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The result was up from a profit of $265 million or 44 cents per diluted share in the same quarter last year.

Revenue totalled $2.03 billion, up from $1.86 billion a year ago, while revenue, net of purchased power, amounted to $1.09 billion, up from $1.06 billion year-over-year.

Hydro One says the increase was mainly driven by higher revenues resulting from Ontario Energy Board-approved 2024 rates and higher average monthly peak demand.

Hydro One is Ontario's largest electricity transmission and distribution provider with about 1.5 million customers.

This report by °µÍø½ûÇø was first published Aug. 14, 2024.

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