The following is a summary of the Hydro One Limited (HRNNF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Hydro One reported Q1 2024 basic earnings per share of $0.49, a slight increase from $0.47 in Q1 2023 due to increased revenues and OEB approved rates.
Financing charges increased by 8.8% YoY due to a higher average interest rate and total volume of long-term debt.
Q1 revenue increased by 0.6% YoY, with a decrease in the transmission segment revenues by 0.4%, but a growth in distribution segment revenues by 2%.
The company saw a reduction in operating, maintenance and administration expenses by 1.8% YoY.
Hydro One has reaffirmed its EPS growth target of 5% -7% through 2027.
Business Progress:
Hydro One is actively improving its customer service approach and exploring regulated and unregulated growth opportunities.
The executive team is diversified, with new additions and an upcoming CFO announcement.
Hydro One received approval for the $1.2 billion Waasigan Transmission Line project and Chapleau Hydro acquisition, expected to be integrated by year's end.
The company is exploring collaborations for high-speed internet delivery, expected to boost its rate base.
Focused on Ontario's growth, Hydro One is investing in transmission lines and distribution sector.
Hydro One is adequately prepared for the upcoming wildfire season, with measures taken to improve its wildfire capability and grid maintenance.
The company plans to streamline home-building processes and grid connectivity in view of federal housing targets.
A collaboration with the IESO has resulted in an integrated planning structure to cater to the power needs of expanding housing sectors.
More details: HYDRO ONE LTD IR
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