Toronto Hydro Corporation has released its 2014 Annual Report to the public. The report summarizes that despite several challenges, Toronto Hydro continues to make important strides in meeting consumer demands and internal benchmarks. The biggest challenges facing Toronto Hydro, according to the report, are aging infrastructure and growing demands on the electricity system. Toronto Hydro is planning to have a big 2015 as they are the Official Electricity Distribution supplier for the Pan Am Games.
Despite setting tough-to-meet targets at the beginning of 2014, the report concluded that Toronto Hydro exceeded almost all of its Key Performance Indicators. This resulted in income gains of $112.5 million and a $60.6 million dividend to the City of Toronto.
In light of the continued improvement efforts on both on infrastructural and business fronts, Toronto Hydro reaffirmed that they are as committed to setting newer, higher benchmarks. The report highlighted that infrastructural improvements will be one of the core concerns of 2015. This trend for continuous improvement was exemplified by new project initiatives like the construction of Copeland Transformer Station. It is the first station to be built in downtown Toronto since the 1960s.
With over $588 in capital expenditures in 2014, Toronto Hydro is investing heavily in the electricity grid to meet demands on multiple fronts. The electricity grid upgrades will include replacing aging infrastructure, investing in new technologies that will improve reliability and meet the growing demands of Greater Toronto Area residents.
The improvements that are constantly being integrated and implemented have resulted in fewer and shorter power blackouts and outages than previous years. Since 2007, the number of outages has seen a 37% decline and the duration of disruptions has been lowered by 26%. Worker safety was also emphasized in the report, with Toronto Hydro employees seeing a 73% decline in work-related injuries.
The report also advised that in order for necessary upgrades to be applied, Toronto Hydro has an ambitious five-year rate application with the Ontario Energy Board, which is still awaiting approval. The rate will help meet current and future upgrade initiatives. Toronto Hydro currently operates and owns an electricity distribution system that delivers electricity to over 735,000 customers located in Toronto.