photo of a city in Ontario at night

Building a better and brighter future

2020 Annual Report

Hydro One energizes life for people and communities, helping Ontarians live a better and brighter future. Through our network of businesses, we are growing and evolving to meet the expectations of the shareholders, regulators, Indigenous peoples and customers we serve.

A message from our Chair

Photo of Timothy Hodgson
Timothy Hodgson

A message from our President

Photo of Mark Poweska
 Mark Poweska 

Total Assets

A pie chart showing $30.3 billion in total assets

Rate Base

A pie chart showing $21.7 billion in rate base


A pie chart showing $3.44 billion in revenues
(Net of purchased power costs)


A pie chart showing $1.5 billion in regulated earnings
(Before financing charges and income taxes)
Pie chart legend
graphic with text Total Shareholder Return (TSR)
chart showing total shareholder return of +18.5 per cent for 2020

photo of a woman wearing a disposable mask

2020 Highlights

Guided by our purpose of energizing life in Ontario, we are living up to our deep responsibility to put people first as we navigate COVID-19. Throughout the pandemic, our decisions and actions were continuously guided by two priorities — protecting our employees and maintaining the safe and reliable supply of electricity to our valued customers.



Our focus on customers and customer advocacy helped increase our customer satisfaction to 87% with residential and small business customers.



We launched our Safety Improvement Team, which made concrete recommendations to improve the safety culture and eliminate serious injuries at Hydro One.



Our community partnerships supported Ontarians through the pandemic by responding to emerging and urgent needs for critical food, medical, safety and other supplies.



Improved the System Average Interruption Duration Index (SAIDI) of our transmission network by approximately 41.8% over 2019.



A 41.4% increase in year-over-year productivity savings with $286 million saved in 2020. Total productivity savings since 2015 amount to $738 million.

image of a female Hydro One worker at a Transmission Station



Approximately $111 million or 9.4% reduction in annual operating costs since 2019.



We invested approximately $1.9 billion in capital to expand the electricity grid and renew and modernize existing infrastructure.



Our sustainability progress was again recognized by our peers, with Corporate Knights ranking Hydro One 11th in its annual list of Best 50 Canadian Corporate Citizens.

photo of a painter from First Nations



We increased total spending with Indigenous businesses to $42 million, our highest spend to date. The Canadian Council for Aboriginal Business also advanced Hydro One to Silver level certification in Progressive Aboriginal Relations.



With our commitment to creating a diverse, inclusive and engaged workforce, Hydro One is proud to be recognized by Forbes in its list of Canada’s Best Employers for 2021 for the sixth consecutive year.

Standing with Ontarians

Hydro One's Pandemic Response

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Easing Customer Hardship

We are focused on keeping customers connected and advocating for the programs that help them avoid the stress of falling behind
  • Through our Pandemic Relief Fund, we are providing financial assistance and increased payment flexibility to residential and small business customers experiencing hardship.

  • Extended our Winter Relief Program to ensure our residential customers stayed connected during this challenging time and suspended late payment fees for all customers.

  • Provided rate relief assistance with measures including returning approximately $5 million in security deposits to more than 4,000 commercial businesses and connecting customers with the government’s enhanced COVID-19 Energy Assistance Program which offers one-time bill credits for residential, business and registered charity customers.

  • Fast-tracked $32.9 million in payments to small, medium and Indigenous suppliers in Ontario to help with much needed cash flow.

photo of a Hydro One employee making a food and safety kit for First Nations communities

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Standing With Our Communities

Our community investment work has focused on protecting society’s most vulnerable during this period of uncertainty
  • Partnered with GlobalMedic to deliver 13,500 critical aid kits of food and safety supplies to Indigenous communities across the province during the COVID-19 pandemic.

  • Supported the Metis Nation of Ontario’s pandemic relief fund and its 31 community councils, helping them provide food, medical and pharmaceutical supplies to their vulnerable citizens.

  • Supported Feed Ontario’s COVID-19 Emergency Food Box Program, donating $300,000 worth of meals. With the help of our community, we were able to donate an additional 51,000 meals to those in need.

photo of nurses wearing scrubs holding a sign that says Stay Home
Hydro One teams worked around the clock to ensure an uninterrupted supply of power for every Ontarian – proactively patrolling power lines that feed hospitals, health care facilities and other critical infrastructure, prioritizing projects that enable our food supply, and connecting new homes to ensure people have shelter.

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Energizing Life

Helping Ontario emerge stronger by building a more sustainable business, supporting our communities and contributing to a more inclusive and equitable society
  • Supporting the Environment: In 2020, we made investments to increase the resiliency of our assets to better withstand the impact of climate change and extreme weather while simultaneously limiting the environmental impacts of our activities. Responding to demand for greener transportation options, our joint venture Ivy opened 23 electric vehicle fast-charger locations.

  • Making a Social Impact: Launched a new Community Fund to help charitable organizations, municipalities and Indigenous communities with up to $25,000 in grants towards pandemic response efforts and initiatives that improve physical and emotional safety.

  • An Inclusive Equitable Society: Established a new Diversity and Inclusion Council and signed the BlackNorth Initiative Pledge as steps in our journey to address systemic racism and biases while creating an inclusive environment.

photo of an IVY electric vehicle charging station

photo of a city skyline at night

Why invest in Hydro One?

Hydro One is a unique low-risk opportunity to participate in the transformation of a premium large-scale electric utility

1. Everyone uses electricity

One of the largest electric utilities in North America, with significant scale and leadership position across Canada’s most populated province.

2. Strong balance sheet

One of the strongest investment-grade balance sheets in the North American utility sector.

3. Pure-play transmission and distribution

Unique combination of electric power transmission and local distribution, with no power generation assets or material exposure to commodity prices.

4. Stable operations

Stable and growing cash flows with 99% of business fully rate-regulated in a constructive, transparent and collaborative regulatory environment.

5. Financial performance

Predictable self-funding organic growth profile with expanding rate base and strong cash flows, together with broad support for refurbishment of aging infrastructure and with ~5% expected rate base CAGR. No external equity required to fund planned growth.


Transparency in our environmental, social and governance (ESG) reporting.

7. Attractive dividend

Annualized dividend of $1.0144 per share with attractive 70% – 80% target payout ratio.

8. Rate base expansion

Opportunity for continued dividend growth with rate base expansion, continued consolidation and efficiency realization.

Hydro One's Role in the Ontario Electric Power System

Our transmission and distribution systems safely and reliably serve communities throughout Ontario. Our customers are suburban, rural and remote homes and businesses across the province. Our communities are proudly and safely serviced by a team of skilled and dedicated employees.

Our Regulated Business

Transmission: Our transmission system transmits high-voltage electricity from nuclear, hydroelectric, natural gas, wind and solar sources to distribution companies and industrial customers across Ontario. Our system accounts for approximately 98% of Ontario’s transmission capacity with approximately 30,000 circuit kilometres of high-voltage transmission lines. We also own and operate 25 cross-border interconnections with neighbouring provinces and the United States, which allow electricity to flow into and out of Ontario.

Distribution: Our distribution system is the largest in Ontario. It consists of approximately 124,000 circuit kilometres of primary low-voltage power lines serving approximately 1.4 million customers, mostly in rural areas. As well, Hydro One Remote Communities Inc. serves customers in one grid-connected and 21 off-grid communities in Ontario’s far north.

Our Unregulated Business

Our other segment consists principally of our telecommunications business, Hydro One Telecom Inc. (HOT), which provides telecommunications support for Hydro One’s transmission and distribution businesses, as well as for its other business customers. HOT offers comprehensive communications and information technology services and solutions (cloud services, managed services and security-based services) to businesses that extend beyond the core fibre and connectivity services it has traditionally offered.

infographic of our role in the electricity system, taking large amounts of power from generating stations to our transformer stations, then to distribution stations, and through power lines to pole-top or pad-mounted transformers to the meter on your home or business
infographic of our role in the electricity system, taking large amounts of power from generating stations to our transformer stations, then to distribution stations, and through power lines to pole-top or pad-mounted transformers to the meter on your home or business

Living our Strategy

By 2024, our corporate strategy is expected to enhance shareholder value by delivering an improved safety culture, a more reliable grid for our customers, high customer satisfaction, sustainable business practices and a lower environmental footprint.

Icon of a transmission tower
Plan, Design and Build a Grid for the Future
  • Plan, design and build a reliable grid for today and tomorrow and embrace new technology, such as distributed energy resources, to enable customer choice.

  • Increase focus on grid resilience in order to reduce the frequency and duration of outages. Consider climate change and sustainability factors in our planning to increase resilience and lower our environmental footprint.

icon of a worker in a hard hat
Be the safest and most efficient utility
  • Transform and improve our safety culture through robust safety analytics and grass-roots employee engagement.

  • Empower field operation teams to drive efficiency, productivity and reliability.

  • Focus on efficient capital delivery to support our ongoing growing work program.

Icon of a handshake
Be a trusted partner
  • Build and grow relationships with Indigenous peoples, government and industry partners.

  • Proactively address community concerns and establish strong partnerships with our customers through local investment and economic development for the benefit of all Ontarians.

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  • Enrich the customer experience by acting as their trusted energy advisor, helping them save money, and offering new products and services to meet their energy needs.

  • Help our customers make informed decisions with deeper insights and leverage our position as energy experts.

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Innovate and Grow the Business
  • Invest responsibly in our core transmission and distribution business.

  • Pursue incremental regulated and unregulated business opportunities through innovation and our focused presence in Ontario.

Corporate Governance Overview

Strong corporate governance practices are at the heart of how we manage our day-to-day operations in the interest of all stakeholders.
pie chart showing Board gender diversity with 50 per cent females

Hydro One and its independent Board of Directors recognize the importance of corporate governance in the effective management of the company. 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, supports strong corporate governance centered on independence, integrity and accountability which is in the best interests of shareholders, and promotes and strengthens relationships with our customers, employees, the communities where we operate and other stakeholders.
Hydro One’s Board of Directors is composed of a diverse and accomplished group of independent, proven business leaders with deep corporate governance experience. The Board’s primary role is overseeing corporate performance and the quality, depth and continuity of management required to meet the company’s strategic objectives. Hydro One is committed to establishing and maintaining best corporate governance practices. The company’s practices are fully aligned with the rules and regulations issued by Canadian Securities Administrators and the Toronto Stock Exchange.

Board of Directors and Committees (as of March 23, 2021)
Table: Board of Directors and Committees

4 Previously the Health, Safety, Environment and Indigenous Peoples Committee
5 Previously the Governance Committee
6 Became a director on July 23, 2020