TORONTO, Oct. 20, 2023 /CNW/ - Today, Hydro One joined a select group of Canadian companies and was recognized by the Canadian Council for Aboriginal Business (CCAB) for its commitment to building lasting, strong and mutually beneficial relationships with Indigenous communities. The company advanced from its Silver level certification in 2020 to a Gold level recognition this year by the CCAB in Progressive Aboriginal Relations (PAR). The PAR Jury commended Hydro One's participation in the Indigenous community, calling it a best-practices organization in the field of Indigenous relations. Hydro One's emphasis on economic Reconciliation through its 50-50 equity partnership model and building lasting partnerships with Indigenous communities has been instrumental in achieving the Gold level certification.
"I admire the dedication of Hydro One to further economic growth and opportunities for Indigenous business," said Tabatha Bull, President and CEO, Canadian Council for Aboriginal Business. "We have awarded Gold status to fewer than 25 companies in Canada, and with a Gold status achievement, companies like Hydro One are role models for their approach in Indigenous relations."
"Hydro One is proud to be recognized as a Gold level organization in Indigenous Relations and a trusted partner in advancing Reconciliation. At Hydro One we are focused on building partnerships based on understanding, respect and trust," said David Lebeter, President and CEO, Hydro One. "We will continue listening to and learning from Indigenous communities and know that together, we can build a better and brighter future for all."
As part of its commitment to building lasting, strong and mutually beneficial relationships with Indigenous communities, Hydro One has:
- Launched its new Equity Partnership Model, through which First Nations communities can invest in 50 per cent of equity in new, future large-scale capital transmission line component of projects (> $100 million).
- In 2022, the company increased its purchases from Indigenous business by procuring $95.9M of goods and services.
- Allocated at least 20 per cent of corporate donations and sponsorships to Indigenous causes and communities.
- Provided educational and training opportunities to Indigenous youth.
- Collaborated with Indigenous communities on projects that provide long-term community benefits.
The PAR Program provides a high level of assurance through the independent, third-party verification of company reports on measurable outcomes and initiatives in four performance areas: Leadership Actions, Employment, Business Development, and Community Relationships. These verified reports are then reviewed by an independent jury of Indigenous business representatives who assign the final certification level. As part of the PAR Program, companies must recertify every three years.
More details of Hydro One's sustainability priorities and achievements can be found at: www.hydroone.com/sustainability
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.5 million valued customers, approximately $31.5 billion in assets as at December 31, 2022, and annual revenues in 2022 of approximately $7.8 billion.
Our team of approximately 9,300 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2022, Hydro One invested approximately $2.1 billion in its transmission and distribution networks, and supported the economy through buying approximately $1.9 billion of goods and services.
We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives. We are designated as a Sustainable Electricity Leader™ by Electricity Canada.
Hydro One Limited's common shares are listed on the TSX and certain of Hydro One Inc.'s medium term notes are listed on the NYSE. Additional information can be accessed at www.hydroone.com, www.sedarplus.com or www.sec.gov.
Forward-Looking Statements and Information:
This press release and the application and investment plan to which it refers 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.sedarplus.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
SOURCE Hydro One Inc.
