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
Electricity prices in Germany nearly doubled in a year
BERLIN - Record prices for electricity and gas in Germany will continue to rise in the coming months, the dpa agency, citing estimates from the consumer portal Verivox.
According to him, electricity suppliers, in whose area of responsibility there are 13 million households, made an announcement of tariff increases in April, May and June by 19.5%. Gas tariffs increased by an average of 42.3%.
According to Verivox, electricity prices in Germany have approximately doubled over the year - if previously a household with a consumption of 4,000 kWh paid 1,171 euros a year, now the amount has risen to 1,737 euros. Gas prices have risen even more: last year, a household…
