Kitchener, ON - Today, Hydro One announced the completion of the first stage of infrastructure upgrades to energize life for residents and businesses and support economic recovery in the Kitchener-Waterloo, Cambridge and Guelph regions. The $30 million infrastructure investment will support residents and local businesses by strengthening power reliability to local distribution companies in the region.
“Communities and businesses are counting on Hydro One for safe and reliable power. Investments to the station, which energizes the Kitchener-Waterloo, Cambridge and Guelph area, will keep the public safe and ensure power reliability to customers and businesses at a time when it is needed most,” said David Lebeter, Chief Operating Officer, Hydro One. “By upgrading the aging infrastructure in the region, we are modernizing the electricity system while building a better and brighter future.”
“We are pleased to see Hydro One investing in their transmission systems and upgrading the aging infrastructure supplying our communities,” said Dave Jaworsky, Mayor of Waterloo. “This work will complement the work that our utility, Waterloo North Hydro, performs every year to invest in upgrading the aging infrastructure on the distribution system to improve the safety and reliability of the electricity systems serving their customers, our constituents.”
“This is great news for our community,” said Karen Redman, Regional Chair. “Hydro One’s investment provides reliable, efficient and safe power to our homes and supports businesses at a time when economic recovery is critical. We are proud to work together in collaboration for our brighter future.”
“This $30 million investment to replace aging power infrastructure comes at a critical time for our community”, said Mike Harris, MPP for Kitchener-Conestoga. “These necessary upgrades mean that families, businesses, schools, and healthcare facilities across Waterloo Region and Guelph can be assured they will have access to dependable electricity now and into the future.”
“Improving the reliability of our electricity grid increases Ontario’s competitiveness and delivers long-term value to customers,” said Bill Walker, Associate Minister of Energy. “Hydro One’s grid infrastructure upgrades in the Kitchener-Waterloo, Cambridge and Guelph regions will supply safe and reliable power to families and to the growing industries of advanced manufacturing, aerospace, automotive, food processing, tech and digital media – all of which are critical to our province’s economic recovery and success.”
As part of the first stage of infrastructure upgrades, Hydro One replaced a transformer from the 1950s at Detweiler Transmission Station which will enhance local power reliability. Work has now started to complete the second stage of upgrades, which includes:
- Replacing the second transformer at Detweiler Transmission Station;
- Modernizing protection equipment to better respond to outages;
- Upgrading 10 kilometres of a high voltage power transmission line, including upgrading towers and insulators.
These upgrades are part of the company’s plan to support customers by upgrading aging infrastructure and investing in local communities to support economic recovery.
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Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.4 million valued customers, approximately $27.1 billion in assets as at December 31, 2019, and annual revenues in 2019 of approximately $6.5 billion. Our team of approximately 8,800 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2019, Hydro One invested approximately $1.7 billion in its transmission and distribution networks and supported the economy through buying approximately $1.5 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 Company by the Canadian Electricity Association. 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.sedar.com or www.sec.gov.
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.
