The company that operates most of Ontario’s power grid is reporting a 20 per cent drop in first-quarter profit.
Hydro One Ltd. (TSX:H) had $167 million of net income attributable to common shareholders in the quarter, or 28 cents per share.
That’s down from $208 million or 35 cents per share in the comparable period last year.
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Revenue at the Toronto-based company was down 1.7 per cent at $1.66 billion.
Hydro One attributed the reduced profit to a combination of factors, including warm winter weather that reduced demand at peak times.
It also experienced higher costs, including higher financing charges after assuming debt as part of an acquisition in the fourth quarter.
Hydro One noted that the provincial government _ which remains a major shareholder _ announced a plan in March that will reduce the price of electric power for consumers later in 2017.
But the publicly traded company said it doesn’t expect the provincial rate reduction will have an impact on its net revenue.
Its dividend to common shareholders will rise by five per cent to 22 cents per quarter, starting with its June 30 payout.
