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Hydro One earnings on the rise after rate hike

A Hydro One office is pictured in Mississauga, Ont. on Wednesday, November 4, 2015. Hydro One Inc. says it has reached tentative agreements covering two contracts with the Power Workers' Union, which represents the company's front-line workers. THE CANADIAN PRESS/Darren Calabrese

TORONTO — Hydro One Ltd. says second-quarter earnings ticked up four per cent compared to a year ago.

In the three months ended June 30, the power utility says net income attributable to common shareholders rose to $265 million from $255 million in the same period a year earlier.

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Hydro one is reporting second-quarter revenues that inched up by one per cent to $1.86 billion versus $1.84 billion a year earlier.

It says diluted earnings increased to 44 cents per share from 42 cents per share, above analyst expectations of level year-over-year diluted earnings, according to financial markets data firm Refinitiv.

Hydro One attributed its boost in profits to a hike in 2023 transmission rates and lower asset removal costs due to fewer storm-related replacements, and despite higher operations and maintenance costs.

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The quarter also saw the company break ground on a transmission line between its switching stations in the municipality of Chatham-Kent and the Lakeshore municipality in southwestern Ontario that looks to supply clean electricity to the agri-food and manufacturing sectors.

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