difference in municipalities across the province, especially within rural communities with long power lines and challenging terrain. I look forward to seeing these smart devices in action across Bracebridge and beyond.”
By investing in smart switches, problem areas can be isolated remotely, reducing the amount of customers who experience a power outage. Digital sensors are also being added to better detect the location of a problem, which helps direct crews to the source of the issue and allows them to spend more time making repairs and restoring power instead of patrolling long power lines along challenging terrain. Hydro One’s grid modernization program is rolling out in communities across the province, with an immediate focus on deploying smart devices in areas experiencing poor power reliability including the Woodstock, Minden, Muskoka, Stouffville, Essex County and Belleville regions.
In 2020, Hydro One invested approximately $1.9 billion in capital to expand the electricity grid and renew and modernize existing infrastructure, much of which was built in the 1950s. The company continues to invest in infrastructure and technology to build a sustainable grid for the future, harden and protect equipment against the changing climate.
More information about Hydro One’s initiatives to energize Ontario can be found here: www.hydroone.com/EnergizingOntario
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Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario’s largest electricity transmission and distribution provider with approximately 1.4 million valued customers, approximately $30.3 billion in assets as at December 31, 2020, and annual revenues in 2020 of approximately $7.3 billion.
Our team of approximately 8,700 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2020, Hydro One invested approximately $1.9 billion in its transmission and distribution networks, and supported the economy through buying approximately $1.7 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 Company by the Canadian Electricity Association.
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.sedar.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
