TORONTO, April 12, 2018 /CNW/ - Hydro One Inc. and the Power Workers' Union ("PWU") are pleased to announce the achievement of a tentative settlement of a two-year collective agreement covering approximately 4,000 employees in critical front line roles.
"Our respective negotiations teams worked diligently over the course of the last several months to arrive at an agreement which recognizes the significant contributions our employees make in maintaining the supply of power across the province while delivering value to our customers and shareholders," said Mayo Schmidt, President and CEO, Hydro One.
"The Power Workers' Union prides itself on working with employers to provide job security for our membership as well as delivering improvements and stability over the course of the Collective Agreement," said Mel Hyatt, President of the PWU. "I am pleased that the leadership in both parties were able to reach a tentative memorandum of agreement." The leadership of the PWU are recommending that their members accept this agreement.
The collective agreement between Hydro One Inc. and the PWU covers approximately 4,000 employees involved in the company's operations in Ontario. Union members will now vote on this tentative agreement with the outcome anticipated by June 27, 2018.
About Hydro One Inc.
Hydro One Inc. is a fully owned subsidiary of Hydro One Limited, Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, $25 billion in assets and 2017 annual revenues of nearly $6 billion. Our team of over 7,400 skilled and dedicated regular and non-regular employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km of high-voltage transmission and 123,000 circuit km of primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only five utility companies in Canada to achieve the Sustainable Energy Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX: H).
Forward-Looking Statements and Information
This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
About the Power Workers' Union
The Power Workers' Union (PWU) has been representing the highly skilled people who work in Ontario's electricity sector since 1945. Presently representing about 16,000 members, the PWU has worked hard to build its reputation in Ontario as a credible source of knowledge for its members, and in advocating for better energy choices for all Ontarians. Learn more at www.pwu.ca and follow us on Facebook, Twitter, Instagram and YouTube.
SOURCE Hydro One Inc.
