Hydro One Q1 adjusted EPS $0.52Christian Fernsby ▼ |
Hydro One Continued focus on operational improvement through initiatives
Hydro One Limited announced its financial and operating results for the first quarter ended March 31, 2019.
Catch up revenues, favourable weather and lower taxes contributed to earnings per share (EPS) of $0.29 and adjusted EPS of $0.52, compared to $0.37 and $0.35, respectively, for the same period in 2018.
Hydro One received a regulatory decision regarding its 2018-2022 Distribution Revenue Requirement Application and submitted its 2020-2022 Transmission Rate Application to the Ontario Energy Board (OEB).
Hydro One filed a Motion to Review and Vary the OEB's decision on the Company's 2018-2022 Distribution Revenue Requirement Application with respect to recovery of pension costs.
Hydro One appealed to the Ontario Divisional Court with respect to the OEB's decision upholding its original finding on the handling of the deferred tax asset.
Continued focus on operational improvement through initiatives such as the use of Telematics within the Company's fleet increased utilization by 14% and led to incremental year-over-year productivity savings.
Billing accuracy continues to surpass the OEB's requirements of 98%, ending the quarter at 99.6%, up from 99.4% at the end of 2018.
Hydro One and the Society of United Professionals reached a settlement of a two-year collective agreement covering approximately 1,500 employees in critical engineering, supervisory and administrative roles. ■
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