Utility continues to improve reliability and provide high-quality service to its customers
TORONTO, May 13, 2016 /CNW/ -Toronto Hydro Corporation releases its 2015 Annual Report showing the organization is performing well while operating in a highly complicated, regulated industry.
The report shows that Toronto Hydro met or exceeded all of its key performance targets, resulting in a net income after net movements in regulatory balances of $126.7 million and a $56.25 million dividend to the City of Toronto.
In 2015, Toronto Hydro delivered the largest Conservation and Demand Management (CDM) program in Ontario, with savings of 214.5 GWh – equivalent to taking 28,000 homes off the grid. The company continues to be a leader in the delivery of CDM programs to help customers conserve energy, save money and help the environment.
Toronto Hydro is committed to maintaining a strong, stable electricity system by renewing aging infrastructure, addressing increasing electricity demands and improving the system's resilience to severe weather. For these reasons, Toronto Hydro executed a large, $537.2 million capital investment plan in 2015. In late 2015, Toronto Hydro received a landmark five-year rates decision from the Ontario Energy Board. This decision supports the need for continued investment in Toronto's electricity grid and has secured more than $2 billion in capital funding.
- Since 2009, the average number of service interruptions has improved by 12% and the average duration of interruptions has improved by 23%
- Toronto Hydro achieved an entire year without a lost-time injury and total recordable injuries were 53% lower than benchmarked peers
- Toronto Hydro received the 2015 Electrical Safety Authority (ESA) award, recognizing the company as a leader in consumer and home electrical safety
"I'm pleased to say that 2015 was a very successful year for Toronto Hydro. We demonstrated superior financial performance while working safely and productively. Toronto Hydro also received a favourable Ontario Energy Board decision for five years that allows us to renew our aging grid and improve service reliability for our customers."
- 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 streetlighting 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 757,000 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
Video with caption: "Video: Video message from Toronto Hydro's President and Chair of the board for the 2015 Annual Report.". Video available at: https://youtu.be/xGQFBa2DcqE
Image with caption: "Toronto Hydro releases its 2015 annual report (CNW Group/Toronto Hydro Corporation)". Image available at: http://photos.newswire.ca/images/download/20160513_C7027_PHOTO_EN_690147.jpg
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