Today, Hydro Ottawa Holding Inc. today released its 2016 Annual Report, which highlights that the utility invested over $100 million in replacement and expanded infrastructure.
Board Chair, Jim Durrell, C.M., and President and Chief Executive Officer, Bryce Conrad, presented the company’s 2016 results today before Ottawa City Council.
“The essence of Hydro Ottawa’s business strategy is to put the customer at the centre of everything we do. We’ve had the best reliability record in five years thanks to our capital investment program to address aging infrastructure, and we have made significant strides to strengthen our customer experience,” said Bryce Conrad, president and chief executive officer of Hydro Ottawa.
In 2016, Hydro Ottawa invested $65 million in its aging infrastructure to address localized reliability and capacity issues. A further $38 million was invested to expand the system to meet the needs of customers and a growing city. This included 1,135 new poles, 398 overhead transformers, and 270 km of overhead cables. Over 200 demand capital projects were initiated by Hydro Ottawa.
The utility achieved a consolidated net income of $34.8 million. It exceeded its target of $34 million while undertaking the largest infrastructure in its history, the Chaudière Falls expansion project. The project remains on track for its expected July 2017 completion date. When finished, the project will complete a five-fold increase in Hydro Ottawa’s generating capacity from 2012 for a total 128MW, making Hydro Ottawa the largest municipally-owned producer of green power in Canada.
Cash flows from investing activities also include $124 million in restricted cash relating to the project financing for the expansion at Chaudière Falls.
Hydro Ottawa’s gross asset base is $1.4 billion. Read the full report on their website: hydroottawa.com/