Hydro One reported third-quarter net income of C$413 million, down from C$421 million a year earlier, as higher operating and maintenance expenses and depreciation costs offset gains from higher rates and revenue.
Revenue rose 8.4% year over year to C$2.49 billion. Excluding purchased power, revenue increased C$68 million to C$1.29 billion, which Hydro One said reflected higher approved 2026 rates and greater average monthly peak demand. Earnings per share were C$0.68, compared with C$0.70 in the prior-year quarter.
The Ontario utility distributed 8,136 gigawatt hours of electricity, up from 7,937 a year earlier. Average 60-minute peak demand in its transmission segment reached 23,734 megawatts, compared with 23,080 in the same period last year.
Last month, Hydro One submitted a roughly C$37 billion, five-year investment plan to the Ontario Energy Board. If approved, the plan would address rising electricity demand and strengthen system reliability. Proposed work includes adding transmission capacity for an additional 6,000 megawatts—enough to power the equivalent of about 5 million homes—deploying residential energy-storage systems and modernizing about 870 miles of transmission lines.
In September, the company also sought regulatory approval to build the North Shore Link, a C$1.3 billion, 230-kilovolt transmission line in Ontario.
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