Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc.

April 06, 2011 14:05 ET

Hydro Ottawa Declares $17.5 Million Dividend for 2010

OTTAWA, ONTARIO--(Marketwire - April 6, 2011) - Hydro Ottawa Holding Inc. has declared a dividend of $17.5 million to its sole shareholder, the City of Ottawa, based on the company's strong performance in 2010.

"Hydro Ottawa continued to meet and exceed its financial targets in 2010, while providing efficient and reliable service to our customers," said Pierre Richard, Q.C., ICD.D., Chair of the Board of Directors. "Since 2006, the Board of Directors of Hydro Ottawa has returned $104.3 million to its shareholder in dividends. The company is a solid, growing asset for our shareholder, and we are positioned for continued success in the years to come."

This year's strong financial performance can be attributed to effective cost management and productivity improvements, as well as growth in Hydro Ottawa's energy management and renewable generation business lines.

Hydro Ottawa's annual financial and operational results, including the company's audited financial statements, will be released at the time of its Annual General meeting, scheduled for May 25, 2011.

Key results and achievements include:

  • Hydro Ottawa achieved normalized net income of $29.1 million, and declared dividends of $17.5 million, representing 60 percent of net income;
  • Revenues from renewable generation and energy management services continued to increase, growing by 19.8 percent and 12.1 percent respectively;
  • Hydro Ottawa's distribution rates have remained stable over the past two years, with a total bill increase of 0.3 percent in May 2009 and a decrease of 0.5 percent in May 2010;
  • Customer satisfaction has increased steadily to its current rate of 92 percent, as measured by a third-party administered survey; and
  • Service reliability remains among the best in the industry, with uninterrupted power 99.988% of the time for an average customer.

Contact Information

  • Hydro Ottawa Limited
    Susan Barrett
    A/Manager, Communications and Public Affairs
    Media Pager: 613 221-0063
    media@hydroottawa.com