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Hydro One Notice of Redemption of its 6.778% notes due January 30, 2004

Toronto, November 24, 2003 - Hydro One Inc. ("Hydro One") announced that it will issue formal notice of redemption tomorrow of all $228 million of the company's outstanding 6.778% notes due January 30, 2004. The notes will be redeemed on December 18, 2003 at a redemption price of 100.447671 percent of the principal amount of the notes together with accrued interest to December 18, 2003, in accordance with the terms of the indenture governing the notes.

Hydro One is a holding company that operates through its subsidiaries in electricity transmission and distribution and telecom businesses. One of its subsidiaries, Hydro One Networks Inc., operates one of the largest transmission and distribution systems in North America. Hydro One is wholly owned by the Ontario government.

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Ali Suleman
Treasurer
(416) 345-6026

Investor Relations
(416) 345-6867