Hydro One reports $1.1B Q2 profit boosted by one-time gain due to court ruling

hydro one building

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

severe winter and grid

Canadian Electricity Grids Increasingly Exposed to Harsh Weather

TORONTO - The recent alerts in Alberta's electricity grid during extreme cold have highlighted a broader North American issue, where power systems are more susceptible to being overwhelmed by severe weather.

Electricity Canada's chief executive emphasized that no part of the grid is safe from the escalating intensity and frequency of weather extremes linked to climate change.

“In recent years, during these extreme weather events, we’ve observed record highs in electricity demand,” he stated.

“It’s a nationwide phenomenon. For instance, last summer in Ontario and last winter in Quebec, we experienced unprecedented demand levels. This pattern of extremes is becoming more pronounced across the…

READ MORE
ford car

Ford deal to build electric cars in Oakville comes amid $500M government cash to upgrade plant

READ MORE

vancouver skyline at night

Electricity use actually increased during 2018 Earth Hour, BC Hydro

READ MORE

electric vehicle

Why subsidies for electric cars are a bad idea for Canada

READ MORE

Australia's energy transition stalled by stubbornly high demand

READ MORE