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Toronto Hydro Corporation Releases its 2008 Audited Financial Statements and Related MD&A

                           Year Ended December 31
                       in millions of dollars, audited
                                                         2008           2007
                                                         ----           ----
    Net Income                                         $169.0          $82.8
    Net Income from Continuing Operations               $46.3          $54.1
    Net Revenues                                       $498.2         $497.6
    -------------------------------------------------------------------------TORONTO, March 11 /CNW/ - Toronto Hydro Corporation (the "Corporation")
announced today that it has filed with Canadian security regulators its
audited Consolidated Financial Statements and related MD&A for the year ended
December 31, 2008. Copies may be obtained from the Corporation or accessed
through www.sedar.com.-   Net income was $169.0 million in 2008 compared with $82.8 million in
        2007. The net income includes the recognition of a gain on the sale
        of the shares of Toronto Hydro Telecom Inc. of $118.7 million.

    -   Net revenues were slightly higher at $498.2 million compared to
        $497.6 million in 2007."Our focus in 2008 continued to be on electricity distribution
operations, which enabled us to complete construction programs and trades
recruitment initiatives on schedule and on budget. Infrastructure renewal will
remain a priority as we continue to execute our ten-year capital program that
is now underway", said David O'Brien, President and Chief Executive Officer.

    Financial Highlights

    Net income was $169.0 million in 2008, compared to $82.8 million in 2007.
The increase in net income was mainly due to discontinued operations in 2008
($94.0 million) related to the sale of Telecom and a favourable variance in
the provision for Payment in Lieu of Corporate Taxes ($32.1 million).
Offsetting these favourable variances were higher operating expenses ($15.1
million), higher depreciation expense ($12.4 million), and higher impairment
on investments held to maturity ($9.0 million).-------------------------------------------------------------------------
                Financial Highlights, Year ended December 31;
                       in millions of dollars; audited
                                                                 Variance -
                                          2008           2007  (Unfavourable)
    Net Income                          $169.0          $82.8          $86.2
    Net Revenues                         498.2          497.6            0.6
    Operating Expenses                   205.5          190.4          (15.1)
    Depreciation & Amortization          156.3          143.9          (12.4)
    Impairment of Investments
     Held to Maturity                     22.0           13.0           (9.0)
    Income from Discontinued Operations  122.7           28.8           94.0
    Provision for Payment in Lieu
     of Corporate Taxes                    5.7           37.8           32.1
    Net Interest Expense                  62.4           60.0           (2.4)

    Corporate Developments

    -   On July 31, 2008, the Corporation successfully closed the sale of
        shares held in Toronto Hydro Telecom Inc. to Cogeco Cable Inc. (TSX:
        CCA) for $200 million subject to post-closing adjustments.

    -   On December 12, 2008, the Corporation filed a new shelf prospectus
        under its Medium Term Notes program which provides for the issuance
        of up to $1.0 billion of debentures during the 25-month period
        following the date of the prospectus. The Corporation will use net
        proceeds from the sale of debentures issued under the shelf
        prospectus for general corporate purposes which may include the
        repayment of existing indebtedness outstanding to the City.

    -   On March 10, 2009, the Corporation declared dividends amounting to
        $6.2 million relating to the first quarter of 2009 ($6.0 million),
        payable to the City on March 31, 2009, and $0.2 million with respect
        to net income for the year ended December 31, 2008, payable to the
        City on March 20, 2009.

    About Toronto Hydro

    The Corporation is a holding company which through its wholly-owned

    -   Toronto Hydro-Electric System Limited ("LDC") - distributes
        electricity; and

    -   Toronto Hydro Energy Services Inc. ("TH Energy") - provides street
        lighting and expressway lighting services, and energy efficiency
        products and services.The principal business of the Corporation is the distribution of
electricity by LDC. LDC owns and operates an electricity distribution system
that delivers electricity to approximately 684,000 customers located in the
City of Toronto.