2022 Annual Report

Enabling a Clean Energy Future

Hydro One energizes life for people and communities, helping Ontarians live a better and brighter future. Guided by our purpose, we look to the future and what we can do today to benefit all Ontarians in the energy transition.

Annual Report Financial Report

David Lebeter

President & CEO, Hydro One

Energizing Life

“I am proud to lead this remarkable company and strong team as we maintain our current strategy that focuses on safety, maintenance and construction, economic growth, reliability and enabling Ontario’s clean energy future. Together, we will continue to put people first, improve the customer experience, and support economic growth for the people of this province.”

Key Highlights

2022 was a year in which Hydro One went from strength to strength, delivering greater value for our customers, investors, communities and other stakeholders.

Best Safety Results in Company History

In 2022, we achieved the best safety record in Hydro One’s history and made significant progress to preventing life-altering injuries and fatalities.

Landmark Equity Agreement with First Nations

Hydro One, in partnership with First Nations leaders from across Ontario, set a historic precedent in 2022 that will transform the benefits of infrastructure development for First Nations communities for generations to come. This significant milestone on our journey of Reconciliation was achieved with the launch of our 50-50 equity partnership agreement with First Nations on all new, future large-scale transmission line projects.

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Enabling a Grid of the Future

In 2022, we invested $2.1 billion to expand the electricity grid and renew and modernize existing infrastructure. Our approved 2023-2027 Investment Plan, will reduce the impacts of power outages, renew and replace critical infrastructure in almost every community across Ontario, support customer choice and prepare for climate change.

Focusing on Customer Satisfaction

Our longstanding commitment to storm response and restoration efforts earned us two emergency response awards, bringing the total to 13 awards from Edison Electric Institute. We continued to improve customer experience by helping our most vulnerable customers find the right relief programs, including the Winter Relief Fund. Residential and small business customer satisfaction stood at 87%. Large customer satisfaction stood at 88%.

Energizing Life in Ontario Communities

Our 2022 Power to Give campaign was our most successful fundraising year for our employee giving program with contributions of $2.2 million. Through Hydro One’s Energizing Life Community Fund, we supported initiatives that promote community safety and wellbeing, providing up to $25,000 in financial support to 24 recipients in 2022.

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Commitment to Sustainability

In January 2023, we became the first utility in Canada to publish a Sustainable Financing Framework, which allows us to issue sustainable financing instruments, such as green bonds, and allocate the net proceeds to investments in eligible green and social project categories.

Increase in Productivity Savings

We achieved an approximately 9% increase in year-over-year productivity savings with approximately $373.6 million saved in 2022 as compared to approximately $343.9 million in 2021. We also delivered on our multi-year commitment to keep costs as low as possible with a total of approximately $1.5 billion in productivity savings since 2015.

Voted Best Employer, 8th Year Running

For the eighth year in a row, Hydro One has been recognized on Forbes’ annual list of Canada’s Best Employers. The company’s performance ranking is based on employees and other professionals recommending Hydro One as a desirable employer.

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Corporate Governance

We continue to advance diversity, equity and inclusion at all levels of Hydro One to better reflect where we work and the communities we represent across the province. We are fortunate to benefit from diverse perspectives, with Indigenous representation (20%) and near gender parity at the Board level. The current composition of our Independent Non-Executive Board is four women (40%) and six men (60%). We believe this near balance makes us one of the most gender progressive boards in North America, reflecting best practices in board diversity and surpassing our Catalyst Accord commitment to maintaining at least 30% female board members.

Hydro One’s Gender-Balanced Independent Board of Directors

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2022 Annual Report

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2022 Financial Report

Hydro One

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