Service reliability is trending up and investments are paying off
TORONTO, May 15, 2015 /CNW/ - Toronto Hydro Corporation's 2014 Annual Report has been released and it shows the organization is performing well, despite challenges from aging infrastructure and increased demands on the electricity system.
The report shows that Toronto Hydro exceeded almost all of its Key Performance Indicators, resulting in a net income of $112.5 million and a $60.6 million dividend to the City of Toronto.
Strong results are coupled with continued investment in infrastructure improvements — including the construction of the Copeland Transformer Station, the first new station to be built downtown since the 1960s. With over $588 million in capital expenditures in 2014, Toronto Hydro is making significant investments in the electricity grid to replace aging assets, meet growing demand and help improve reliability.
Improvements are being seen in the system, resulting in fewer and shorter power outages than in the past. To ensure investments continue to be made in the electricity grid, Toronto Hydro currently has an ambitious five-year rate application with the Ontario Energy Board that, if approved, will help plan for future upgrades.
- Since 2007, the average number of outages has improved by 31% and the average duration of interruptions has improved by 26%
- In the last five years, there has been a 73% reduction in employee recordable injuries
- In 2014, $588.4 million was spent in capital expenditures, primarily on improving service reliability and addressing the need for more electricity capacity within our power system.
"With unprecedented growth and aging infrastructure, our electricity grid is under more strain than ever before. But our 2014 Annual Report shows we continue to grow and innovate in ways that benefit our customers through better service, better reliability and strong financial returns." - Anthony Haines, President and CEO, Toronto Hydro Corporation
ABOUT TORONTO HYDRO CORPORATION
Toronto Hydro Corporation is a holding company which wholly-owns two subsidiaries:
Toronto Hydro-Electric System Limited – which distributes electricity and engages in Conservation and Demand Management activities; and
Toronto Hydro Energy Services Inc. – which provides street-lighting services.
The principal business of Toronto Hydro Corporation is the distribution of electricity. Toronto Hydro owns and operates an electricity distribution system delivering electricity to approximately 740,000 customers located in the city of Toronto. It is the largest municipal electricity distribution company in Canada and distributes approximately 18% of the electricity consumed in the province of Ontario.
SOURCE Toronto Hydro Corporation