Utility continues to provide improved service while investing in the future
TORONTO, May 12, 2017 /CNW/ - Toronto Hydro Corporation has released its 2016 Annual Report showing the organization is continuing to provide reliable and high-quality service while investing in the future of Toronto's electricity system.
The report shows that Toronto Hydro had a highly successful year, exceeding all of its key performance targets, resulting in a $151.4 million net income.
Toronto Hydro continues to make much-needed investments to help ensure a strong, stable electrical grid in Toronto. As a result, since 2010, the average number of service interruptions has improved by 21% and the average duration of interruptions is down by 26%. In 2016, the company invested $551.7 million to renew aging infrastructure, address reliability and safeguard its electricity system against extreme weather events.
Toronto Hydro is a leader in the delivery of CDM programs to help customers conserve energy, save money and help the environment. It delivered the largest Conservation and Demand Management (CDM) savings ever in Ontario, with an estimated savings of 273.2 GWh – equivalent to taking more than 36,000 homes off the grid.
- Toronto Hydro received the Canadian Electricity Association's 2016 Integrated Approach to Sustainability Award, in recognition of its efforts to eliminate waste and increase efficiency
- Toronto Hydro received the 2016 Electrical Safety Authority award for its powerline safety campaign
- Toronto Hydro supports several major projects happening in the city of Toronto, including the Metrolinx Eglinton Crosstown Light Rail Transit System, the Toronto-York Spadina subway extension and the Yorkdale Mall expansion
"I'm proud of the achievements Toronto Hydro made in 2016. We performed well financially while continuing to make important investments in the future of our electricity system. We were able to accomplish this while improving service reliability, enhancing customer care and demonstrating commitment to sustainability."
- Anthony Haines, President and CEO, Toronto Hydro Corporation
ABOUT TORONTO HYDRO
Toronto Hydro Corporation is a holding company which wholly owns two subsidiaries:
- Toronto Hydro-Electric System Limited (THESL) – distributes electricity and engages in conservation and demand management activities
- Toronto Hydro Energy Services Inc. – provides street lighting and expressway lighting services in the city of Toronto
The principal business of Toronto Hydro Corporation and its subsidiaries is the distribution of electricity by THESL, which owns and operates the electricity distribution system for Canada's largest city. A leader in conservation and demand management, it has 764,000 customers located in the city of Toronto and distributes approximately 18% of the electricity consumed in Ontario.
SOURCE Toronto Hydro Corporation