2023 Annual Report

Building a brighter future for Ontario

We care about people, the environment and communities we serve, and our commitment goes beyond providing safe and reliable power. We're committed to building a better and brighter future for all and enabling Ontario’s transition towards a low-carbon economy.

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A message from Our

President & CEO

As I reflect on my first year as President and CEO at Hydro One, I look back with pride on our organization and the ability of our people to lead through change, confront challenges, and consistently meet the expectations of our customers, Indigenous partners, shareholders, and stakeholders.

David Lebeter

President & Chief Executive Officer

Key highlights

Safety

Best safety performance

Over the last year our teams have shown a relentless focus in the pursuit of zero safety incidents, achieving our best safety performance on record. In 2023, we saw a recordable injury rate of 0.56 per 200,000 hours, outperforming both our peers and the industry standard. Our achievements in safety were recognized by Electricity Canada, with an award for excellence in transmission safety.

Hydro one employees cleaning up during the winter

Investment

Enable economic growth within communities across Ontario

As the province's largest transmission and distribution company, we play a critical role in establishing the foundation for future prosperity. In 2023, we invested approximately $2.5 billion in capital, and in-serviced $2.3 billion of assets. These investments will reduce the impact of power outages for customers, ensure safe and reliable power into the future, and accelerate the adoption of sustainable electricity solutions to enable economic growth across Ontario.

Two people on bikes talking in front of a transmission tower

Community

Focus on customers and communities

In 2023 we continued to support our customers and communities during extreme weather events and outages. We were once again recognized for our storm restoration efforts in 2023, receiving our 14th award from the Edison Electric Institute for Emergency Response. This year we introduced myEnergy Rewards for customers with smart devices, a program that conveniently helps customers optimize their energy use during peak periods, while providing financial incentives.

Hydro one employee meeting with a member of the community

indigenous community members talking to each other

Foster meaningful partnerships with Indigenous communities

We continue to advance reconciliation efforts with Indigenous communities, encouraging participation in future transmission projects through our 50/50 Equity Partnership Model. Steadfast in our commitment to building lasting, strong, and mutually beneficial relationships, we were awarded the Gold level Progressive Aboriginal Relations certification by the Canadian Council for Aboriginal Business. This is an incredible accomplishment for Hydro One — less than 25 companies across Canada share this distinction.

Our annual spending on goods and services from Indigenous businesses hit a record high of $142.3 million, a substantial increase from $95.9 million in 2022, putting us ahead of our 2026 commitment to ensuring that 5% of the Company’s purchases come from Indigenous businesses.

Power to give

Our people come to work every day with drive and dedication to serving our customers and communities, knowing the vital role they play in the lives of Ontarians. Our annual “Power to Give” campaign raised approximately $2.5 million in donations for more than 1,000 registered charities across the country.

Build a sustainable and cleaner energy future

In the coming years, we expect to see a significant increase in demand for electricity infrastructure and new customer connections. Hydro One is uniquely positioned to facilitate this growth and enable Ontario’s transition towards a low-carbon economy. Our commitment to the well-being of the people, planet, and communities we serve, is shown by our recognition by Corporate Knights as one of the Best 50 Corporate Citizens in Canada in 2023 and celebrates our relentless commitment to sustainability and environmental stewardship.

Strong productivity savings

Every dollar we invest is done with our customers in mind, which is why we are committed to spending wisely and continually improving productivity. In 2023, we had another year of strong productivity savings, achieving savings of $113.9 million.

2023 annual report

Hydro One

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2023 financial report