19 Dec, 2019, 18:34 ET
Toronto Hydro's plan delivers affordable electricity, and continues to focus on investing in the grid to address safety and reliability, support a growing city, and meet customer service needs.
TORONTO, Dec. 19, 2019 /CNW/ - At approximately 4:00 p.m. today, and following a comprehensive public review process, the Ontario Energy Board (OEB) released its decision on Toronto Hydro's 2020-2024 electricity distribution rates application and investment plan.
Toronto Hydro is pleased that the OEB has approved a plan which provides customers with a rate reduction in 2020.
In addition to providing customers with the certainty of affordable electricity, the OEB 's approval of approximately $3.8 billion of funding over the next five years will also enable Toronto Hydro to make continued investments in grid safety and reliability, support a growing city, and meet the needs of its customers.
Delivering affordable electricity while continuing to focus on investment in the grid has been enabled in part by a range of utility initiatives to deliver value-for-money. These include Toronto Hydro's recent facilities consolidation program, which reduced square footage per employee by more than 40%, and credited more than $150 million of proceeds from property sales to customers to help lower their electricity bills.
Due to the complexity of this decision, Toronto Hydro will now take time to consider it and determine the operational impacts, as well as complete OEB processes to determine final customer rate impacts. The next step is for the OEB to issue a rate order to establish the final distribution rate impacts and effective dates for 2020 rates, which Toronto Hydro estimates will occur within the first quarter of 2020. Once known, Toronto Hydro will communicate distribution rate impacts directly to all its customers.
More information about Toronto Hydro's application and proposed plan can be found at torontohydro.com/application.
QUICK FACTS ABOUT TORONTO HYDRO'S 2020-2024 RATE APPLICATION
- Toronto Hydro distribution charges account for approximately one-third of a residential customer's total bill
- Since 2006, Toronto Hydro has invested over $5 billion into the grid to improve performance and reliability
- Proactive investments in the renewal and modernization of the grid have enabled increased performance, including improved reliability for customers
- Facilities consolidation and fleet reduction initiatives have reduced Toronto Hydro's footprint, lowered operating costs and unlocked other financial benefits for customers
- Investments in technology and automation have reduced manual efforts and enabled the completion of work with fewer resources
- Toronto Hydro's rates are being set after a comprehensive public review process by the OEB over nearly 17 months, and the application consisted of a final record spanning nearly 14,000 pages
- This was Toronto Hydro's second five-year application
"We're pleased that the Ontario Energy Board has approved Toronto Hydro investing approximately $3.8 billion in the grid over the next five years and a rate reduction in 2020 for most residential customers. This enables us to do our part to deliver affordable electricity while continuing to focus on maintaining grid safety and reliability, supporting a growing city, and meeting the needs of our customers."
- Anthony Haines, President and CEO, Toronto Hydro
ABOUT TORONTO HYDRO
Toronto Hydro owns and operates the electricity distribution system for Canada's largest city. Recognized as a Sustainable Electricity Company™ since 2014, it has approximately 775,000 customers located in the city of Toronto and distributes approximately 18% of the electricity consumed in Ontario.
SOCIAL MEDIA ACCOUNTS
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LinkedIn - linkedin.com/company/toronto-hydro
SOURCE Toronto Hydro Corporation
For further information: Russell Baker, Media and Public Relations, 416-903-6845, [email protected]; 24-hour media line: 416-903-6845, [email protected]
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