Hydro workers perform maintenance on power lines in Renfrew County, Ont., on July 8, 2024. THE CANADIAN PRESS/Sean Kilpatrick
TORONTO – Hydro One Ltd. reported its second-quarter profit rose compared with a year ago.
The power utility says its net income attributable to common shareholders amounted to $292 million or 49 cents per diluted share for the quarter ended June 30.
The result was up from a profit of $265 million or 44 cents per diluted share in the same quarter last year.
Revenue totalled $2.03 billion, up from $1.86 billion a year ago, while revenue, net of purchased power, amounted to $1.09 billion, up from $1.06 billion year-over-year.
Hydro One says the increase was mainly driven by higher revenues resulting from Ontario Energy Board-approved 2024 rates and higher average monthly peak demand.
Hydro One is Ontario’s largest electricity transmission and distribution provider with about 1.5 million customers.
This report by The Canadian Press was first published Aug. 14, 2024.
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