TORONTO - Higher rates helped power Hydro One Inc. to solid increases in both net income and revenue in 2011, the Ontario-government owned electricity transmission and distribution company reported Friday.
Hydro One said net income for the year was $641 million on revenues of $5.47 billion, compared with net income of $591 million on revenues of $5.12 billion in 2010.
Transmission revenue of almost 1.39 billion was $82 million higher than last year "primarily due to OEB-approved (Ontario Energy Board) transmission tariff rate increases that were effective Jan. 1, 2011," the company said in a release.
Distribution revenue was just over $4 billion, $265 million higher than the comparative period.
"This increase reflects the recovery of purchased power costs of $154 million and the impact of OEB rate decisions that were effective May 1, 2010, and Jan. 1, 2011," it said.
Net cash from operating activities was $1.4 billion, it said, adding that the company paid $168 million in dividends to the province and made payments of $80 million in lieu of corporate income taxes to the Ontario Electricity Financial Corp..