Toronto Hydro-Electric System Limited

Toronto Hydro-Electric System Limited

September 20, 2005 12:30 ET

Toronto Hydro-Electric System Limited seeks electricity rate reduction for all Toronto customers

TORONTO--(CCNMatthews - Sept. 20) - Toronto Hydro-Electric System Limited, a subsidiary of Toronto Hydro Corporation, has filed an application with the Ontario Energy Board (OEB), for a reduction in electricity distribution rates, effective May 1, 2006. If approved, a customer in Toronto using 1,000 kWh will see a reduction of approximately 1.7% on the total monthly bill, resulting in savings of $24 per year, starting May 2006.

"We're very pleased that we are able to seek a reduction in distribution rates in Toronto, while at the same time continuing to drive a dynamic and forward-looking business plan," said David O'Brien, President and Chief Executive Officer of Toronto Hydro Corporation. "The rate reduction is possible due to annual efficiency improvements of $25 million, largely due to the success of amalgamating the individual electricity distributors of the municipalities that comprised the former Metropolitan Toronto. Our application has also requested that part of these savings be reinvested in improved reliability of our distribution system, the continuation of our conservation program, and the implementation of the Province of Ontario's smart meter initiative."

About Toronto Hydro

The Corporation is a holding company which through its wholly-owned subsidiaries:

- Toronto Hydro-Electric System Limited (LDC) - distributes electricity;

- Toronto Hydro Energy Services Inc. (Energy Services) - provides energy efficiency consulting services and full project management and implementation capabilities; and

- Toronto Hydro Telecom Inc. - leases fibre optic cable capacity and provides managed data services.

The principal business of the Corporation is the distribution of electricity by LDC. LDC owns and operates an electricity distribution system that delivers electricity to over 673,000 customers located in the City of Toronto. LDC is the largest municipal electric distribution company in Canada and distributes approximately 18% of the electricity consumed in Ontario.

Contact Information

  • For further information:
    Pankaj Sardana,
    Vice-President, Treasurer
    (416) 542-2707;
    Blair Peberdy,
    Vice-President, Communications & Public Affairs
    (416) 542-2515