Hydro One Ltd. reported its second-quarter profit rose compared with a year ago.
The power utility says its net income attributable to common shareholders amounted to $292 million or 49 cents per diluted share for the quarter ended June 30.
The result was up from a profit of $265 million or 44 cents per diluted share in the same quarter last year.
Revenue totalled $2.03 billion, up from $1.86 billion a year ago, while revenue, net of purchased power, amounted to $1.09 billion, up from $1.06 billion year-over-year.
Hydro One says the increase was mainly driven by higher revenues resulting from Ontario Energy Board-approved 2024 rates and higher average monthly peak demand.
Hydro One is Ontario’s largest electricity transmission and distribution provider with about 1.5 million customers.