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Toronto Hydro Corporation Reports its First Quarter Financial Results for 2017
TORONTO, May 11, 2017 /CNW/ - Toronto Hydro Corporation ("the Corporation") today announced its first quarter ended March 31, 2017 consolidated financial and operating results.
For the three months ended March 31, 2017:
- Distribution revenue was $178.2 million
- Net income after net movements in regulatory balances was $39.6 million
- Capital expenditures were $134.3 million
The decrease in net income after net movements in regulatory balances over the previous year was primarily due to increased depreciation and amortization, finance costs, and income tax expenses, increased amounts being deferred into capital related regulatory accounts for future refunds to customers, and lower consumption due to warm winter weather. These variances were partially offset by higher 2017 electricity distribution rates.
QUOTE
"Toronto Hydro had a strong beginning to the year, while continuing to invest in distribution infrastructure that is helping to improve reliability for our customers, keep pace with our growing city and safeguard against severe weather events."
- Anthony Haines, President and CEO, Toronto Hydro
For more information please see the Financial Backgrounder.
ABOUT TORONTO HYDRO
The Corporation is a holding company which wholly owns two subsidiaries:
- Toronto Hydro-Electric System Limited (THESL) – distributes electricity and engages in conservation and demand management activities
- Toronto Hydro Energy Services Inc. – provides street lighting and expressway lighting services in the city of Toronto
The principal business of the Corporation and its subsidiaries is the distribution of electricity by THESL, which owns and operates the electricity distribution system for Canada's largest city. A leader in conservation and demand management, it has 764,000 customers located in the city of Toronto and distributes approximately 18% of the electricity consumed in Ontario.
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FINANCIAL BACKGROUNDER
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Three Months Ended |
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2017 $ |
2016 $ |
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Distribution revenue |
178.2 |
146.8 |
|
|
Net income after net movements in regulatory balances |
39.6 |
44.3 |
|
|
Capital expenditures |
134.3 |
133.9 |
|
SOURCE Toronto Hydro Corporation
