Utility maintains strong financial performance while focusing on innovative and sustainable solutions to address growth
TORONTO, May 22, 2018 /CNW/ - Toronto Hydro Corporation has released its 2017 Annual Report highlighting the organization's ongoing commitment to developing innovative and sustainable solutions to meet the needs of Toronto's evolving electricity system.
In 2017, Toronto Hydro invested $552.9 million in infrastructure renewal to address safety, reliability and customer service requirements. As a result, since 2010 the average number of service interruptions has improved by approximately 19% and the average duration of interruptions has improved by approximately 24%.
Toronto Hydro continues to be among the leading local distribution companies in the delivery of Conservation and Demand Management (CDM) programs. Last year, the utility launched the PowerLens® portal to help customers better understand their home's electricity consumption and how they can improve their conservation efforts. Toronto Hydro's CDM programs and initiatives reduced summer peak demand by 43 MW and led to an estimated energy savings of 353 GWh, an increase of 29% since 2016.
The company's strong financial performance resulted in a $156.5 million net income after net movements in regulatory balances, and is a reflection of its commitment to customer service and operational excellence.
"In 2017 we produced strong financial results while adapting to the evolving needs and demands of our growing city. Our focus remains on investing in infrastructure, enhancing our customer service tools and in our commitment to safety and environmental sustainability."
-Anthony Haines, President and CEO, Toronto Hydro Corporation
ABOUT TORONTO HYDRO
Toronto Hydro owns and operates the electricity distribution system for Canada's largest city. A leader in conservation and demand management, it has 769,000 customers located in the city of Toronto and distributes approximately 18% of the electricity consumed in Ontario.
SOURCE Toronto Hydro Corporation