Company receives approval from Ontario Energy Board to proceed with $73.1 million investment
TORONTO, Dec. 1, 2023 /CNW/ - Hydro One Networks Inc. (Hydro One) today announced plans to start construction in February 2024 on its Etobicoke Greenway Project, after receiving approval from the Ontario Energy Board (OEB). The $73.1 million investment will bring an additional 300 MW of clean power to the region – enough to power a city the size of Burlington, Ontario. The company is hosting a community drop-in session on December 4, to ensure community members and residents are well-informed about upcoming construction activities for the project.
This project will also create a new community green space along the corridor which connects Richview Transformer Station (TS) and Manby TS.
"This is an exciting milestone on the Etobicoke Greenway project that brings us closer to helping meet the growing energy demands of the region," said Andrew Spencer, Executive Vice President, Capital Portfolio Delivery, Hydro One. "Our priority is to engage with the community transparently about what to expect as construction starts on this line upgrade. We will continue to work closely with community members and residents to mitigate any potential construction impacts."
The OEB approved the company's leave to construct application on November 7, 2023. This approval is required under Section 92 of the Ontario Energy Board Act, 1998, to construct, expand, or reinforce electricity transmission or interconnections. The application also provides details of the project, such as timing, route, design and cost.
In addition, Hydro One initiated a Class Environmental Assessment (Class EA) in June 2022, to rebuild and upgrade the existing non-energized 115 kilovolt (kV) transmission line into a 230 kV line. As a key part of the Class EA, Hydro One committed to working closely with the community to create a shared vision for how the hydro corridor could be used for a new community green space once the project has been completed.
For more information about the project or for details of the meeting on December 4, please visit Etobicoke Greenway. Community members are encouraged to contact Hydro One at: 1-877-345-6799 or Community.Relations@HydroOne.com.
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.
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.
SOURCE Hydro One Limited
