Sudbury, ON, Aug. 20, 2021 - Today, Hydro One announced plans to reduce the impacts of power outages to its customers, enable economic growth and prepare its system for the impacts of climate change through its $17 billion five-year Investment Plan. Hydro One recently filed its Joint Rate Application with the Ontario Energy Board (OEB), which includes its 2023-2027 Investment Plan for the company's transmission and distribution system. The five-year Investment Plan, informed by customer feedback, will reduce the impacts of power outages for its distribution customers by approximately 25 per cent.
"Our plan will make smart investments to significantly reduce the impacts of power outages for our customers. With much of our system built in the 1950s and 1960s, we will continue to invest in renewing or replacing critical infrastructure in almost every community across the province, including in the Greater Sudbury region," said David Lebeter, Chief Operating Officer, Hydro One. "This plan was directly informed by the feedback of almost 50,000 customers. The majority of customers told us they support proactive investments in a resilient and reliable system prepared for climate change."
If approved by the OEB, Hydro One's five-year Investment Plan will energize life in Ontario by:
Renewing or replacing critical infrastructure
- Renew equipment on the high voltage transmission system, including installing 1,500 kilometres of high voltage power lines – the equivalent of the distance from Ottawa to Thunder Bay.
- Upgrade infrastructure at transmission and distribution stations, including at Martindale and Clarabelle Transmission Stations.
- Upgrade equipment on the distribution system, including renewing or replacing approximately 65,000 wood poles.
Improving resiliency and reliability and preparing for the impacts of climate change
- Use automation and innovative solutions to reduce the impact of power outages for distribution customers by approximately 25 per cent.
- Prevent outages by removing dead and diseased trees that could strike power lines.
- Install smart devices to improve resiliency and reliability for customers who experience the most power outages.
Building a grid for the future to support economic growth and customer choice
- Invest in new or upgraded infrastructure to accommodate community and industrial growth.
- Improve power reliability to First Nations communities through innovative battery solutions.
By investing in the electricity system and renewing critical infrastructure, Hydro One's plan will improve service for customers, prepare the system for more severe weather and better protect small businesses and large manufacturers from power outages responsible for millions of dollars in lost productivity.
More details can be found at www.hydroone.com/5YearInvestmentPlan
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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 $30.3 billion in assets as at December 31, 2020, and annual revenues in 2020 of approximately $7.3 billion.
Our team of approximately 8,700 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2020, Hydro One invested approximately $1.9 billion in its transmission and distribution networks, and supported the economy through buying approximately $1.7 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 and the application and investment plan to which it refers may contain "forward-looking information" within the meaning of applicable securities laws. Such information includes, but is not limited to: statements regarding Hydro One's anticipated capital investments including in respect of the company's five year $17 billion investment plan. 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.
In this press release, Hydro One presents information about potential future capital investments. The purpose of providing information about potential future capital investments is in order to give context to the nature of some of Hydro One's future plans and may not be appropriate for other purposes. Information about potential future capital investments, including the various assumptions underlying it, should be read in conjunction with "Forward-Looking Statements and Information" above and as may be found in Hydro One's filings with the securities regulatory authorities in Canada, which are available under its profile on SEDAR at www.sedar.com. Hydro One does not intend to update the information about future capital investments except as required by applicable securities laws.
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