Relieved: Stephen Avenue construction work has been postponed
Relief for businesses along Calgary's Stephen Avenue as the city has decided to postpone planned construction work along the popular downtown corridor.
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TORONTO , /CNW/ - Toronto Hydro Corporation (Toronto Hydro) has announced its financial and operating results for the second quarter ended June 30, 2025 . Selected financial and operational highlights (in millions of Canadian dollars) Three months ended June 30 Six months ended June 30 2025 $ 2024 $ 2025 $ 2024 $ Distribution revenue 236.4 233.7 476.6 458.9 Net income after net movements in regulatory balances 57.4 42.4 110.6 76.3 Capital expenditures 237.2 217.2 481.9 416.7 KEY FINANCIAL HIGHLIGHTS Net income after net movements in regulatory balances for the six months ended June 30, 2025 was $110.6 million , an increase of $34.3 million compared to the same period in 2024. This increase was primarily due to lower net credit amounts deferred into regulatory accounts, higher distribution revenue and higher other revenue, partially offset by higher depreciation and amortization expenses and higher income taxes. Capital expenditures for the six months ended June 30, 2025 were $481.9 million , an increase of $65.2 million compared to the same period in 2024. Capital initiatives in 2025 included the delivery of customer connections and the replacement of overhead and underground infrastructure. CORPORATE DEVELOPMENTS On June 26 , Nicole Martin's term as a member of Toronto Hydro's Board of Directors concluded. On June 26 , City Council appointed Lisa DeMarco and Paul Doyle to Toronto Hydro's Board of Directors for three-year terms. On July 18 , Toronto Hydro filed a base shelf prospectus with the provincial securities regulators across Canada , allowing offerings of unsecured debentures in an aggregate amount of up to $1.5 billion during the 25-month period following the date of the prospectus. On Aug. 12 , Toronto Hydro filed its 2026 rate application seeking the Ontario Energy Board (OEB)'s approval to finalize distribution rates and other charges for the period commencing on Jan. 1, 2026 and ending on Dec. 31, 2026 . On Aug. 13 , Toronto Hydro's Board of Directors declared a dividend of $15.0 million with respect to the third quarter of 2025, which is payable to the City of Toronto by Sept. 30, 2025 . QUICK FACTS Toronto Hydro's financial and operational results are reported quarterly and available at and through Toronto Hydro is required to submit a plan for its proposed rates and spending to the OEB through an open and transparent process known as a rate application Toronto Hydro continues to invest in expanding, modernizing and sustaining the foundations of a safe, clean and reliable grid to serve the current and future electricity needs of Toronto . For more information about Toronto Hydro's 2025–2029 investment plan, please visit QUOTE "Toronto Hydro's performance this past quarter reflects our disciplined execution of our regulator-approved long-term investment plan to deliver safe and reliable electricity to the communities we serve. As we look ahead to the second half of the year, we remain focused on advancing key infrastructure investments, strengthening our cleantech partnerships and maintaining operational excellence across our service area." - Jana Mosley , President and CEO, Toronto Hydro ABOUT TORONTO HYDRO Toronto Hydro is a holding company which wholly owns two subsidiaries: Toronto Hydro-Electric System Limited (THESL) – distributes electricity; and Toronto Hydro Energy Services Inc. – provides streetlighting and expressway lighting services in the city of Toronto The principal business of Toronto Hydro and its subsidiaries is the distribution of electricity by THESL, which owns and operates the electricity distribution system for Canada's largest city. Recognized as a Sustainable Electricity Leader™ by Electricity Canada, it has approximately 796,000 customers located in the city of Toronto and distributes approximately 18 per cent of the electricity consumed in Ontario. SOCIAL MEDIA ACCOUNTS FORWARD-LOOKING INFORMATION Certain information included in this news release constitutes "forward-looking information" within the meaning of applicable securities legislation. All information, other than statements of historical fact, which address activities, events or developments that we expect or anticipate may or will occur in the future, are forward-looking information. The words "anticipates," "believes," "budgets," "continual," "could," "estimates," "expects," "intends," "may," "ongoing," "outlook," "plans," "seek," "will," or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The purpose of the forward-looking information (including any financial outlook) contained herein is to provide Toronto Hydro's current expectations regarding its future results of operations, performance, business prospects and opportunities, and readers are cautioned that such information may not be appropriate for other purposes. All forward-looking information is given pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. Specific forward-looking information in this news release includes, but is not limited to, statements regarding the payment of dividends to the City of Toronto (City) and Toronto Hydro's continuing investments in its grid, including those outlined in its five-year investment plan. The forward-looking information reflects Toronto Hydro's current beliefs and is based on information currently available to Toronto Hydro. The forward-looking information is based on estimates and assumptions made by Toronto Hydro's management in light of past experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes to be reasonable in the circumstances, including, but not limited to: the amount of indebtedness of Toronto Hydro; changes in funding requirements; the future course of the economy and financial markets; no unforeseen delays and costs in Toronto Hydro's capital projects; no unforeseen changes to project plans; compliance with covenants; the receipt of favourable judgments; no unforeseen changes in electricity distribution rate orders or rate-setting methodologies; no unfavourable changes in environmental regulation; the ratings issued by credit rating agencies; the level of interest rates; Toronto Hydro's ability to borrow; and assumptions regarding general business and economic conditions. Forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results or events to differ from current expectations include, but are not limited to: risks associated with the execution of Toronto Hydro's capital and maintenance programs necessary to maintain the performance of aging distribution assets and make required infrastructure improvements, including to deliver a modernized grid and meet electrification requirements to achieve government net-zero greenhouse gas (GHG) emissions targets; risks associated with capital projects; risks associated with changing weather patterns due to climate change and resultant impacts to electricity consumption based on historical seasonal trends; risks associated with terrorism and pandemics, and Toronto Hydro's limited insurance coverage for losses resulting from those events; risks of changing government policy and regulatory requirements, including in respect of climate change and the energy transition and trade matters; risks of municipal government activity, including the risk that the City could introduce rules, policies or directives, including those relating to net-zero GHG emissions targets, that could potentially limit Toronto Hydro's ability to meet its business objectives as laid out in its Shareholder Direction principles; risks of Toronto Hydro being unable to retain necessary qualified external contracting forces relating to its capital, maintenance and reactive infrastructure programs; risk that Toronto Hydro is not able to arrange sufficient and cost-effective debt financing to repay maturing debt and to fund capital expenditures and other obligations; risk that Toronto Hydro is unable to maintain its financial health and performance at acceptable levels; risk of downgrades to Toronto Hydro's credit rating; risks related to the timing and extent of changes in prevailing interest rates and discount rates and their effect on future revenue requirements and future post-employment benefit obligations; risks arising from inflation, the course of the economy and other general macroeconomic factors; risk associated with the impairment to Toronto Hydro's image in the community, public confidence or brand; risk associated with Toronto Hydro failing to meet its material compliance obligations under legal and regulatory instruments; and risks associated with market expectations with respect to increases in demand for electricity. Toronto Hydro cautions the reader that the above list of factors is not exhaustive, and there may be other factors that cause actual events or results to differ materially from those described in forward-looking information. Some of the other factors are discussed more fully under the heading "Risk Management and Risk Factors" in Toronto Hydro's Management's Discussion and Analysis for the years ended December 31, 2024 and 2023, available at and through All forward-looking information in this document is qualified in its entirety by the above cautionary statements. Furthermore, unless otherwise stated, all forward-looking information contained herein is made as of the date hereof, and Toronto Hydro undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise, except as required by law.
