Click here to close now.


Mobile IoT Authors: Tim Fujita-Yuhas, Liz McMillan, Pat Romanski, Elizabeth White, Chris Fleck

News Feed Item

Hydro One Releases 2014 Second Quarter Financial Results

TORONTO, Aug. 14, 2014 /CNW/ - Hydro One Inc. today released its 2014 second quarter results with net income for the quarter of $115 million and revenues of $1,566 million.

"In July, Hydro One's acquisition of Norfolk Power received Ontario Energy Board approval. We are pleased to be welcoming new customers and new employees to our Company," said Carmine Marcello, President and CEO, Hydro One. "We are committed to delivering great service for Norfolk Power's customers and we remain focused on prudent management, efficient operations and improving the customer experience for everyone we serve."

We have received the Ontario Energy Board (OEB) approval to acquire Norfolk Power Inc. (Norfolk Power). In addition, we have reached agreements to acquire two more local distribution companies in southwestern Ontario, Woodstock Hydro Holdings Inc. (Woodstock Hydro) and Haldimand County Utilities Inc. (Haldimand Hydro), which are pending OEB approval. The purchase of Norfolk Power, Woodstock Hydro and Haldimand Hydro will grow our Company by approximately 5%. This will make our Company stronger and will help us deliver more efficient service to our customers and our communities.

During the second quarter of 2014, we made capital investments of $380 million to enhance and reinforce our transmission and distribution infrastructure. To improve the reliability of our transmission stations and power lines, we made replacements of several power transformers, including the units at our Trafalgar and Martindale Transmission Stations in the Milton and Sudbury areas, and continued work within our station and lines refurbishment projects and programs, including the Hanmer Transmission Station refurbishment project in the Sudbury area, and a line refurbishment project between the Chats Falls Switching Station and the Havelock Transmission Station. We also replaced over 4,000 end-of-life wood poles to sustain our distribution network.

During the second quarter of 2014, we issued $453 million of notes under our $3 billion Medium-Term Note shelf prospectus, consisting of $103 million floating-rate notes maturing in 2019, and $350 million fixed-rate notes maturing in 2044.

We have focused tremendous energy on improving our customer service processes and policies in the quarter. The rate of our customers now receiving timely bills based on actual consumption has increased from 95% to 98%.

Our net income of $115 million for the second quarter and $355 million for the first six months of 2014 was lower by $53 million, or 32%, in the second quarter, and by $70 million, or 16%, in the first six months of 2014, compared to the same periods in 2013. The reductions in net income were primarily due to higher operation, maintenance and administration costs resulting from increased aging of accounts receivable as a result of a combination of the impact of cold winter weather on customer bills based on increased electricity consumption and prices, as well as our customer service recovery initiatives. The decrease in our net income for the first six months of 2014 was also due to a non-recurring reduction in operation, maintenance and administration costs in the first six months of 2013, due to a reduction to our provision for payments in lieu of property taxes related to transmission stations for the years 1999 to 2012. The increases in operation, maintenance and administration costs were partially offset by higher revenues, primarily due to new OEB-approved 2014 transmission rates and higher distribution energy consumption.

Our capital investments of $676 million for the first six months of 2014 were higher by $55 million, or 9%, compared to the same period in 2013. Within our Transmission Business, the capital investments increased mainly within our transmission sustainment programs to address our aging infrastructure, including significant system and lines investments in order to improve reliability. This also includes the replacement of several end-of-life power transformers, and increased work within our station and lines refurbishment projects and programs, including a project to address the condition of the conductors on the circuit from the Chats Falls Switching Station to the Havelock Transmission Station. Within our Distribution Business, the capital investments decreased primarily due to the Customer Information System phase of our entity-wide information system replacement and improvement project, which was placed into service in May 2013, partially offset by increased work within our Station Refurbishment Program and replacements of meters and end-of-life wood poles.

Our total revenues of $3,330 million for the first six months of 2014 were higher by $355 million, or 12%, compared to the same period in 2013. Our distribution revenues of $2,497 million were $293 million higher primarily due to the recovery of higher purchased power costs of $1,746 million and higher energy consumption, compared to the same period in 2013. Our transmission revenues of $804 million were $63 million higher primarily due to new 2014 OEB-approved transmission rates, as well as increases associated with the OEB's approval of export service revenues, full disposition of certain transmission regulatory accounts, and ancillary services, compared to the same period in 2013.

Net cash from operating activities was $185 million in the second quarter of 2014. During the quarter, we paid $30 million in dividends to our shareholder, the Province of Ontario, and $21 million in payments in lieu of corporate income taxes to the Ontario Electricity Financial Corporation.


Three months ended June 30

Six months ended June 30

(millions of Canadian dollars)



$ Change

% Change




% Change










Purchased power









Operating costs









Net income









Net cash from operating activities









Average annual Ontario 60-minute

    peak demand (MW)1

















Distribution – units distributed to

    customers (TWh)1

















1   System-related statistics are preliminary.

Hydro One Inc. is a holding company that operates through its subsidiaries in electricity transmission and distribution and telecom businesses. One of its subsidiaries, Hydro One Networks Inc., operates one of the largest transmission and distribution systems in North America. Hydro One Inc. is wholly owned by the Province of Ontario.

Hydro One Inc.'s 2014 Second Quarter Consolidated Financial Statements and Management's Discussion and Analysis can be accessed through the following link:

SOURCE Hydro One Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text message to Betty – mobile messaging now offers tremendous value to businesses for customer and empl...
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated and cloud solutions through hybrid hosting – a sustainable solution for the data required to manage I...
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingly turn towards data source discovery tools to find the right data, in context, for business users, d...
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk will be on IBM Cloudant, Apa...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 150 developers, designers, quality assurance engineers, project manage...
The broad selection of hardware, the rapid evolution of operating systems and the time-to-market for mobile apps has been so rapid that new challenges for developers and engineers arise every day. Security, testing, hosting, and other metrics have to be considered through the process. In his session at Big Data Expo, Walter Maguire, Chief Field Technologist, HP Big Data Group, at Hewlett-Packard, will discuss the challenges faced by developers and a composite Big Data applications builder, focusing on how to help solve the problems that developers are continuously battling.
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud without worrying about any lock-in fears. In fact by having standard APIs for IaaS would help PaaS expl...
SYS-CON Events announced today that Cloud Raxak has been named “Media & Session Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Raxak Protect automates security compliance across private and public clouds. Using the SaaS tool or managed service, developers can deploy cloud apps quickly, cost-effectively, and without error.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless Thingies, will discuss and demonstrate how devices and humans can be integrated from a simple clust...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, will discuss the impact of technology on identity. Should we federate, or not? How should identity be secured? Who owns the identity? How is identity ...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect and correlate data from control systems, sensors, mobile devices and IT systems for a variety of Ind...
SYS-CON Events announced today that Solgeniakhela will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgeniakhela is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dramatically improve productivity, reduce collaboration costs, and increase the overall enterprise value by bringing ...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, will show how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He will use a Raspberry Pi to connect sensors to web services, and cloud integration to connect accounting and data, providing a Bluetooth...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.