Hydro One responds to Auditor General's Report

TORONTO, ONTARIO - Hydro One responded to the Auditor General of Ontario's report released highlighting findings of a Value-For-Money audit of the company.

"It is important to note that the Auditor General's value-for-money audit found that Hydro One had the appropriate policies in place to help ensure that goods and services were acquired with due regard for value for money," said Hydro One Chair Rita Burak.

Hydro One accepts the auditor's recommendations and will continue to improve its internal procedures. As the report noted, many of the issues identified in the audit had already been identified by Hydro One's internal audit staff and actions had already been taken to improve internal controls and procedures.

Following the release of the Auditor General's report today, Hydro One Chair, Rita Burak and Energy Minister Dwight Duncan met to discuss Hydro One's response to the audit findings. The Chair provided the Minister with assurances that the issues raised in the report are being dealt with promptly and appropriately. The report's findings have also been discussed both by Hydro One's Audit and Finance Committee and the full Hydro One Board of Directors.

Hydro One, with over $4 billion in revenue and $12 billion in assets, is a public debt issuer and as such, complies with Ontario Securities Commission regulations. Hydro One's business is reviewed and audited by several entities on an ongoing basis, including external auditors Ernst and Young.

"We are proud of our accomplishments and our focus on ensuring that the company receives the best value on all of our expenditures. We appreciate the feedback from the Auditor General and will take prompt and appropriate action," concluded Burak.