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Toronto Hydro posts C$5M YOY increase in 2017 net income

Toronto Hydro Corp. reported full-year 2017 net income after net movements in regulatory balances of C$156.5 million, an increase from C$151.4 million a year earlier.

The increase was partly attributed to higher other revenue related to the recognition of the conservation and demand management mid-term incentive and pole and duct rentals, and the implementation of new electricity distribution rates, the company said in its March 7 earnings statement.

Distribution revenue for the year ended Dec. 31, 2017, was C$724.2 million, compared with C$647.9 million in the full year of 2016.

For 2017, Toronto Hydro's CapEx was C$552.9 million, compared with C$551.7 million a year earlier.

The Toronto, Ontario-based electricity distribution company will pay a quarterly dividend of about C$23.5 million to the city of Toronto by March 31.