Toronto Hydro Corporation Reports its Year-end Financial Results for 2016
Toronto Hydro Corporation ("the Corporation") announced its year-end 2016 consolidated financial and operating results.
For the year ended December 31, 2016:
- Distribution revenue was $647.9 million
- Net income after net movements in regulatory balances was $151.4 million
- Capital expenditures were $551.7 million
The increase in net income after net movements in regulatory balances over the previous year was primarily due to application of the new electricity distribution rates per the Ontario Energy Board's Custom Incentive Rate-setting decision and rate order to the 12 months of 2016 versus eight months in 2015 and related tax impact ($43.1 million), partially offset by higher depreciation and amortization mainly due to new in-service asset additions ($17.9 million).
The Corporation continues to invest heavily in renewing its aging infrastructure to address safety, reliability and customer service requirements a $14.5 million increase from 2015. These investments require a flexible, balanced capital structure that is aided by reinvesting net income.
"Toronto Hydro had a very strong year I am proud of our achievements and our dedicated staff. We continued to invest in distribution infrastructure that is helping to improve reliability for our customers, keep pace with our growing city and safeguard against severe weather events."
-Anthony Haines, President and CEO, Toronto Hydro
For more information please see the Financial Backgrounder.
ABOUT TORONTO HYDRO
The 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 the 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 761,000 customers located in the city of Toronto and distributes approximately 19% of the electricity consumed in Ontario.
Click here to read the full press release.
For more information:
Toronto Hydro Corporation
14 Carlton Street
Canada, M5B 1K5