Toronto Hydro Corporation Releases its Third Quarter Financial Statements and
Related MD&A

			Three months ended September 30;			Nine Months ended September 30;
			In Millions of dollars; Unaudited			In Millions of dollars; Unaudited
			2010	2009		2010	2009
Net Income			$27.7	$11.8		$56.1	$33.2
Net Revenues			$147.2	$130.0		$410.2	$377.9
Capital Expenditures			$90.5	$59.8		$244.9	$159.4

TORONTO, Nov. 26 /CNW/ - Toronto Hydro Corporation (the "Corporation") announced today that it has filed with Canadian security regulators its consolidated financial statements and related MD&A for the Nine Months ended September 30, 2010.  Copies may be obtained from the Corporation or accessed through www.sedar.com.

• Net income for the nine months ended September 30, 2010 was $56.1 million compared with $33.2 million for the same period in 2009.
  
  
• Net revenues for the nine months ended September 30, 2010 were higher at $410.2 million compared to $377.9 million in 2009.
  
  
• Capital Expenditures for the Nine Months ended September 30, 2010 were higher at $244.9 million compared to $159.4 million for the same period in 2009.

"These results reflect the effort that we are putting into our distribution system modernization program, to improve service to our customers. Our capital construction programs to renew the grid are proceeding on schedule in neighborhoods across Toronto," said Anthony Haines, President and Chief Executive Officer.

Financial Highlights

The $22.9 million increase in net income for the first nine months of 2010 was mainly due to higher regulated distribution rates approved by the Ontario Energy Board associated with the renewal of electricity distribution infrastructure.  As part of the electricity distribution renewal efforts, the Corporation increased capital expenditures by $86 million for the first nine months of 2010, compared with the same period in 2009.

Financial Highlights Nine Months ended September 30 (in millions of dollars, unaudited)
	2010	2009	Variance Favourable / (Unfavourable)
Net Income	56.1	33.2	22.9
Net Revenues	410.2	377.9	32.3
Operating Expenses	167.7	159.0	(8.7)
Depreciation and Amortization	121.3	122.4	1.1
Change in Fair Value of Investments	2.4	(1.0)	3.4
Gain on disposals of Property, Plant & Equipment	2.7	0.5	2.2
Provision for Payment in Lieu of Taxes	17.5	10.6	(6.9)
Net Interest Expense	52.7	52.1	(0.6)

About Toronto Hydro

The Corporation is a holding company which through its wholly-owned subsidiaries:

• Toronto Hydro-Electric System Limited ("LDC") — distributes electricity and engages in Conservation and Demand Management activities; and
• Toronto Hydro Energy Services Inc. ("TH Energy") — provides street lighting services.

The principal business of the Corporation is the distribution of electricity by LDC.  LDC owns and operates an electricity distribution system that delivers electricity to approximately 697,000 customers located in the City of Toronto.

For further information: