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Hydro One Announces the Establishment of a $1 Billion Commercial Paper Program

TORONTO, September 6, 2000 - Hydro One Inc. announced today the establishment of a commercial paper program in Canada, authorized for up to $1 billion. Hydro One plans to use the program to manage working capital needs and to bridge cash requirements between long term debt issues.

The notes will be offered through a commercial paper dealer group consisting of BMO Nesbitt Burns, CIBC World Markets, Merrill Lynch Canada, National Bank Financial, RBC Dominion Securities, Scotia Capital, and TD Securities. Issuance of the notes is expected to commence in September, 2000.

Hydro One has received very favorable short-term credit ratings from major North American rating agencies. The commercial paper program will be backstopped by a recently completed stand-by credit facility arranged through a syndicate of financial institutions.

Hydro One Inc., through its subsidiaries, is principally engaged in electricity transmission, distribution and energy services businesses. Through a wholly owned subsidiary, Hydro One Networks Inc., it owns and operates the largest transmission and distribution system in Ontario and one of the 10 largest in North America.

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For more information, please contact:

Ian Chadsey
Director, Investor Relations
Hydro One
416-345-6136