Rows of power lines are shown which people use for electricity in Mississauga, Ont., on Monday, August 19, 2019. THE CANADIAN PRESS/Nathan Denette
TORONTO – Hydro One Ltd. reported its first-quarter profit fell compared with a year ago due higher operation, maintenance and administrative costs, offset in part by higher revenues.
The power utility says it earned $282 million or 47 cents per diluted share for the quarter ended March 31.
The result compared with a profit of $310 million or 52 cents per diluted share a year earlier.
Revenue totalled $2.07 billion, up from nearly $2.05 billion in the first three months of 2022.
Revenue less the cost of purchased power was $1.06 billion, up from $1.03 billion a year earlier.
Hydro One is Ontario’s largest electricity transmission and distribution provider.
This report by The Canadian Press was first published May 5, 2023.
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