OTTAWA – June 24, 2015 – Hydro Ottawa Holding Inc. today presented its 2014 Annual Report to its shareholder, the City of Ottawa. Jim Durrell, C.M., Chair, Board of Directors, and Bryce Conrad, President and Chief Executive Officer, presented the company’s results before City Council, highlighting its commitment to customer service and strong financial performance.
Hydro Ottawa’s goal is two-fold: to continue to fulfil its core mandate to provide a safe, reliable, affordable and sustainable supply of electricity to the over 320,000 homes and businesses that rely on the electricity it delivers; and to ensure a more sustainable energy future for its community.
- A reliable supply of electricity remains Hydro Ottawa’s top priority. On average, customers experienced 0.86 power outages per year in 2014.
- Hydro Ottawa reported 2014 net income of $30.3 million, resulting in a dividend to the City of $18.2 million which will be used to fund municipal programs and services.
- Revenues from renewable generation for 2014 were nearly $20 million.
- Hydro Ottawa’s strong financial performance for 2014 was achieved in large part through continued focus on cost controls and enhanced revenues in its renewable energy generation business.
- Hydro Ottawa also continued to be a responsible and engaged corporate citizen – whether by helping our customers conserve energy, educating over 17,000 local elementary students about electricity safety and conservation, or raising a record $254,427 for United Way Ottawa.
- Over the course of its 2012-2016 strategic plan, Hydro Ottawa is investing more than half a billion dollars to ensure system reliability.
- Ontario Energy Board comparisons show Hydro Ottawa ranked 15th out of 73 distribution companies in terms of lowest costs per customer.
“Hydro Ottawa’s reliability performance was improved in 2014 after several years of challenges. We’re making the necessary investments to ensure that record continues, with $125.6 million invested last year to address reliability issues, aging infrastructure and serving a growing city.”
– Bryce Conrad, President and Chief Executive Officer
“Hydro Ottawa’s renewable generation business continues to provide value to our shareholder, while at the same time ensuring Ottawa has a more sustainable electricity future. That is why Hydro Ottawa continues to pursue growth opportunities in renewable energy.”
– Jim Durrell, C.M., Chair, Board of Directors
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