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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