Hydro One reports first-quarter profit of $177 million, up from year ago

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TORONTO — Ontario power utility Hydro One Inc. said Wednesday that it earned a first quarter profit of $177 million, up from a profit of $157 million a year ago

The profit came as the provincial utility earned $1.30 billion in revenue for the three months ended March 31, compared with $1.22 billion in revenue a year ago.

Hydro One attributed the increase in profits to a reduction in payments in lieu of corporate income taxes due to higher capital cost allowance deductions.

“We remain focused on our efforts to build new transmission to deliver clean and renewable generation into our system and maintain and enhance the performance of our existing infrastructure,” Hydro One president and chief executive Laura Formusa said.

“We continue to make progress on our Smart Meter program, while applying new technologies prudently to drive efficiencies and improvements in our business.”

Hydro One, owned by the Ontario government, operates the power transmission and distribution network in the province.

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