Hydro One reports Q1 profit down from year ago, revenue higher

TORONTO – Hydro One Ltd. reported its first-quarter profit fell compared with a year ago due higher operation, maintenance and administrative costs, offset in part by higher revenues.

The power utility says it earned $282 million or 47 cents per diluted share for the quarter ended March 31.

The result compared with a profit of $310 million or 52 cents per diluted share a year earlier.

Revenue totalled $2.07 billion, up from nearly $2.05 billion in the first three months of 2022.

Revenue less the cost of purchased power was $1.06 billion, up from $1.03 billion a year earlier.

Hydro One is Ontario’s largest electricity transmission and distribution provider.

This report by The Canadian Press was first published May 5, 2023.

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