Toronto Hydro Corporation reports its year-end financial results for 2023
TORONTO, March 1, 2024 /CNW/ - Toronto Hydro Corporation (the Corporation) today announced its consolidated financial and operating results for the year ended December 31, 2023.
Net income after net movements in regulatory balances for the year ended December 31, 2023, was $139.9 million compared to $163.9 million for the comparable period in 2022. The decrease over the prior year was primarily due to lower amounts deferred into regulatory accounts, higher financing costs and higher operating expenses. This was partially offset by higher distribution revenue, higher other gains, lower depreciation and amortization expense, and higher other revenue.
The Corporation is continuing with critical work in its grid investment plan to maintain safety and reliability, support a growing city, enable clean energy, and prepare for and respond to extreme weather.
Selected financial highlights (in millions of Canadian dollars)
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Year ended December 31 |
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2023 $ |
2022 $ |
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Distribution revenue |
839.5 |
754.2 |
Net income after net movements in regulatory balances |
139.9 |
163.9 |
Capital expenditures |
755.0 |
722.7 |
The audited consolidated financial statements and related Management's Discussion and Analysis (presented in Canadian dollars) are available on the Corporation's website (torontohydro.com) or through SEDAR+ (sedarplus.ca).
CORPORATE DEVELOPMENTS
On December 14, 2023, the Ontario Energy Board issued a decision and rate order approving Toronto Hydro-Electric System Limited's 2024 rates and providing for other deferral and variance account dispositions.
On February 28, 2024, the Board of Directors of the Corporation declared a dividend in the amount of $21.0 million with respect to the first quarter of 2024, which is payable to the City of Toronto by March 28, 2024.
ABOUT TORONTO HYDRO
The Corporation is a holding company which wholly owns two subsidiaries:
- Toronto Hydro-Electric System Limited (THESL) – distributes electricity; and
- Toronto Hydro Energy Services Inc. – provides streetlighting 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. Recognized as a Sustainable Electricity Leader™ by Electricity Canada, it has approximately 793,000 customers located in the city of Toronto and distributes approximately 18 per cent of the electricity consumed in Ontario.
SOCIAL MEDIA ACCOUNTS
X: x.com/torontohydro
Facebook: facebook.com/torontohydro
YouTube: youtube.com/torontohydro
Instagram: instagram.com/torontohydro
LinkedIn: linkedin.com/company/toronto-hydro
FORWARD-LOOKING INFORMATION
Certain information included in this news release constitutes "forward-looking information" within the meaning of applicable securities legislation. The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future results of operations, performance, business prospects and opportunities, and may not be appropriate for other purposes. All forward-looking information is given pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. The words "can," "could," "expect," "seek," "will" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on information currently available to the Corporation's management. Specific forward-looking information included in this news release includes, but is not limited to, payment of dividends to the City of Toronto as shareholder.
Forward-looking information is subject to risks, uncertainties and other factors, and actual results may differ materially from historical results or results anticipated by the forward-looking information. In particular, the forward-looking information contained herein is based on estimates and assumptions made by the Corporation's management in light of past experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes to be reasonable in the circumstances, including, but not limited to: the amount of indebtedness of the Corporation; changes in funding requirements; the future course of the economy and financial markets; no unforeseen delays and costs in the Corporation's capital projects; no unforeseen changes to project plans; no unforeseen changes in the legislative and operating framework for electricity distribution in Ontario; the receipt of applicable regulatory approvals and requested rate orders; no unexpected delays in obtaining required approvals; and no significant events occurring outside the ordinary course of business.
Some of the factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in the Corporation's filings with the securities regulatory authorities in Canada, which are available through SEDAR+ (sedarplus.ca).
All forward-looking information in the news release is qualified in its entirety by the above cautionary statements. Furthermore, unless otherwise stated, all forward-looking information contained herein is made as of the date hereof, and the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise, except as required by law.
SOURCE Toronto Hydro Corporation
Daniel McNeil, Media and Public Relations, 416-903-6845, [email protected]
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