Two years post IPO: Hydro One on track to becoming one of North America's leading electricity service providers
TORONTO, Nov. 16, 2017 /CNW/ - Today, Mayo Schmidt, President and CEO, Hydro One Limited (Hydro One) addressed a sold out audience at the Empire Club in Toronto to highlight the accomplishments of the company that is now two years post-IPO. Becoming a publically-traded company was the catalyst for Hydro One to start its transformation into one of North America's leading utilities.
"Two years ago, I was asked to lead Hydro One through significant change and execute what is now the fourth largest IPO in Canadian history," said Mayo Schmidt, President and CEO, Hydro One. "The people that make up this great historic organization are reaching higher and deeper than ever before, finding ways to improve productivity, our operations and our relationship with our customers."
Schmidt was recently recognized as the Ontario Energy Association's 2017 Leader of the Year. This prestigious award recognizes outstanding industry leadership and significant accomplishments. The association cited Hydro One's major cultural and corporate transformation, execution of the successful IPO, growth into the U.S. Pacific Northwest with the acquisition of Avista Corporation, and focus on exceptional customer service.
"The changes we're making will drive continuous improvement, achieve operational excellence and, ultimately, deliver more value to customers," said Schmidt. "Through innovation and targeted investments, we are transforming and modernizing our system to bring our customers safe, reliable and affordable electricity now and into the future."
Highlights of the last two years include:
- Achieved productivity savings through operational improvements and more competitive procurement.
- Improved customer billing accuracy, now performing at 99 per cent.
- Advocated government to make affordability a priority, resulting in relief measures that save Hydro One customers an average of $600 per year.
- Returned $12 million dollars in security deposits back to customers and small businesses.
- Became the first electricity utility in Ontario to proactively reconnect customers during the coldest months of the year, a program now mandated across the province.
- Helped customers get back on track with affordable payment plans and support programs, resulting in a 46 per cent drop in accounts receivable levels since the IPO.
- Improved the performance of the transmission system by approximately 33 per cent through innovation and targeted investments.
- Introduced a shortened and targeted vegetation management program to improve productivity, reliability and community relations.
- Our conservation and demand management programs are expected to help both residential and business customers save about $45 million in 2017.
- Launched a new mobile-friendly hydroone.com to offer streamlined self-serve features making it easier to manage an account online.
Schmidt continues to drive growth and expansion by initiating three acquisitions since 2015, Great Lakes Power Transmission Inc., Orillia Power Distribution Corporation and Avista Corporation. The largest acquisition, a merger with Avista Corporation announced earlier this year, will provide both companies with increased opportunities for innovation, research and development and efficiencies by extending the use of technology, best practices and business processes over a broader customer base.
About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, $25 billion in assets and annual revenues of over $6.5 billion. Our team of 5,500 skilled and dedicated employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km high-voltage transmission and 123,000 circuit km primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX: H).
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.
SOURCE Hydro One Limited
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