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MESSAGe from
the ceo

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5 REASONS
to invest
 

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HYDRO ONE
at a glance

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STRATEGY
for success

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Year In
Review

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BUILDING A
SUSTAINABLE FUTURE

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Corporate
Governance

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Financial
Reports


 

A MESSAGE FROM THE CEO

I want to acknowledge the tragic loss we experienced on December 14th that took the lives of four of our own. The entire Hydro One family came together for the families and to support teammates in the wake of this tragedy and to commemorate the lives of James, Jeff, Darcy and Kyle. Collectively, we continue to support the grieving families and loved ones of our four men. The health, safety, and well-being of every single person at Hydro One are paramount to me, this Company, and to all of our people.
 

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Read the full message
  

5 REASONS TO INVEST IN HYDRO ONE

INVESTING IN HYDRO ONE OFFERS A UNIQUE OPPORTUNITY TO PARTICIPATE IN THE TRANSFORMATION OF A PREMIUM LARGE-SCALE UTILITY

Everyone Uses Electricity

We are one of the largest regulated electric utilities in North America. We own and operate an extensive system of transmission and distribution networks in Canada’s most populated province with no material exposure to commodity prices.


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Strong Balance Sheet

Our strong investment-grade balance sheet has one of the highest-quality utility credit profiles in North America.











Predictable Growth

We offer a predictable multiyear growth profile with strong cash flows. This is the result of an expanding rate base that supports the need to upgrade and maintain our aging infrastructure.

Attractive Dividend

We have an attractive dividend yield with 70–80 per cent target payout ratio and offer the opportunity for continued dividend growth.







Forward Looking

Our highly accomplished management team has taken on the opportunity to transform the organization into a commercially oriented, performance-driven culture focused on improving productivity and customer service.





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Supply to Essex County Transmission Reinforcement
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Hydro One is constructing a new transmission station in the Municipality of Leamington and a 13-kilometre, double circuit 230 kilovolt transmission line on a new corridor to connect the station with the existing 230 kilovolt transmission line. The project is needed to provide for load growth in the Kingsville-Leamington area and to improve operational flexibility in the Windsor-Essex region in the long term.

 

Estimated Total Project Cost:
$571 million

Capital Cost to Date:
$52 million

Anticipated In-Service Date: 2018

Clarington
Transmission Station
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Clarington Transmission Station involves the construction of a new 500/230 kilovolt transformer station in the city and the connection of the existing 230 kilovolt and 500 kilovolt transmission lines in the area. The station is required to ensure an adequate, safe and reliable supply of power to support the growing communities in the eastern part of the Greater Toronto Area.                                                                                                                                   

Estimated Total Project Cost:
$267 million

Capital Cost to Date:
$223 million

Anticipated In-Service Date: 2018

East-West Tie
Station Expansion
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Hydro One is performing station upgrades to our Wawa and Lakehead transmission stations. The upgrades are necessary to support the East-West Tie Line project, a priority project in the Province of Ontario’s Long-Term Energy Plan.

                                                                                                                                                                                 

 

Estimated Total Project Cost:
$157 million

Capital Cost to Date:
$7 million

Anticipated In-Service Date: 2021

 

1. In February 2018, the estimated cost to complete the supply to Essex County Transmission Reinforcement project was reduced from $73 million to $57 million


Growth within North America

 

We announced our plan to acquire Avista Corporation to create a top 20 North American utility focused on regulated transmission as well as electricity and natural gas local distribution.

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Productivity Savings

 

$89.5 million in savings achieved through operational improvements.


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Billing

 

The Company's customer billing accuracy reached an all-time high of 99.3 per cent in 2017.

99.3% BILLING ACCURACY
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Leadership

 

Hydro One was awarded the Progressive Aboriginal Relations Bronze Certification for demonstrating a commitment to Aboriginal communities.

Mayo Schmidt was awarded Ontario Energy Association's 2017 Leader of the Year award.

Renewed Customer Experience

 

Hydro One introduced a new website in August, making it even easier for customers to do business with us. The website is mobile friendly and promotes more self-service options to meet our changing customers needs.

Launched a new, easy-to-read Customer Statement. Listening to our customer's feedback to make it simple and straightforward.

Strong North American Reputation

 

Hydro One demonstrated operational excellence as part of the unprecedented Hurricane Irma restoration efforts in Florida. Hydro One's efforts in Florida earned the Company an award from the Edison Electric Institute.

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Customer Service

 

Customer satisfaction reached the highest it's been in four years for our distribution customers.

Revised customer-focused collection practices have resulted in a $40 million reduction in overdue accounts receivable.

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Our System

Distribution:

$689 million in distribution assets place in service.

Transmission:

$889 million in transmission assets placed in service.


$1,578 MILLION DISTRIBUTION & TRANSMISSION ASSETS PLACED IN-SERVICE

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OUR STRATEGY FOR SUCCESS

Optimization and Innovation

Hydro One is transforming to achieve its vision of becoming a best-in-class, customer-centric commercial entity, with a culture of operational excellence and continuous improvement. Hydro One will execute on its strategy to transmit and distribute electricity safely and reliably in a manner that produces the greatest value for customers. Hydro One seeks to be excellent in every facet of its operations, to the benefit of its customers, employees and shareholders.

Innovation will become a focus for the company and Hydro One plans to invest in innovation to modernize the transmission and distribution grids, improving reliability and efficiencies as well as building a platform for connecting distributed energy resources.
 

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Diversification

The electricity industry is transforming from a system based on large centralized generation, transmission and distribution, to small-scale, distributed generation, as a result of declining technology costs and customers’ desire for choice in electricity supply. Hydro One’s strategy is to adapt our grid investments to refl ect this new reality, and to provide the new energy services that customers are demanding.

Hydro One will evaluate new businesses such as providing behind-the-meter products and services that meet requirements for resiliency, reliability, sustainability, quality and security more cost effectively than grid-only supply.

Hydro One will also seek to invest in emerging technology that focuses on innovation in the electricity sector, to identify technologies that could disrupt the company’s business, or that can enhance its business.
 




Growth

Through growth, we turn the impossible, possible to reach our goal of becoming the leading North American utility that customers, shareholders and the public can count on. In 2017, we laid the groundwork for future success.

We pride ourselves in having a proven record of consolidating electricity utilities. Avista – In July, we announced our partnership with Avista, where we were acquiring 100 per cent of the shares of Avista, a fully integrated regulated transmission and distribution utility headquartered in Spokane, Washington.

The acquisition, which is expected to close in 2018 following the necessary regulatory approvals, will see Hydro One and Avista create a diversified and growing North American utility leader with tremendous enterprise value.


 



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Customer Satisfaction

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Distribution Customers

Increased to 71 per cent in 2017, an increase of 5 per cent since 2016, largely due to strong operational performance in all functional areas, including billing, contact centre, collection and conservation.

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Transmission Customers

Increased to 88 per cent in 2017, an increase of 10 per cent since 2016, partially attributed to enhanced customer reporting and a renewed commitment to customer advocacy.

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Our Core Values

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SAFETY

COMES FIRST

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STAND

FOR PEOPLE

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EMPOWERED

TO ACT

 

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OPTIMISM

CHARGES US

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WIN

AS ONE


 

BUILDING A SUSTAINABLE FUTURE


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“WE ARE COMMITTED TO RUNNING A SUSTAINABLE, SOCIALLY RESPONSIBLE BUSINESS.”

— MAYO SCHMIDT, PRESIDENT AND CEO
 

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Using Resources
Responsibly

Hydro One is committed to building a sustainable future for all Canadians. The sheer scale of our operations — the geographic area we cover, the million of customers we serve and economies we impact — makes it essential that we do our part. We contribute by delivering electricity that is among the cleanest, safest and most reliable in North America.

At a time of growing climate change, Hydro One continues to work to reduce our impact on ecosystems. Internally, our environmental teams collaborate with a range of Hydro One’s lines of business to set the agenda, raise awareness and provide guidance on creating real change.

Over the past five years, Hydro One has undergone 103 inspections by the Ministry of the Environment and Climate Change, and by Environment and Climate Change Canada relating to our waste and polychlorinated biphenyls (PCB) storage sites, and environmental compliance approvals. Not a single inspection resulted in a charge. Indeed, we have a strong record in environmental compliance and maintain solid, co-operative relationships with regulators.

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Reducing Our
Impact

We operate in a highly regulated space, where federal, provincial and municipal bodies require us to assess and mitigate environmental risks. These include everything from the water and emissions we discharge, our land uses, how we dispose of waste and our impact on biodiversity. Permits and approvals are required every step of the way.

To assess, manage and mitigate these risks, Hydro One has an integrated Health, Safety and Environmental Management System (HSEMS), aligned with the ISO 14001 Environmental Management Systems framework. We expect every line of business to identify and reduce high environmental risks in their operations. Since 1999, Hydro One Remote Communities has used an Environmental Management System to reduce their environmental footprint and maintain biodiversity in the environmentally sensitive areas of the province in which they operate.

In 2017, Hydro One Networks Inc. invested $13.9 million in prevention and environmental management, emissions treatment, waste disposal, remediation, water management and environmental approvals.

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2017
Achievements

Developed a sustainability framework, outlining how other initiatives internally support this structure, including our Corporate Social Responsibility Report, HSEMS, other corporate initiatives and our corporate reporting.


Verification of Hydro One Networks Inc.’s Scope 1 Sulfur Hexafluoride (SF6) emissions and the verification of Hydro One Remote Communities’ greenhouse gas emissions.


Continued our efforts to further reduce greenhouse gas emissions through better maintenance practices and more efficient tracking.


Partnered with community groups and nonprofits to develop pollinator habitats and other solutions for protecting Ontario’s biodiversity.


Enhanced our Biodiversity GIS (geographic information system) Portal with new source water protection and invasive species layers.


Developed a Biodiversity Program Framework, outlining the Company’s plans for 2018 and beyond with regards to our Biodiversity Program.


Installed 12 new osprey nesting boxes for osprey habitats throughout the province.



Community Investment

At Hydro One, we believe in not only powering communities by delivering electricity, but also by investing dollars into the communities where our people and customers live and work. In 2017, the Community Investment focus was on safety and injury prevention, Science, Technology, Engineering and Math (STEM) education and recreation projects for Indigenous communities. Contributions included a continuing partnership with the Ross Tilley Burn Centre at Sunnybrook Hospital to support the creation of a second burn unit operating room. We also supported the ACT Foundation by empowering Indigenous youth with life-saving skills through CPR and defibrillation training.


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Callout box: $1.1 million donations made to over 40 charitable partners and organizations

Callout box: $1.3 million donations made by employees and pensioners to impact local organizations in our communities

Charity_box-3.png: $1.1 million community sponsorships made to support local community events




 

CORPORATE GOVERNANCE OVERVIEW



Strong corporate governance practices are the heart of how we manage our day-to-day operations in the interest of all stakeholders.


Hydro One and its independent Board of Directors recognize the importance of corporate governance in the effective management of the Company. Independence, integrity and accountability are the foundation of Hydro One’s approach to corporate governance. It is in the long-term best interests of shareholders, and promotes and strengthens relationships with our customers, employees, the communities where we operate and other stakeholders of the Company. The Board of Directors is firmly supported in these commitments by a governance agreement between Hydro One and the Province of Ontario, which was executed in advance of the November 2015 Initial Public Offering of the Company and assures that the Province’s role is limited to that of a shareholder and not a manager of the business.


Board Diversity

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Board of Directors and Committees

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Board Structure

The Chair is responsible for leading the Board of Directors in carrying out its duties and responsibilities effectively, efficiently and independent of management. The Chair is nominated and confirmed annually by special resolution of the Board. Consistent with best practices, Hydro One’s Board Chair is separate from the role of president and chief executive officer, and is independent of Hydro One and also of the Province of Ontario.