Hydro One reports $1.1B Q2 profit boosted by one-time gain due to court ruling
TORONTO -
Hydro One Ltd. reported a second-quarter profit of $1.1 billion, boosted by a one-time gain related to a court decision.
The power utility says it saw a one-time gain of $867 million in the quarter due to an Ontario court ruling on a deferred tax asset appeal that set aside an Ontario Energy Board decision.
Hydro One says the profit amounted to $1.84 per share for the quarter ended June 30, up from $155 million or 26 cents per share a year earlier.
On an adjusted basis, it says it earned 39 cents per share for the quarter, up from an adjusted profit of 26 cents per share in the same quarter last year.
Revenue totalled $1.67 billion, up from $1.41 billion in the second quarter of 2019.
Hydro One is Ontario’s largest electricity transmission and distribution provider.
Related News
Ontario to Provide New and Expanded Energy-Efficiency Programs
TORONTO - Ontario will be making available four new and expanded energy-efficiency programs, also known as Conservation and Demand Management (CDM) programs, to ensure a reliable, affordable, and clean electricity system to power the province, drive electrification and support strong economic growth. As there will be a need for additional electricity capacity in Ontario beginning in 2025, and continuing through the decade, CDM programs are among the fastest and most cost-effective ways of meeting electricity system needs.
Conservation and Demand Management
The Ontario government launched the 2021-2024 CDM Framework on January 1, 2021. The framework focuses on cost-effectively meeting the needs of…
