Toronto Hydro Corporation (Toronto Hydro) is a holding company which, through its principal subsidiaries, distributes electricity in Toronto, engages in conservation and demand management activities, and provides street lighting services.

Follow this link for information on the Board governance structure for Toronto Hydro Corporation.

Toronto Hydro is committed to delivering excellent customer service, providing a safe and reliable supply of electricity, and delivering long-term value to the City of Toronto. Toronto Hydro’s vision is to “continuously maximize customer and stakeholder satisfaction by being safe, reliable and environmentally responsible at optimal costs”.

The City’s objectives and principles governing Toronto Hydro include: operating on an efficient and commercially prudent basis; optimizing the Shareholder’s return on equity; providing a reliable, effective and efficient electricity distribution system; and operating in a safe and environmentally responsible manner consistent with the City’s energy, climate change and urban forestry objectives.

2014 Service Overview

Toronto Hydro is a holding company which conducts its business through two principal subsidiaries: THESL and Toronto Hydro Energy Services Inc.  Toronto Hydro supervises the operations of, and provides corporate and management services and strategic direction to, its subsidiaries.

THESL is the electricity distributor to residential, commercial, institutional and industrial electricity users primarily located in Toronto through an electricity distribution system that delivers electricity to approximately 734,000 customers. It is the largest municipal electricity distribution company in Canada and distributes approximately 18% of the electricity consumed in Ontario.

Toronto Hydro Energy Services Inc. provides and operates the street lighting system in Toronto.

Key achievements in 2013 include:

  • Paid $43 million in dividends to the City;
  • Delivered conservation and demand management (CDM) programs, helping customers conserve 109,828MWh of energy and save money, and reducing GHG emissions by 10,673 tCO2e;
  • Started construction on new Clare R. Copeland Transformer Station, the first underground station in downtown Toronto, which will help increase electricity capacity;
  • Continued to work with Hydro One Inc. to refurbish the existing 115 kilovolt transmission infrastructure serving midtown to help improve service and reliability;
  • Facilitated key expansion and streetscape improvements including construction of the air-rail link to help prepare for the Pan Am Games;
  • Relocated and upgraded aging infrastructure as part of Waterfront Toronto’s initiative to revitalize the waterfront; and
  • Connected over 9.5MW of solar photovoltaic power to the Toronto Hydro grid, consisting of 155 microFIT projects and 43 FIT projects.

2013 Financial Results

Audited Consolidated Key Financial Results ($millions)

Year ended Dec. 31, 2012 Year ended Dec. 31, 2013
Balance Sheet as at Dec 31
Cash

76.6

0

Assets

3,539.4

3,797.5

Debentures

1,469.5

1,449.3

Shareholder’s equity

1,140.3

1,218.5

Income Statement for the year ended Dec 31
Gross Revenues

2,852.5

3,202.8

    Less: Purchased Power and Other

(2,275.5)

(2,567.5)

Gross Margin

577.3

635.3

    Less: Operating Expenses

(245.2)

(272.0)

Depreciation and Amortization

(141.5)

(172.8)

Net Financing Charges

(74.0)

(66.3)

Gain on Disposal of Assets

1.8

1.3

Restructuring Costs

(27.8)

0

Provision for PILs

(4.6)

(4.3)

Net Income

86.0

121.2

Capital Expenditures

292.4

450.3

Dividends Paid

48.0

43.0