OTTAWA, June 22, 2016 /CNW/ – Hydro Ottawa Holding Inc.’s Bryce Conrad, President and Chief Executive Officer and Jim Durrell, C.M., Chair, Board of Directors, presented the company’s 2015 Annual Report before City Council today, highlighting the company’s strong financial performance and growth in its renewable energy generation business.
They also presented Hydro Ottawa’s new 2016-2020 Strategic Plan, which provides an overview of the company’s business strategy and financial projections for the next five years. It is designed to inform the shareholder and all other stakeholders about the most important trends shaping the business environment, and how the company intends to respond to them.
Hydro Ottawa’s core mission and mandate remain the same: to continue to provide a safe, reliable, affordable and sustainable supply of electricity to more than 325,000 homes and businesses that rely upon it every day; and to ensure a more sustainable energy future for its community.
- Hydro Ottawa’s 2015 net income of $32.4 million resulted in a dividend to the city of $19.4 million that will be used by the city to fund municipal programs and services.
- On average, customers saw a decrease in the number of power outages, with an average outage of 0.75 (less than one) in 2015.
- Renewable generation capacity has increased by more than 300%, from 22 megawatts to 79 megawatts between 2012 and 2015.
- Hydro Ottawa’s strong financial performance for 2015 was achieved in large part through cost containment and multi-year strategic growth in its renewable generation business.
- Hydro Ottawa earned $2.3 million in financial incentives for achieving its four-year Conservation and Demand Management program targets set out by the province.
- Hydro Ottawa also continued to be a responsible and engaged corporate citizen by helping customers conserve energy, educating more than 20,000 local elementary students about electricity safety and conservation, and raising a record $295,360 for United Way Ottawa.
“Our focus on operational excellence has meant some big investments across our service territory. That in turn has improved reliability, and reduced the occurrence of power interruptions for our customers. We’re proud to be contributing to our community and helping to lead the way to a smart energy future.”
– Bryce Conrad, President and Chief Executive Officer
“By advancing key elements of its business strategy, Hydro Ottawa has exceeded the financial targets set out in our 2012 Strategic Direction each year. In the new 2016-2020 Strategic Direction, we have charted a course to continue this success. We will continue to provide excellent service and value for our customers, our community and our shareholder.”
– Jim Durrell, C.M., Chair, Board of Directors
About Hydro Ottawa
Hydro Ottawa’s core businesses are delivering electricity, generating renewable power and providing energy conservation/management services. Hydro Ottawa is a community-owned, private company, delivering electricity to more than 325,000 customers in Ottawa and Casselman. It is the largest municipally-owned producer of green power in the province, with hydroelectric and landfill gas-to-energy generating facilities. Hydro Ottawa Holding Inc. (Hydro Ottawa) owns and operates two subsidiary companies, Hydro Ottawa Limited and Energy Ottawa Inc.