TORONTO, March 5, 2020 /CNW/ - Today, Hydro One Limited
(Hydro One) is hosting analysts and investors from around the globe
at the company's first Investor Day in Toronto. Hydro One's executive team will
outline how it believes the company's new corporate strategy and
strong leadership will work to grow shareholder value in the coming
years.
The event features formal presentations along with in-depth
roundtable discussions with members of Hydro One's management team,
offering the opportunity to hear details on key initiatives within
the strategy from subject matter experts.
"With our new strategy in place, we are focused on our mission
of energizing life for people and communities through a network
built for the possibilities of tomorrow," said Mark Poweska, President and Chief Executive
Officer of Hydro One. "We are excited to share our vision with
investors to create a better and brighter future for all by
supporting Ontario's economy and
delivering greater value for shareholders, customers and the people
of this province."
Key operating and financial results from 2019 include:
- Achieving a total annual return to shareholders of 29%;
- Delivering a strong balance sheet with one of the lowest debt
costs in the utility sector;
- Increasing year-over-year productivity savings by 49% with
approximately $202.3 million in
savings last year;
- Reducing annual operating costs of about $50 million;
- Improving power restoration response times;
- Substantially contributing to the Ontario economy through our procurement of
local goods and services, and
- Investing approximately $1.7
billion in capital to expand and modernize the electricity
grid in Ontario.
In addition, Hydro One is providing a guidance range for basic
earnings per share (EPS) for 2022 of $1.52 to $1.65.
This range translates into a compound annual growth rate (CAGR) of
4%-7% over the period 2019-2022 for basic EPS after taking into
account one-time non-reoccurring items in 2019 which include:
catch-up earnings attributable to 2018 for the distribution
segment, normalizing earnings to allowed regulated return on equity
in the distribution segment, and insurance proceeds for the
transmission segment, offset by costs related to the Avista
transaction, and write-offs for the Lake Superior Link project. The
purpose of the guidance range for basic EPS in 2022 is to assist
investors, shareholders, and others in evaluating the expected
long-term performance of Hydro One's business. This
information may not be appropriate for other purposes.
The company is also proud to share its recent awards with
attendees, including receiving re-designation as a Sustainable
Electricity Company™ brand by the Canadian Electricity Association
(CEA). In addition, the CEA recognized Hydro One with a Continuous
Performance Improvement Award for progressive Indigenous
procurement. The company was also named the highest ranking Utility
employer in Ontario by
Forbes Canada's Best Employers and
was recently awarded the Workplace Diversity and Inclusion Champion
award by Electricity Human Resources Canada.
Analysts and investors will also learn how Hydro One is engaging
its employees to align with its new strategy through the recent
company-wide launch of its new mission and vision.
Investor Day materials are available here. An archived
audio of Investor Day will be posted following the event.
Hydro One Limited (TSX: H)
Hydro One Limited, through
its wholly-owned subsidiaries, is Ontario's largest electricity transmission and
distribution provider with approximately 1.4 million valued
customers, approximately $27.1
billion in assets as at December 31,
2019, and annual revenues in 2019 of approximately
$6.5 billion. Our team of
approximately 8,800 skilled and dedicated employees proudly build
and maintain a safe and reliable electricity system which is
essential to supporting strong and successful communities. In 2019,
Hydro One invested approximately $1.7
billion in its transmission and distribution networks and
supported the economy through buying approximately $1.5 billion of goods and services. We are
committed to the communities where we live and work through
community investment, sustainability and diversity initiatives. We
are designated as a Sustainable Electricity Company by the Canadian
Electricity Association. Hydro One Limited's common shares are
listed on the TSX and certain of Hydro One Inc.'s medium term notes
are listed on the NYSE. Additional information can be accessed at
www.hydroone.com; www.sedar.com or www.sec.gov.
Forward-Looking Statements and Information:
This press release may contain "forward-looking information" within
the meaning of applicable securities laws. Words such as "expect",
"anticipate", "intend", "attempt", "may", "plan", "will", "can",
"believe", "seek", "estimate", and variations of such words and
similar expressions are intended to identify such forward-looking
information. These statements include statements about our new
mission and vision, our guidance for basic EPS in 2022, and
statements regarding the expected outcomes of our updated strategy,
including future operating results and growth in shareholder value.
These statements are not guarantees of future performance or
actions and involve assumptions and risks and uncertainties that
are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed, implied or forecasted
in such forward-looking information. Some of the factors that could
cause actual results or outcomes to differ materially from the
results expressed, implied or forecasted by such forward-looking
information, including some of the assumptions used in making such
statements, are discussed more fully in Hydro One's filings with
the securities regulatory authorities in Canada, which are available on SEDAR at
www.sedar.com. Hydro One does not intend, and it disclaims any
obligation, to update any forward-looking information, except as
required by law.
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SOURCE Hydro One Limited