Business
Hydro One's 2023-2027 Investment Plan to improve service, support economic growth and prepare for climate change approved by the Ontario Energy Board
Hydro One's 2023-2027 Investment Plan to improve service, support economic growth and prepare for...
About this update from Hydro One Limited
[{"type":"text","content":"\n \n \n \n Hydro One's 2023-2027 Investment Plan to improve service, support economic growth and prepare for climate change approved by the Ontario Energy Board\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 29, 2022\n \n \n /CNW/ - Today, the Ontario Energy Board (OEB) approved the settlement agreement for Hydro One Networks Inc.'s (Hydro One) Joint Rate Application, which includes the 2023-2027 Investment Plan for the company's transmission and distribution systems. The Investment Plan, informed by customer feedback, plans to reduce the impacts of power outages, renew and replace critical transmission and distribution infrastructure, enable economic growth and prepare for climate change.\n \n \n \"We are pleased to receive approval from the OEB on the settlement agreement for our five-year Investment Plan which will make strategic investments in our aging electricity system,\" said\n \n David Lebeter\n \n , Chief Operating Officer, Hydro One. \"Much of\n \n Ontario's\n \n electricity system was built in the 1950s and it is critical to invest in the system to improve reliability, prepare for climate change and enable economic growth.\"\n \n \n To deliver on the company's Investment Plan, the typical Hydro One residential customer's monthly bill will increase by an average of\n \n $3.12\n \n in each year from 2023 to 2027.\n \n \n The Investment Plan will:\n \n \n \n Renew or replace critical infrastructure in almost every community across\n \n Ontario\n \n \n \n \n \n Renew equipment on the high voltage transmission system which powers large industry and communities in the province.\n \n \n Upgrade equipment on the distribution system, including renewing or replacing wood poles across the province.\n \n \n \n \n Improve resiliency and reliability and prepare for the impacts of climate change\n \n \n \n \n Use automation and innovative solutions to reduce the impact of power outages for distribution customers.\n \n \n Improve power resiliency to Indigenous communities through innovative batt...