Toronto Hydro-Electric System Limited

Toronto Hydro-Electric System Limited

April 06, 2005 08:01 ET

Toronto Hydro Unveils Three-year, $5.4 Million Energy Conservation Program with The Home Depot

Announcement marks launch of Toronto Hydro's commitment to deliver $39.8M in conservation and demand management programs

TORONTO--(CCNMatthews - April 6) - Toronto Hydro-Electric System Ltd today announced a three-year, $5.4 million investment in a program with The Home Depot Canada designed to provide residential, commercial and industrial electricity users in Toronto with valuable incentives to lower their energy consumption. Over the course of the partnership, the companies plan to introduce a variety of programs intended to achieve up to 30.8 megawatts (MW) in peak load reduction - enough electricity to meet the demands for two downtown-Toronto skyscrapers, or a city the size of Orillia.

The program represents the first major step toward fulfilling Toronto Hydro's commitment to reduce peak energy consumption in Toronto by 250 MW. To achieve this goal, the company will dedicate $39.8 million to conservation and demand management (CDM) programs through 2007.

The Home Depot and Toronto Hydro will launch their first initiative, targeting inefficient residential lighting, in April 2005. As part of this initiative, Toronto Hydro customers will receive a coupon in their monthly statement entitling them to two compact florescent light (CFL) bulbs for the price of one. The energy savings gained from this initiative are expected to equal the power needed for 300,000 100-watt bulbs. The coupons will be redeemable April through June at any of The Home Depot's 12 Toronto stores.

As the country's largest home improvement retailer, with incredible purchasing power, The Home Depot is able to guarantee Torontonians the best price on brand name energy efficient products. The retailer will also be providing additional knowledgeable associates in stores to facilitate the programs and help provide customers with supplementary information and know-how to reduce energy consumption in and around their homes.

Additionally, The Home Depot will use its multi-channel marketing capability to promote the programs, while providing the necessary technology to measure the progress and success of the initiative.

"Working closely with Toronto Hydro, we'll help Torontonians reduce their energy bills by making their homes as energy efficient as possible," said Annette Verschuren, president of The Home Depot Canada. "The goal of our programming goes beyond offering free product, we're aiming to change the mind set in which Toronto residents consider energy efficiency products and help create a more energy-savvy society."

According to David O'Brien, president and chief executive officer of Toronto Hydro Corporation, the company continues to lead the way with innovative and effective programs designed to help its customers conserve energy and save money.

"This is a big milestone for us. We're investing almost $40 million to develop programs that will deliver 250 MW in peak reduction. It complements other Toronto Hydro projects, such as our smart meter and load control pilot programs, the wind turbine at Exhibition Place, our solar energy installation at our Commissioners Street facility, and consumer education workshops."

"I want to congratulate Toronto Hydro and The Home Depot on this important and innovative partnership that will motivate consumers to use energy more wisely," added Dwight Duncan, Minister of Energy. "I encourage everyone to take advantage of this excellent program, and to help build a culture of conservation and efficiency in Ontario."

As part of the inaugural program with The Home Depot, more than 590,000 Toronto Hydro residential customers will receive the 2-for-1 CFL bulb coupons with their April, May, or June statement. Lighting makes up approximately 20 per cent of the average Ontarian's electricity use in-home, yet few homeowners have made the effort to switch to CFL bulbs, which typically use 75 per cent less energy to achieve the same lighting output as traditional incandescent bulbs. The life rating of CFLs is up to 10,000 hours, 10 times that of normal incandescents. Customers receiving E-bills should visit www.torontohydro.com and log on to receive their coupon.

Over the course of the partnership, the companies also plan to unveil specific initiatives targeting small commercial, large commercial and industrial customers.

In addition, in the coming months, Toronto Hydro expects to announce more programs that will reduce peak energy demand.

About Toronto Hydro-Electric System Limited

A subsidiary of Toronto Hydro Corporation, Toronto Hydro-Electric System Limited delivers electricity through a complex network of poles, wires and underground structures to 668,673 customers and distributes 18 per cent of the electricity in the province of Ontario. Our annual revenues are $2.49 billion, peak demand is 4,914 megawatts and Toronto Hydro-Electric System Limited's workforce of 1,201 skilled professionals is dedicated to delivering a safe and reliable supply of electricity to customers.

About The Home Depot Canada

Founded in 1978, The Home Depot® is the world's largest home improvement specialty retailer and the second largest retailer in the United States, with fiscal 2004 sales of $73.1 billion. The company employs approximately 325,000 associates, including 24,000 in Canada, and has 1,898 stores, including 118 in nine Canadian provinces. The Home Depot has been recognized by Fortune as the No. 1 Most Admired Specialty Retailer for 2005. In Canada, The Home Depot was named Retailer of the Year in 2004 by the Office of Energy Efficiency. The company recently announced the creation of a business development operation for retail expansion into China. Its stock is traded on the New York Stock Exchange (NYSE:HD) and is included in the Dow Jones Industrial Average and Standard & Poor's 500 Index.

Note to Photo Editors: A photo to accompany this news release will be available on the CNW Photo Network at approximately 3 p.m.

Contact Information

  • For further information: or to schedule an interview, please contact: Toronto Hydro: Brad Cicero, Manning Selvage & Lee, (416) 847-1305; The Home Depot: Helen Grose, Manning Selvage & Lee, (416) 847-1315, (416) 414-7587 (cell); Tanya Bruckmueller, Communications and Public Affairs, Toronto Hydro, (416) 542-2621 or (416) 902-9437; Nick Cowling, Public Relations Manager, The Home Depot, (416) 412-4142; Archived images on this organization are searchable through CNW Photo Archive website at http://photos.newswire.ca. Images are free to accredited members of the media.