Company receives approval from Ontario Energy
Board to proceed with $73.1 million
investment
TORONTO, Dec. 1, 2023
/CNW/ - Hydro One Networks Inc. (Hydro One) today announced plans
to start construction in February
2024 on its Etobicoke Greenway Project, after receiving
approval from the Ontario Energy Board (OEB). The $73.1 million investment will bring an additional
300 MW of clean power to the region – enough to power a city the
size of Burlington, Ontario. The
company is hosting a community drop-in session on December 4, to ensure community members and
residents are well-informed about upcoming construction activities
for the project.
This project will also create a new community green space along
the corridor which connects Richview Transformer Station (TS) and
Manby TS.
"This is an exciting milestone on the Etobicoke Greenway project
that brings us closer to helping meet the growing energy demands of
the region," said Andrew Spencer,
Executive Vice President, Capital Portfolio Delivery, Hydro One.
"Our priority is to engage with the community transparently about
what to expect as construction starts on this line upgrade. We will
continue to work closely with community members and residents to
mitigate any potential construction impacts."
The OEB approved the company's leave to construct application on
November 7, 2023. This approval is
required under Section 92 of the Ontario Energy Board Act,
1998, to construct, expand, or reinforce electricity
transmission or interconnections. The application also provides
details of the project, such as timing, route, design and cost.
In addition, Hydro One initiated a Class Environmental
Assessment (Class EA) in June 2022,
to rebuild and upgrade the existing non-energized 115 kilovolt (kV)
transmission line into a 230 kV line. As a key part of the Class
EA, Hydro One committed to working closely with the community to
create a shared vision for how the hydro corridor could be used for
a new community green space once the project has been
completed.
For more information about the project or for details of the
meeting on December 4, please visit
Etobicoke Greenway. Community members are encouraged to contact
Hydro One at: 1-877-345-6799 or
Community.Relations@HydroOne.com.
Hydro One Limited (TSX:
H)
Hydro One Limited, through its wholly-owned subsidiaries,
is Ontario's largest electricity transmission and
distribution provider with approximately 1.5 million valued
customers, approximately $31.5 billion in assets as
at December 31, 2022, and annual revenues in 2022 of
approximately $7.8 billion.
Our team of approximately 9,300 skilled and dedicated employees
proudly build and maintain a safe and reliable electricity system
which is essential to supporting strong and successful communities.
In 2022, Hydro One invested approximately $2.1 billion in
its transmission and distribution networks, and supported the
economy through buying approximately $1.9 billion of
goods and services.
We are committed to the communities where we live and work
through community investment, sustainability and diversity
initiatives. We are designated as a Sustainable Electricity Leader™
by Electricity Canada.
Hydro One Limited's common shares are listed on the TSX and
certain of Hydro One Inc.'s medium term notes are listed on the
NYSE. Additional information can be accessed
at www.hydroone.com, www.sedarplus.com
or www.sec.gov.
Forward-Looking Statements and
Information:
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Words such as
"expect", "anticipate", "intend", "attempt", "may", "plan", "will",
"can", "believe", "seek", "estimate", and variations of such words
and similar expressions are intended to identify such
forward-looking information. These statements are not guarantees of
future performance or actions and involve assumptions and risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed,
implied or forecasted in such forward-looking information. Some of
the factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by
such forward-looking information, including some of the assumptions
used in making such statements, are discussed more fully in Hydro
One's filings with the securities regulatory authorities in
Canada, which are available on
SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims
any obligation, to update any forward-looking information, except
as required by law.
SOURCE Hydro One Limited