. Notably, Hydro Ottawa became the first Canadian utility whose customers can access account and conservation information via smart home audio assistants.
- Hydro Ottawa's employee-driven charitable campaign raised more than $372,000 with funds directed to support both the Rose Ages Breast Health Centre at The Ottawa Hospital and United Way Ottawa.
- Hydro Ottawa also continued to be a responsible and engaged corporate citizen by helping customers conserve energy, participating in more than 400 community events.
"What remains constant is our focus on effectively operating and investing in the electricity grid, while insulating our customers as much as possible from cost increases. In 2018, we continued to respond to our customers' strong expectation that we pursue all available savings, through innovation, productivity improvement and cost-control measures. This helped rank us amongst the very top level of our peers in Ontario in terms of lowest costs per customer."
- Jim Durrell, C.M., ICD.D, Chair, Board of Directors
"Thanks to our experiences with major weather events and participation in disaster relief in other parts of the country and United States, we have adapted and implemented measures that have kept our employees, the public and our city's infrastructure safe. The past year has left us with three takeaways: our employees are remarkably dedicated, our customers are highly supportive, and our ongoing investments in infrastructure resilience are essential."
- Bryce Conrad, President and Chief Executive Officer
ABOUT HYDRO OTTAWA HOLDING INC.
Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company 100 percent owned by the City of Ottawa and whose core businesses are electricity distribution, renewable energy generation, and energy and utility services. Hydro Ottawa owns and operates three primary subsidiary companies: Hydro Ottawa Limited – delivering electricity to more than 335,000 customers in the City of Ottawa and the Village of Casselman; Portage Power – the largest Ontario-based municipally-owned producer of green power that has over 128 megawatts of installed green generation capacity – enough to power 107,000 homes; and Envari – an energy solutions company offering products and services that help reduce energy consumption and costs for municipalities, industrial and commercial clients, and various local distribution companies.
SOURCE Hydro Ottawa Holding Inc.
For further information: Media contact: Daniel Séguin, Manager, Media and Public Affairs, Hydro Ottawa, Tel: 613-738-5499 ext. 2345, [email protected]