REPORT TOOLS

MESSAGE FROM THE CHAIR OF THE BOARD, AND PRESIDENT AND CHIEF EXECUTIVE OFFICER
 

Powering progress. These two words sum up the successful year Toronto Hydro had. We took many steps to power our organization forward so that we can provide value, improved reliability and a high quality of service for Torontonians.

Strong financial performance – Toronto Hydro, once again, demonstrated superior financial performance, despite operating in a highly complicated, regulated industry. We met or exceeded all of our key performance targets, resulting in net income after net movements in regulatory balances of $126.7 million, while delivering $56.25 million in dividends to our sole shareholder, the City of Toronto.

Helping build our world-class city – As Toronto grows at an unprecedented rate, Toronto Hydro played an important role in key construction initiatives, such as Pan Am’s Athletes’ Village, the Metrolinx Eglinton Crosstown Light Rail Transit System and the Waterfront Revitalization project.

Investing in the future – A strong, stable electrical system is an integral part of this city and we've continued our commitment to addressing the challenges we face including renewing aging infrastructure, addressing increasing electricity demand and improving our system’s resilience to severe weather. That’s why we executed a large capital plan in 2015, investing $537.2 million primarily to improve service reliability and address the need for additional distribution capacity. And we’re seeing results. Since 2009, the average number of service interruptions has improved by 12% and the average duration of interruptions has improved by 23%.

However, with over one-third of our assets reaching end-of-life by 2020, more must be done to help ensure we’re meeting the demands for our growing city and improving reliability for our customers. Our recent five-year Ontario Energy Board rates decision supports the need for continued investment in Toronto’s electricity grid and has secured over $2 billion in capital funding.

We also recognize that innovation is essential to maintaining a sustainable business. Some of our initiatives use the latest concepts and technologies to support our customers now and in the future. This includes Hydrostor, the world’s first underwater compressed air energy storage system located three kilometres off Toronto Island. We also completed the tunnel connecting Hydro One equipment to Copeland Station, the second underground transformer station to be built in Canada.

Delivering excellent customer service – We continued to evolve our customer service model by offering new engagement and transaction options in an effort to help customers access the information and services they need 24 hours a day, seven days a week. This resulted in a 30% increase in our electronic interactions with our customers. Improvements to our call centre, online outage reporting and online outage map mean that our customers can communicate with us when they need us the most.

We also supported our customers with their conservation efforts to help them better manage their bills. We’re proud to report that we delivered the largest Conservation and Demand Management results in the province – totalling 214.5 gigawatt hours saved (equivalent to taking 28,429 homes off the grid).

Steadfast commitment to safety – Public and employee safety remain a top priority. In 2015, we achieved an entire year without a lost-time injury and total recordable injuries were 53% lower than our benchmarked peers. This significant achievement illustrates our commitment to safety across the organization. In addition, we had one of the lowest averages of absenteeism in the industry, only 3.78 average sick days per employee – 57% below the Canadian average.

The safety of our customers is also a primary concern. A proud recipient of a 2015 Electrical Safety Authority (ESA) award, Toronto Hydro-Electric System Limited was recognized as a leader in consumer and home electrical safety.

We’re proud of the accomplishments achieved in 2015, and more information is available in the Progress section of this report.

On behalf of the Board of Directors and our Management Team, we want to thank all of our stakeholders for their support. We especially want to thank all Toronto Hydro employees. Our successes wouldn’t be possible without your contribution and dedication.

                                                                                                                               

 

 

           

David Williams
Chair

 

 

 

Anthony M. Haines
President and Chief Executive Officer

 

 

 

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