Hydro One, the largest electricity transmission and distribution provider in the province of Ontario, has reported a slightly higher profit for the fourth quarter. The increase in revenue helped offset the rising financing and depreciation costs.
Financial Performance
The net income attributable to common shareholders rose to 181 million Canadian dollars ($134.6 million), or C$0.30 a share, compared to C$178 million, or C$0.30 per share, in the same period last year. This growth can be attributed to approved provincial electricity distribution rates.
Revenue for the quarter reached C$1.98 billion, representing a 6.3% increase from the previous year.
Electricity Distribution
Hydro One distributed 8,040 gigawatt hours of electricity to its customers in the fourth quarter, an increase from the 7,826 gigawatt hours distributed in the same period the year before.
Corporate Update
Looking ahead, Hydro One has begun its search for a new chief financial officer as Chris Lopez is set to depart on June 30. With approximately 1.5 million customers, the company remains committed to providing reliable electricity services across Ontario.
