Hydro One's focus on customer advocacy,
partnerships, and long-term financial stability results in positive
performance
TORONTO, Feb. 24, 2021 /CNW/ - Hydro One Limited
(Hydro One or the Company) today announced its financial and
operating results for the fourth quarter ended December 31,
2020.
Fourth Quarter Highlights
- Fourth quarter earnings per share (EPS) of $0.27, compared to EPS of $0.35, for the same period in 2019. For the full
year, EPS was $2.96 and adjusted EPS
was $1.51. Adjusted EPS was 1.9%
lower than adjusted EPS of $1.54 in
2019.
- A significant driver of the year-over-year decrease in EPS for
the quarter was due to higher COVID-19 related costs associated
with bad debt expense, a reduction in insurance proceeds received,
higher depreciation and asset removal costs related to growth in
capital assets and timing of work, and higher taxes; partially
offset by rates previously approved by the Ontario Energy Board
(OEB).
- Hydro One continued to support its customers and communities by
launching a new fund to help communities respond to new and urgent
challenges presented by COVID-19.
- Hydro One extended its partnership with GlobalMedic to provide
an additional 3,500 kits of food and safety supplies to First
Nations communities.
- Hydro One partnered with the Advanced Coronary Treatment (ACT)
Foundation to provide critical lifesaving skills to 110,000
students across Ontario.
- In November, Hydro One crews restored power to customers
affected by the biggest storm since May
2018.
- Hydro One was recognized as one of Canada's Best Employers for 2021 by Forbes for
the 6th consecutive year.
- The Company's capital investments and in-service additions for
the year were $1,878 million and
$1,639 million, respectively,
compared to $1,667 million and
$1,703 million in 2019.
- Annual productivity savings of $286
million represents a 41.4% increase year-over-year. Total
productivity savings since 2015 amount to over $738 million.
- Hydro One Limited completed the redemption of all of its
outstanding Series 1 Preferred Shares on November 20, 2020.
- The Company completed the $1.2
billion offering of Medium Term Notes; the net proceeds have
been used to repay maturing long-term and short-term debt and for
general corporate purposes.
- Quarterly dividend declared at $0.2536 per share, payable March 31, 2021.
"During a year that challenged us all, we remained guided by our
corporate strategy as well as our commitment to protect employees
and support customers and communities," said Mark Poweska, President and CEO, of Hydro One.
"As we look to the future, we have an important role in rebuilding
the economy and helping people and small businesses emerge from
this crisis. We recently announced Connected for Life, a promise to
keep customers experiencing hardship connected to power while
working together to access financial programs and get their
accounts back to good standing. We are here to help our customers
who are struggling so they can focus on what matters – staying safe
and making it through this challenging time."
Selected Consolidated Financial and Operating
Highlights
|
Three months ended
December 31,
|
Year ended
December 31,
|
(amounts
throughout in millions of Canadian dollars, except as otherwise
noted)
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Revenues
|
1,867
|
1,715
|
7,290
|
6,480
|
Purchased
power
|
1,046
|
914
|
3,854
|
3,111
|
Revenues, net of
purchased power1
|
821
|
801
|
3,436
|
3,369
|
Net income
attributable to common shareholders
|
161
|
211
|
1,770
|
778
|
Adjusting
items
|
—
|
—
|
(867)
|
140
|
Adjusted net income
attributable to common shareholders1
|
161
|
211
|
903
|
918
|
|
|
|
|
|
Basic EPS
|
$0.27
|
$0.35
|
$2.96
|
$1.30
|
Diluted
EPS
|
$0.27
|
$0.35
|
$2.95
|
$1.30
|
Basic Adjusted
EPS1
|
$0.27
|
$0.35
|
$1.51
|
$1.54
|
Diluted Adjusted
EPS1
|
$0.27
|
$0.35
|
$1.51
|
$1.53
|
|
|
|
|
|
Net cash from
operating activities
|
427
|
551
|
2,030
|
1,614
|
Capital
investments
|
577
|
562
|
1,878
|
1,667
|
Assets placed
in-service
|
878
|
849
|
1,639
|
1,703
|
|
|
|
|
|
Transmission: Average
monthly Ontario 60-minute peak demand (MW)
|
19,188
|
19,643
|
20,091
|
19,896
|
Distribution: Electricity
distributed to Hydro One customers (GWh)
|
7,540
|
7,098
|
28,379
|
27,536
|
1
|
Non-GAAP Measures
- Hydro One uses financial measures that do not have a
standardized meaning under the United States generally accepted
accounting principles (US GAAP) and may not be comparable to
similar measures presented by other entities. Hydro One calculated
the non-GAAP measures by adjusting certain US GAAP measures for
specific items that impact comparability but which the Company does
not consider part of normal, ongoing operations. Refer to the
Non-GAAP Measures section of the Company's Management's Discussion
and Analysis (MD&A) for further discussion of these
items.
|
Key Financial
Highlights
2020 Fourth Quarter Highlights
The Company reported net income attributable to common
shareholders of $161 million during
the quarter, compared to $211 million
in the same period of 2019. This resulted in EPS and adjusted EPS
of $0.27, compared to EPS and
adjusted EPS of $0.35 in the prior
year.
Revenues, net of purchased power, for the fourth quarter were
$20 million higher than last year,
mainly due to higher distribution revenues as a result of
OEB-approved rates, and a lower deferred regulatory adjustment
related to the Earnings Sharing Mechanism in the year.
Operation, maintenance and administration (OM&A) costs in
the fourth quarter of 2020 were higher than last year, primarily
due to COVID-19 related expenses incurred in the current year, as
further discussed below, as well as lower insurance proceeds
received. OM&A expenditures in the fourth quarter of 2020 also
included additional other post-employment benefit (OPEB) costs
that have been recognized in OM&A following the 2020-2022 OEB
transmission decision and recovered in rates, therefore net income
neutral.
Depreciation, amortization and asset removal costs in the fourth
quarter of 2020 were higher than last year mainly due to the growth
in capital assets and timing of asset removal costs.
Income tax expense for the fourth quarter of 2020 was higher
than the prior year primarily due to lower net tax deductions
primarily related to tax depreciation in excess of depreciation,
partially offset by lower income before taxes.
Hydro One continues to invest in the reliability and performance
of Ontario's electricity
transmission and distribution systems, by addressing aging power
system infrastructure, facilitating connectivity to new load
customers and generation sources, and improving service to
customers. The Company made capital investments of $577 million during the fourth quarter of 2020,
and placed $878 million of new assets
in-service.
2020 Annual Highlights
For the twelve months ended December 31, 2020, the Company
reported net income of $1,770 million
compared to $778 million in 2019, an
increase of $992 million compared to
the prior year. EPS for the period was $2.96 compared to $1.30 in 2019, while Adjusted EPS of $1.51 for the year compared to $1.54 in 2019.
In addition to factors noted in the quarterly highlights above,
2020 annual results were positively impacted by the income tax
recovery recognized following the July
2020 decision of the Ontario Divisional Court, as well as
the prior year recognition of costs related to the terminated
acquisition of Avista Corporation and the write-off of the Lake
Superior Link project. Results were also positively impacted by
higher transmission revenues year over year primarily resulting
from OEB-approved transmission rates following the OEB decision on
2020 rates, and lower vegetation management and work program
expenditures. The impact of the above was partially offset by the
2018 foregone distribution revenue recognized in March 2019 following the receipt of the OEB
decision on rates.
For the full year, the Company placed $1,639 million of assets into service in 2020
compared to $1,703 million in
2019.
COVID-19
Throughout the COVID-19 pandemic, the Company's decisions and
actions have continuously been guided by two priorities: to protect
Hydro One's employees and to maintain the safe and reliable supply
of electricity to Hydro One's customers. Since the onset of the
COVID-19 pandemic in March 2020,
Hydro One employees have worked extremely hard to overcome the
challenges that COVID-19 has presented. Over the course of the last
eleven months Hydro One has been extremely successful in achieving
its priorities as it was able to return to full capacity within its
field operations after a short stand-down of its workforce and has
also experienced very few suspected cases of workplace transmission
of the COVID-19 virus to date.
The Company continues to monitor and adhere to guidance provided
by the Province of Ontario
(Province) and public health experts in an effort to ensure
employee, customer and public safety. After focusing on high
priority and essential work at the onset of pandemic, the Company
returned substantially all of its field crews to work, where it is
safe to do so, in the second quarter. In the third quarter of 2020,
the Company implemented enhanced safety procedures within its
office locations across the province to reopen its offices to a
small portion of its office and administrative staff. However, the
Company has since reinstated its business continuity procedures,
including work from home protocols for all office staff, in light
of the Provincial Stay at Home Order announced in December 2020. The Company's focus remains on
ensuring that its teams are equipped to operate safely as the
Company continues to advance work on capital and operating work
programs.
Included in the Company's results for the fourth quarter and
twelve months ended December 31, 2020
are costs incurred as a result of the COVID-19 pandemic. OM&A
costs in the quarter include $18
million of COVID-19 related expenses, which are primarily
attributable to the bad debt expense recognized in OM&A
following the issuance of the OEB staff proposal in December 2020 as well as additional
facility-related expenditures. On a year-to-date basis, COVID-19
related OM&A expenditures of $50
million also include costs associated with the temporary
stand-down of the Company's work-force and other sustainment work
performed in prior quarters.
Looking ahead, it is very difficult to determine or estimate the
exact impacts of COVID-19 on Hydro One's operations as it will be
largely dependent on the duration of the pandemic and severity of
the measures implemented to combat this virus. Hydro One continues
to take the necessary steps to mitigate the impact of COVID-19 on
the Company's operations.
Selected Operating Highlights
Hydro One launched a new fund to help communities respond to new
and urgent challenges presented by COVID-19. Charitable
organizations, municipalities and Indigenous communities can now
apply for up to $25,000 towards
pandemic response efforts and initiatives that improve physical and
emotional safety. This is part of Hydro One's commitment to build
safe communities across Ontario.
Hydro One extended its partnership with GlobalMedic to provide
an additional 3,500 kits of food and safety supplies to First
Nations communities. Since the partnership's launch, GlobalMedic
and Hydro One have provided 10,000 critical aid kits to Indigenous
communities across the province.
Hydro One's partnership with ACT Foundation provided 110,000
students across Ontario with
lifesaving skills. The ACT Foundation transitioned to provide
schools with access to course theory information online, including
the warning signs of a heart attack and stroke and importance of
calling 911 early. The practical CPR hand-on skills training
resumed for students back in school.
Hydro One restored power to customers affected by the wind storm
in November. The storm was the most significant since May 2018 with high winds and gusts over 100km/h
and damaging approximately 400 poles.
On November 20, 2020, the Company
completed the redemption of all of its outstanding Series 1
Preferred Shares.
Common Share Dividends
Following the conclusion of the fourth quarter, on
February 23, 2021, the Company declared a quarterly cash
dividend to common shareholders of $0.2536 per share to be paid on March 31,
2021 to shareholders of record on March 17, 2021.
Supplemental Segment Information
|
Three months ended
December 31,
|
Year ended
December 31,
|
(millions of
dollars)
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Revenues
|
|
|
|
|
Transmission
|
398
|
407
|
1,740
|
1,652
|
Distribution
|
1,457
|
1,298
|
5,507
|
4,788
|
Other
|
12
|
10
|
43
|
40
|
Total revenues
|
1,867
|
1,715
|
7,290
|
6,480
|
|
|
|
|
|
Revenues, net of
purchased power
|
|
|
|
|
Transmission
|
398
|
407
|
1,740
|
1,652
|
Distribution
|
411
|
384
|
1,653
|
1,677
|
Other
|
12
|
10
|
43
|
40
|
Total revenues, net of purchased power
|
821
|
801
|
3,436
|
3,369
|
|
|
|
|
|
Operation,
maintenance and administration costs
|
|
|
|
|
Transmission
|
73
|
59
|
391
|
355
|
Distribution
|
185
|
162
|
619
|
610
|
Other
|
15
|
18
|
60
|
216
|
Total operation, maintenance and administration costs
|
273
|
239
|
1,070
|
1,181
|
|
|
|
|
|
Income
(loss) before financing charges and taxes
|
|
|
|
|
Transmission
|
200
|
228
|
890
|
835
|
Distribution
|
114
|
117
|
617
|
658
|
Other
|
(5)
|
(9)
|
(25)
|
(183)
|
Total income before financing charges and taxes
|
309
|
336
|
1,482
|
1,310
|
|
|
|
|
|
Capital
investments
|
|
|
|
|
Transmission
|
361
|
311
|
1,157
|
1,035
|
Distribution
|
210
|
249
|
712
|
624
|
Other
|
6
|
2
|
9
|
8
|
Total capital investments
|
577
|
562
|
1,878
|
1,667
|
|
|
|
|
|
Assets placed
in-service
|
|
|
|
|
Transmission
|
565
|
573
|
948
|
1,082
|
Distribution
|
308
|
271
|
684
|
602
|
Other
|
5
|
5
|
7
|
19
|
Total assets placed in-service
|
878
|
849
|
1,639
|
1,703
|
Summary of Fourth Quarter Results of Operations
Net Income
Net income attributable to common shareholders for the quarter
ended December 31, 2020 of $161
million compared to $211
million in the prior year, is a decrease of $50 million, or 23.7%.
Revenues, Net of Purchased Power
The year-over-year decrease of $9
million or 2.2% in quarterly transmission revenues was
primarily due to the following:
- lower peak demand driven by unfavourable weather in the fourth
quarter of 2020, partially offset by
- the OEB's decision on 2020 rates, including the recovery of
certain OPEB costs through OM&A that were previously
capitalized and recovered in rates, therefore net income neutral,
and a deferred regulatory adjustment related to asset removal costs
in 2020.
The year-over-year increase of $27
million or 7.0% in quarterly distribution revenues, net of
purchased power, was primarily due to the following:
- the OEB's decision on 2020 rates,
- higher revenues related to the Peterborough Distribution and
Orillia Power acquisitions which
closed during the third quarter of 2020, and
- a lower deferred regulatory adjustment related to the Earnings
Sharing Mechanism in 2020.
OM&A Costs
The year-over-year increase of $14
million or 23.7% in quarterly transmission OM&A costs
was primarily due to the following:
- lower insurance proceeds received in 2020,
- additional OPEB costs that are recognized in OM&A following
the 2020-2022 OEB transmission decision and recovered in rates,
therefore net income neutral, and
- costs related to COVID-19.
The year-over-year increase of $23
million or 14.2% in quarterly distribution OM&A costs
was primarily due to the following:
- costs related to COVID-19, consisting primarily of the
recognition of the bad debt provision following the issuance of the
OEB staff proposal in December 2020,
and direct expenses, as well as
- higher corporate support costs.
Depreciation, Amortization and Asset Removal Costs
The increase of $13 million or
5.8% in depreciation, amortization and asset removal costs in the
fourth quarter of 2020 was mainly due to the growth in capital
assets and timing of asset removal costs.
Financing Charges
The $3 million or 2.6%
year-over-year increase in financing charges for the quarter ended
December 31, 2020 was primarily attributable to:
- higher interest expense on long-term debt as a result of
increased debt levels largely driven by the debt issuances
completed in the last quarter of 2020; partially offset by
- lower interest expense on short-term notes due to lower
interest rate in the current year.
Income Taxes
Income tax expense for the fourth quarter of 2020 increased by
$25 million compared to the same
period in 2019. This resulted in a realized effective tax rate
(ETR) of approximately 14.2% in the fourth quarter of 2020,
compared to approximately 0.9% in the fourth quarter of the prior
year.
The increase in income tax expense for the three months ended
December 31, 2020 was primarily attributable to:
- lower net tax deductions primarily related to tax depreciation
in excess of depreciation, as well as additional tax on recovery of
certain OPEB costs through OM&A that were previously
capitalized; and
- lower incremental tax deductions from deferred tax asset
sharing mainly due to the 2018 foregone distribution revenue
recognized in March 2019 following
the receipt of the OEB decision on rates; partially offset by
- lower income before taxes.
Assets Placed In-Service
The decrease in transmission assets placed in-service during the
fourth quarter was primarily due to the following:
- substantial investment placed in-service for the new
Leamington transmission station in
2019;
- lower volume of demand work due to equipment failures; and
- lower volume of assets placed in-service for information
technology (IT) projects; partially offset by
- timing of assets placed in-service for station sustainment
investments; and
- higher volume of overhead lines and component replacements in
2020.
The increase in distribution assets placed in-service during the
fourth quarter was primarily due to the following:
- completion of Customer Contact Centre Technology Modernization
project;
- completion of Woodstock Operation Centre; and
- higher volume of storm related asset replacements; partially
offset by
- lower volume of distribution station refurbishments and
equipment replacements; and
- timing of assets placed in-service for system capability
reinforcement projects.
Capital Investments
The increase in transmission capital investments during the
fourth quarter was primarily due to the following:
- higher investments in multi-year development projects,
including investments in the new Lakeshore switching station;
- higher volume of station refurbishments and replacements;
- investment in the new Ontario
grid control centre in the City of
Orillia; and
- higher volume of work required to adhere to the North American
Electric Reliability Corporation (NERC) Critical Infrastructure
Protection standards; partially offset by
- lower volume of transportation and work equipment
investments.
The decrease in distribution capital investments during the
fourth quarter was primarily due to the following:
- lower investments in system capability reinforcement
projects;
- lower spend on work for customer connections;
- lower volume of transportation and work equipment investments;
partially offset by
- investment in the new Ontario
grid control centre in the City of
Orillia; and
- investment in the new Woodstock Operation Center.
Consolidated Income Statements
|
Three months ended
December 31,
|
Year ended
December 31,
|
(millions of
dollars, except per share amounts)
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Revenues
|
|
|
|
|
Distribution
|
1,457
|
1,298
|
5,507
|
4,788
|
Transmission
|
398
|
407
|
1,740
|
1,652
|
Other
|
12
|
10
|
43
|
40
|
|
1,867
|
1,715
|
7,290
|
6,480
|
|
|
|
|
|
Costs
|
|
|
|
|
Purchased
power
|
1,046
|
914
|
3,854
|
3,111
|
Operation,
maintenance and administration
|
273
|
239
|
1,070
|
1,181
|
Depreciation,
amortization and asset removal costs
|
239
|
226
|
884
|
878
|
|
1,558
|
1,379
|
5,808
|
5,170
|
|
|
|
|
|
Income before
financing charges and taxes
|
309
|
336
|
1,482
|
1,310
|
Financing
charges
|
119
|
116
|
471
|
514
|
|
|
|
|
|
Income before
taxes
|
190
|
220
|
1,011
|
796
|
Income tax expense
(recovery)
|
27
|
2
|
(785)
|
(6)
|
Net
income
|
163
|
218
|
1,796
|
802
|
|
|
|
|
|
Other comprehensive
income (loss)
|
6
|
(1)
|
(24)
|
(2)
|
Comprehensive
income
|
169
|
217
|
1,772
|
800
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
Noncontrolling interest
|
2
|
2
|
8
|
6
|
Preferred shareholders
|
—
|
5
|
18
|
18
|
Common shareholders
|
161
|
211
|
1,770
|
778
|
|
163
|
218
|
1,796
|
802
|
|
|
|
|
|
Comprehensive
income attributable to:
|
|
|
|
|
Noncontrolling interest
|
2
|
2
|
8
|
6
|
Preferred shareholders
|
—
|
5
|
18
|
18
|
Common shareholders
|
167
|
210
|
1,746
|
776
|
|
169
|
217
|
1,772
|
800
|
|
|
|
|
|
Basic EPS
|
$0.27
|
$0.35
|
$2.96
|
$1.30
|
Diluted
EPS
|
$0.27
|
$0.35
|
$2.95
|
$1.30
|
Basic Adjusted
EPS
|
$0.27
|
$0.35
|
$1.51
|
$1.54
|
Diluted Adjusted
EPS
|
$0.27
|
$0.35
|
$1.51
|
$1.53
|
|
|
|
|
|
Consolidated Balance Sheets
December
31 (millions of dollars)
|
2020
|
2019
|
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash equivalents
|
757
|
30
|
Accounts receivable
|
722
|
701
|
Due from related parties
|
326
|
415
|
Other current assets
|
184
|
122
|
|
1,989
|
1,268
|
|
|
|
Property, plant and
equipment
|
22,631
|
21,501
|
Other long-term
assets:
|
|
|
Regulatory assets
|
4,571
|
2,676
|
Deferred income tax assets
|
124
|
748
|
Intangible assets
|
514
|
456
|
Goodwill
|
373
|
325
|
Other assets
|
92
|
87
|
|
5,674
|
4,292
|
Total
assets
|
30,294
|
27,061
|
|
|
|
Liabilities
|
|
|
Current
liabilities
|
|
|
Short-term notes payable
|
800
|
1,143
|
Long-term debt payable within one year
|
806
|
653
|
Accounts payable and other current liabilities
|
1,044
|
989
|
Due to related parties
|
329
|
302
|
|
2,979
|
3,087
|
|
|
|
Long-term
liabilities
|
|
|
Long-term debt
|
12,726
|
10,822
|
Regulatory liabilities
|
231
|
167
|
Deferred income tax liabilities
|
56
|
61
|
Other long-term liabilities
|
3,674
|
3,055
|
|
16,687
|
14,105
|
Total
liabilities
|
19,666
|
17,192
|
|
|
|
Noncontrolling
interest subject to redemption
|
22
|
20
|
|
|
|
Equity
|
|
|
Common shares
|
5,678
|
5,661
|
Preferred shares
|
—
|
418
|
Additional paid-in capital
|
47
|
49
|
Retained earnings
|
4,838
|
3,667
|
Accumulated other comprehensive loss
|
(29)
|
(5)
|
Hydro One shareholders' equity
|
10,534
|
9,790
|
|
|
|
Noncontrolling interest
|
72
|
59
|
Total
equity
|
10,606
|
9,849
|
|
30,294
|
27,061
|
Consolidated Statements of Cash Flows
|
Three months ended
December 31,
|
Year ended
December 31,
|
(millions of
dollars)
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
Net income
|
163
|
218
|
1,796
|
802
|
Environmental
expenditures
|
(8)
|
(4)
|
(23)
|
(25)
|
Adjustments for
non-cash items:
|
|
|
|
|
Depreciation and amortization
|
210
|
201
|
783
|
777
|
Regulatory assets and liabilities
|
33
|
103
|
68
|
(48)
|
Deferred income taxes (recovery)
|
19
|
1
|
(823)
|
(30)
|
Unrealized loss on foreign-exchange contract
|
—
|
—
|
—
|
22
|
Derecognition of deferred financing costs
|
—
|
—
|
—
|
24
|
Other
|
9
|
8
|
49
|
37
|
Changes in non-cash
balances related to operations
|
1
|
24
|
180
|
55
|
Net cash from
operating activities
|
427
|
551
|
2,030
|
1,614
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Long-term debt
issued
|
1,625
|
—
|
2,725
|
1,500
|
Long-term debt
repaid
|
(1)
|
(501)
|
(653)
|
(730)
|
Short-term notes
issued
|
940
|
1,105
|
4,070
|
4,217
|
Short-term notes
repaid
|
(1,125)
|
(481)
|
(4,413)
|
(4,326)
|
Short-term debt
repaid
|
—
|
—
|
(20)
|
—
|
Convertible
debentures redeemed
|
—
|
—
|
—
|
(513)
|
Dividends
paid
|
(157)
|
(149)
|
(617)
|
(588)
|
Distributions paid to
noncontrolling interest
|
—
|
(2)
|
(2)
|
(9)
|
Contributions
received from sale of noncontrolling interest
|
—
|
—
|
9
|
12
|
Common shares
issued
|
2
|
3
|
7
|
6
|
Costs to obtain
financing
|
(9)
|
—
|
(14)
|
(8)
|
Preferred shares
redeemed
|
(418)
|
—
|
(418)
|
—
|
Net cash from
(used in) financing activities
|
857
|
(25)
|
674
|
(439)
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Capital
expenditures
|
|
|
|
|
Property, plant and equipment
|
(535)
|
(506)
|
(1,718)
|
(1,513)
|
Intangible assets
|
(38)
|
(46)
|
(126)
|
(115)
|
Capital contributions
received
|
—
|
—
|
—
|
3
|
Acquisitions
|
—
|
—
|
(126)
|
—
|
Other
|
4
|
(7)
|
(7)
|
(3)
|
Net cash used in
investing activities
|
(569)
|
(559)
|
(1,977)
|
(1,628)
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
715
|
(33)
|
727
|
(453)
|
Cash and cash
equivalents, beginning of period
|
42
|
63
|
30
|
483
|
Cash and cash
equivalents, end of period
|
757
|
30
|
757
|
30
|
This press release should be read in conjunction with the
Company's 2020 Consolidated Financial Statements and MD&A.
These financial statements and MD&A together with additional
information about Hydro One, can be accessed at
www.HydroOne.com/Investors and www.sedar.com.
Quarterly Investment Community Teleconference
The Company's fourth quarter 2020 results teleconference with
the investment community will be held on February 24, 2021 at
8 a.m. ET, a webcast of which will be
available at www.HydroOne.com/Investors. Members of the financial
community wishing to ask questions during the call should dial
1-866-221-1674 prior to the scheduled start time and request access
to Hydro One's fourth quarter 2020 results call, conference ID
2928829 (international callers may dial 1-270-215-9604). Media and
other interested parties are welcome to participate on a
listen-only basis. A webcast of the teleconference will be
available at the same link following the call. Additionally,
investors should note that from time to time Hydro One management
presents at brokerage sponsored investor conferences. Most often,
but not always, these conferences are webcast by the hosting
brokerage firm, and when they are webcast, links are made available
on Hydro One's website at www.HydroOne.com/Investors and are
posted generally at least two days before the conference.
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 $30.3 billion in assets as at December 31,
2020, and annual revenues in 2020 of approximately $7.3 billion.
Our team of approximately 8,700 skilled and dedicated employees
proudly build and maintain a safe and reliable electricity system
which is essential to supporting strong and successful communities.
In 2020, Hydro One invested approximately $1.9 billion in its transmission and distribution
networks and supported the economy through buying approximately
$1.7 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.
For More Information
For more information about everything Hydro One, please visit
www.hydroone.com where you can find additional information
including links to securities filings, historical financial
reports, and information about the Company's governance practices,
corporate social responsibility, customer solutions, and further
information about its business.
Forward-Looking Statements and Information
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Such information
includes, but is not limited to, statements related to: the
Company's continued service and support to customers; investments
in reliability and performance of the electricity systems; the
impact of COVID-19 on the Company's business, operations and
service; the Company's priorities in its response to COVID-19 and
the mitigation measures taken; the Company's commitment to build
safe communities across Ontario;
and statements regarding the payment of dividends. 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 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