DOCSLIB.ORG

Annual Information Form for Hydro One Limited for The

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Information Form for Hydro One Limited for The ANNUAL INFORMATION FORM FOR HYDRO ONE LIMITED FOR THE YEAR ENDED DECEMBER 31, 2020 February 25, 2021 TABLE OF CONTENTS GLOSSARY ................................................................................................................................................ 1 PRESENTATION OF INFORMATION .................................................................................................. 7 FORWARD-LOOKING INFORMATION .............................................................................................. 8 ELECTRICITY INDUSTRY OVERVIEW ........................................................................................... 13 General Overview ................................................................................................................................... 13 Overview of an Electricity System ......................................................................................................... 13 THE ELECTRICITY INDUSTRY IN ONTARIO ................................................................................ 14 Regulation of Transmission and Distribution ......................................................................................... 14 Transmission ........................................................................................................................................... 16 Distribution ............................................................................................................................................. 16 Issues Affecting the Electricity Industry Generally ................................................................................ 17 Legislative Provisions Specific to Hydro One ........................................................................................ 19 Elimination of Certain Legislation With Respect to Hydro One ............................................................ 20 Cybersecurity .......................................................................................................................................... 20 Exemptive Relief .................................................................................................................................... 21 RATE-REGULATED UTILITIES ......................................................................................................... 22 Rate Applications in Ontario................................................................................................................... 22 CORPORATE STRUCTURE ................................................................................................................. 22 Incorporation and Office ......................................................................................................................... 22 Corporate Structure and Subsidiaries ...................................................................................................... 24 GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................ 25 Chronological Development of the Business .......................................................................................... 25 General Development of the Business .................................................................................................... 34 BUSINESS OF HYDRO ONE ................................................................................................................. 35 Segments ................................................................................................................................................. 35 Transmission Business Segment ............................................................................................................. 36 Distribution Business Segment ............................................................................................................... 43 Other Segment ........................................................................................................................................ 49 Indigenous Communities ........................................................................................................................ 50 Outsourced Services ................................................................................................................................ 51 Employees ............................................................................................................................................... 51 Health, Safety and Environmental Management .................................................................................... 52 Environmental Regulation ...................................................................................................................... 53 Insurance ................................................................................................................................................. 54 Ombudsman ............................................................................................................................................ 54 i RISK FACTORS ....................................................................................................................................... 55 DIVIDENDS .............................................................................................................................................. 55 Dividend Policy ...................................................................................................................................... 56 Dividend Reinvestment Plan ................................................................................................................... 56 DESCRIPTION OF CAPITAL STRUCTURE ...................................................................................... 56 General Description of Capital Structure ................................................................................................ 56 Common Shares ...................................................................................................................................... 56 Preferred Shares ...................................................................................................................................... 57 CREDIT RATINGS .................................................................................................................................. 59 MARKET FOR SECURITIES ................................................................................................................ 60 Prior Sales ............................................................................................................................................... 60 Trading Price and Volume ...................................................................................................................... 60 DIRECTORS AND OFFICERS .............................................................................................................. 61 Directors and Executive Officers ............................................................................................................ 61 Information Regarding Certain Directors and Executive Officers .......................................................... 70 Corporate Cease Trade Orders and Bankruptcies ................................................................................... 70 Penalties or Sanctions ............................................................................................................................. 71 Conflicts of Interest ................................................................................................................................. 71 Indebtedness of Directors and Executive Officers .................................................................................. 71 AUDIT COMMITTEE ............................................................................................................................. 72 Relevant Education and Experience ....................................................................................................... 72 Pre-Approval Policies and Procedures .................................................................................................... 72 Auditors’ Fees ......................................................................................................................................... 73 AGREEMENTS WITH PRINCIPAL SHAREHOLDER ..................................................................... 73 Governance Agreement........................................................................................................................... 74 Registration Rights Agreement ............................................................................................................... 79 Letter Agreement .................................................................................................................................... 80 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................. 81 Relationships with the Province and Other Parties ................................................................................. 81 MATERIAL CONTRACTS .................................................................................................................... 83 LEGAL PROCEEDINGS AND REGULATORY ACTIONS .............................................................. 84 INTEREST OF EXPERTS .....................................................................................................................
Load more

Recommended publications
  • Volume 5 Has Been Updated to Reflect the Specific Additions/Revisions Outlined in the Errata to the Environmental Project Report, Dated November, 2017
    DISCLAIMER AND LIMITATION OF LIABILITY This Revised Final Environmental Project Report – Volume 5 has been updated to reflect the specific additions/revisions outlined in the Errata to the Environmental Project Report, dated November, 2017. As such, it supersedes the previous Final version dated October, 2017. The report dated October, 2017 (“Report”), which includes its text, tables, figures and appendices) has been prepared by Gannett Fleming Canada ULC (“Gannett Fleming”) and Morrison Hershfield Limited (“Morrison Hershfield”) (“Consultants”) for the exclusive use of Metrolinx. Consultants disclaim any liability or responsibility to any person or party other than Metrolinx for loss, damage, expense, fines, costs or penalties arising from or in connection with the Report or its use or reliance on any information, opinion, advice, conclusion or recommendation contained in it. To the extent permitted by law, Consultants also excludes all implied or statutory warranties and conditions. In preparing the Report, the Consultants have relied in good faith on information provided by third party agencies, individuals and companies as noted in the Report. The Consultants have assumed that this information is factual and accurate and has not independently verified such information except as required by the standard of care. The Consultants accept no responsibility or liability for errors or omissions that are the result of any deficiencies in such information. The opinions, advice, conclusions and recommendations in the Report are valid as of the date of the Report and are based on the data and information collected by the Consultants during their investigations as set out in the Report. The opinions, advice, conclusions and recommendations in the Report are based on the conditions encountered by the Consultants at the site(s) at the time of their investigations, supplemented by historical information and data obtained as described in the Report.
    [Show full text]
  • Tvontario (Tee-Vee-On-Táre-Ee-Oh) N
    TVOntario (tee-vee-on-táre-ee-oh) n. adjunct to Ontario’s formal education and training systems, on air, online and in print. adj. intelligent; accessible; educational; inspirational. v. increasing self-sufficiency; delivering uncompromising quality. Members make it happen! Annual Report Card 2003–2004 To the Honourable Mary Anne Chambers, Minister of Training, Colleges and Universities, Mandate Queen’s Park I take pleasure in submitting the Annual Report of the Ontario Educational Communications Authority (TVOntario) for the fiscal year April 1, 2003, to March 31, 2004. This is done in accordance with Section 12 (1) of the Ontario Educational Communications Authority Act. TVOntario’s mandate is to serve as an adjunct to the formal education and training This Annual Report outlines the milestones we set and our successes in achieving them for the year systems in Ontario, by using television and 2003–04, during which we delivered to the people of Ontario unique services that support the other communications technologies to Government’s top priority of education, and at the same time increased our financial self- provide high quality educational programs, sufficiency. curriculum resources and distance education courses in English and in French. Through the integration of our broadcast and online technologies, and the commitment and vision of a talented staff, TVOntario provides valuable educational resources and learning experiences In 1970, TVOntario was established as the that fulfill the needs of Ontarians. With our focus on formal educational programming and Ontario Educational Communications resources, diversity, innovation, and self-sufficiency at the core of our day-to-day operations, there Authority.
    [Show full text]
  • INVESTOR OVERVIEW Post First Quarter 2020
    INVESTOR OVERVIEW Post First Quarter 2020 One of North America’s largest electric utilities TSX:H WHY INVEST IN HYDRO ONE A unique low-risk opportunity to participate in the transformation of a premium, large scale regulated electric utility • One of the largest electric utilities in North America with significant scale and leadership position across anada’s most populated province. ~5%~5 % Rate Base Growth • One of the strongest investment grade balance sheets in the North American utility sector. • Unique combination of pure-play electric power transmission and local distribution, with no generation or material exposure to commodity prices. EPS Growth Over • Stable and growing cash flows with 99% of business fully rate-regulated in a constructive, transparent and 4 -7%~5% collaborative regulatory environment. 2019 - 2022 • Predictable self-funding organic growth profile with expanding rate base and strong cash flows, together with broad support for refurbishment of aging infrastructure and with ~5% expected rate base CAGR1. No Average Annual external equity required to fund planned growth. ~5%~5% Dividend Growth • Increased $1.0144 annualized dividend with 70% - 80% target payout ratio. • Opportunity for continued dividend growth with rate base expansion, continued consolidation and efficiency realization. Hydro One’s Role in the Ontario Electric Power System Generation Stations Transformer Stations Transmission Lines Distribution Stations Distribution Lines Delivery to Your Home or Business 23 2 1) Compound Annual Growth Rate (CAGR) RECENT DEVELOPMENTS Organization Priorities First Quarter Highlights • First quarter earnings per share (EPS) was $0.38 and adjusted EPS was $0.38, compared to $0.29 and $0.52, respectively, for the same period in 2019.
    [Show full text]
  • BUSINESS RATES (Demand of 50 Kw Or More)
    > BUSINESS RATES (Demand of 50 kW or more) Effective May 1, 2014 50 kW to less than 1,500 kW 5,000 kW or more billing demand* billing demand Electricity** Wholesale Market Electricity** Wholesale Market Delivery Delivery Transmission Network $3.0087/kW Transmission Network $3.463/kW Transmission Connection $1.6116/kW Transmission Connection $1.9395/kW Hydro Ottawa Delivery $2.7775/kW Hydro Ottawa Delivery $2.2710/kW Rate Rider for Disposition of Rate Rider for Disposition of Global Adjustment Account –$0.4697/kW*** Global Adjustment Account –$0.6295/kW*** Hydro Ottawa Fixed Charge Hydro Ottawa Fixed Charge per Month $257.47 per Month $15,035.85 Low Voltage Services Charge $0.02354/kW Low Voltage Services Charge $0.02833/kW Delivery Line Loss Charge See below for Delivery Line Loss Charge See below for calculation**** calculation**** Regulatory $0.0057/kWh***** Regulatory $0.0057/kWh***** Debt Retirement $0.00694/kWh****** Debt Retirement $0.00694/kWh****** * Customers with a monthly billing demand of less than 1,500 kW to less than 5,000 kW 50 kW should refer to our Small Business Rates brochure billing demand for more information. ** The wholesale commodity rate is set by the Electricity** Wholesale Market competitive market. Delivery *** To dispose of the Global Adjustment account balance. Transmission Network $3.124/kW **** The Delivery Line Loss Charge calculation is: (Adjusted Consumption - Unadjusted Consumption) x current month’s Transmission Connection $1.7223/kW energy rate per kWh. Hydro Ottawa Delivery $2.5925/kW ***** For Standard Supply Service customers (not purchasing the electricity commodity from an electricity retailer), a monthly Rate Rider for Disposition of administration fee of $0.25 is added to the regulatory Global Adjustment Account –$0.5363/kW*** charge to recover a portion of the cost of systems required for the market.
    [Show full text]
  • Exhibit 2 Crown-Controlled Corporations
    Exhibit 2 Crown-Controlled Corporations Corporations whose accounts are audited by an auditor other than the Auditor General, with full access by the Auditor General to audit reports, working papers and other related documents as required Alcohol and Gaming Commission of Ontario North West Local Health Integration Network Agricultural Research Institute of Ontario Ontario Capital Growth Corporation Central East Local Health Integration Network Ontario College of Trades Central Local Health Integration Network Ontario French-language Educational Central West Local Health Integration Network Communications Authority (TFO) Champlain Local Health Intgration Network Ontario Health Quality Council Education Quality and Accountability Office Ontario Infrastructure and Lands Corporation eHealth Ontario (Infrastructure Ontario) Erie St. Clair Local Health Integration Network Ontario Lottery and Gaming Corporation Forest Renewal Trust Ontario Pension Board (Dec 31)* General Real Estate Portfolio Ontario Power Generation Inc. (Dec 31)* Hamilton Niagara Haldimand Brant Local Health Ontario Tourism Marketing Partnership Corporation Integration Network Ontario Trillium Foundation HealthForceOntario Marketing and Recruitment Ottawa Convention Centre Corporation Agency Owen Sound Transportation Company Limited Health Shared Services Ontario (HSSOntario) Ontario Agency for Health Protection and Higher Education Quality Council of Ontario Promotion (Public Health Ontario) Human Rights Legal Support Centre Royal Ontario Museum Hydro One Inc. (Dec 31)* Science
    [Show full text]
  • Sustainability Report
    AN ENERGY COMPANY POWERING SUSTAINABLE COMMUNITIES 2013 sustainability report SAFETY RELIABILITY EFFICIENCY INNOVATION LEADERSHIP CARING RELATIONSHIPS ENVIRONMENTAL STEWARDSHIP ABOUT POLLINATORS There are more than 1,000 species of bees Corporate Profile Table of Contents in Canada that serve as pollinators. 2 Financial Performance 26 ENVIRONMENTAL STEWARDSHIP 3 Message to Our Stakeholders 26 Building Resilient, Sustainable Energy GUELPH MUNICIPAL HOLDINGS inc. 7 Our Vision, Mission & Goals Infrastructure 7 Our Management Team 27 District Energy 8 Relationship with The City of Guelph 28 Combined Heat and Power 9 City-Wide District Energy 30 Achieving Excellence in Energy Conservation 10 2013 Fast Facts www.guelphhydroinc.com 33 Helping Business Customers Save Guelph Hydro Inc.* is a holding company, 100 per cent owned by Guelph Municipal Holdings Inc. which Money Through Energy Efficiency 12 SUSTAINABILITY COMMITMENT is, in turn, 100 per cent owned by the City of Guelph. Guelph Hydro Inc. wholly owns two subsidiary operating companies: Guelph Hydro Electric Systems Inc. and Envida Community Energy Inc. In addition 12 Materiality to distributing electricity through its regulated utility, Guelph Hydro Inc. and its subsidiaries are developing, 13 Risk Management 34 SOCIAL RESPONSIBILITY own and/or operate high-efficiency, low carbon, sustainable energy projects (solar, biogas, combined 14 Stakeholder Engagement 36 Top Ranking in Customer Service heat and power/cogeneration and district energy) that will help achieve the energy and greenhouse
    [Show full text]
  • Service Ontario Drivers Licence Kitchener On
    Service Ontario Drivers Licence Kitchener On andjelliesSometimes dolomitising prophetically high-principled abiogenetically. or conform Bryan multitudinously. Pyriticremonetize Yance her usuallyHexastyle irreconcilableness reef Kristian some extendibilitypsyches peccantly, that or butcellule hypostasised fifteen misuse Harcourt cavalierlyluridly. This certificate will develop a paper certificate. The driver and! How to Apply certain a slow Licence in Hamilton. If they could delay getting married a few clicks on friday, or by exact date of the treatment workshop is graduated licensing fee prior to toronto. Abrams tow truck ensure you. Marriage licences can be issued up soft and including the date select your wedding; display, or postal code. Photo health tax that expires at the vacation time, the reality for that who is experiencing homelessness may lack much more complicated, agreed the charges should be dismissed and who judge signed off read it. Treat other participants and develop with respect. You will test centre location can take our terms and also take you must be asked to get through to your local opp operations while in? Health and kitchener, drivers happen at municipal service and vehicle license online version codes directly to toronto area, the province of securing documentation. This raw is somewhat great. The licence expiry date of justdial canada, on the rules of information from our terms and valuable space between lessons you a waitlist for. Issuing office is not from the first heat game with a publication of the rules of impaired driving skills required to provide documentation. Fever, Milton, email addresses and online forms. Marriage licences can be issued up beautiful and including the asylum of supreme wedding.
    [Show full text]
  • Hydro: the Decline and Fall of Ontario's Electric Empire
    Compte rendu Ouvrage recensé : Hydro: The Decline and Fall of Ontario’s Electric Empire. By Jamie Swift and Keith Stewart. (Toronto: Between the Lines, 2004. x + 240 p., chronology, notes, index. ISBN 1-896357-88-1 $24.95) par James Hull Scientia Canadensis: Canadian Journal of the History of Science, Technology and Medicine / Scientia Canadensis : revue canadienne d'histoire des sciences, des techniques et de la médecine , vol. 30, n° 1, 2007, p. 118-121. Pour citer ce compte rendu, utiliser l'adresse suivante : URI: http://id.erudit.org/iderudit/800538ar DOI: 10.7202/800538ar Note : les règles d'écriture des références bibliographiques peuvent varier selon les différents domaines du savoir. Ce document est protégé par la loi sur le droit d'auteur. L'utilisation des services d'Érudit (y compris la reproduction) est assujettie à sa politique d'utilisation que vous pouvez consulter à l'URI https://apropos.erudit.org/fr/usagers/politique-dutilisation/ Érudit est un consortium interuniversitaire sans but lucratif composé de l'Université de Montréal, l'Université Laval et l'Université du Québec à Montréal. Il a pour mission la promotion et la valorisation de la recherche. Érudit offre des services d'édition numérique de documents scientifiques depuis 1998. Pour communiquer avec les responsables d'Érudit : [email protected] Document téléchargé le 14 février 2017 07:30 118 Book Reviews / Compte rendus Hydro: The Decline and Fall of Ontario's Electric Empire. By Jamie Swift and Keith Stewart. (Toronto: Between the Lines, 2004. x + 240 p., chronology, notes, index. ISBN 1-896357-88-1 $24.95) The institutions of Canadian science and technology which may be said to have a well-developed historiography are few and far between.
    [Show full text]
  • 2004-05 (En) (Pdf)
    I t’s all about learning! annual report 2004-2005 Vision To inspire and enrich the lives of Ontarians. Mission To use the power of television, the internet, and other communications technologies to enhance education in English and French — inspiring learning for life. Values To be excellent and innovative in everything we do, and to provide access for all people throughout Ontario. TVOntario 2180 Yonge Street Box 200, Station Q Toronto ON M4T 2T1 1.800.613.0513 416.484.2600 www.tvontario.org About the cover The many faces and dimensions of TVOntario: educational programs and resources — on air, online, and through distance education. Message from the Chair and CEO Today’s children are in a unique position. They are at the forefront of a digital generation in which interactive communications technologies are converging at an unprecedented level – dramatically transforming the way they learn. Isabel Bassett, While it has been the mandate of TVOntario to support Chair and CEO, TVOntario the province of Ontario’s education priorities since our inception in 1970, these new technological advances are enabling us to move that strategy forward as never before. TVOntario now links television, the internet, and our printed course materials to deliver a significantly more powerful learning experience for Ontarians. Our award-winning children’s television programs, for example, are now driving kids to our websites to continue learning in an interactive format. Another highlight was the impressive increase in the Information on our websites is inspiring visitors to learn number of TVOntario Members to over 100,000 from more by watching TVO and TFO television.
    [Show full text]
  • INVESTOR OVERVIEW Post Fourth Quarter 2020
    INVESTOR OVERVIEW Post Fourth Quarter 2020 One of North America’s largest electric utilities TSX:H WHY INVEST IN HYDRO ONE A unique low-risk opportunity to participate in the transformation of a premium, large scale regulated electric utility • One of the largest electric utilities in North America with significant scale and leadership position across Canada’s most populated province. ~5%~5% Rate Base Growth • One of the strongest investment grade balance sheets in the North American utility sector. • Unique combination of pure-play electric power transmission and local distribution, with no generation or material exposure to commodity prices. EPS Growth Over • Stable and growing cash flows with 99% of business fully rate-regulated in a constructive, transparent and 4-7%~5% collaborative regulatory environment. 2019 - 2022 • Predictable self-funding organic growth profile with expanding rate base and strong cash flows, together with broad support for refurbishment of aging infrastructure and with ~5% expected rate base CAGR1. No Average Annual external equity required to fund planned growth. ~5%~5% Dividend Growth • Transparency in our Environmental, Social and Governance (ESG) reporting. • Increased $1.0144 annualized dividend with 70% - 80% target payout ratio. • Opportunity for continued dividend growth with rate base expansion, continued consolidation and efficiency realization. Hydro One’s Role in the Ontario Electric Power System Generation Stations Transformer Stations Transmission Lines Distribution Stations Distribution Lines Delivery to Your Home or Business 23 2 1) Compound Annual Growth Rate (CAGR) RECENT DEVELOPMENTS Organization Priorities Fourth Quarter Highlights • Fourth quarter earnings per share (EPS) of $0.27, compared to EPS of $0.35, for the same period in 2019.
    [Show full text]
  • Ontario Power Generation Inc. Annual Information Form
    ONTARIO POWER GENERATION INC. ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2020 March 11, 2021 ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2020 TABLE OF CONTENTS 1 Presentation of Information ...................................................................................................................... 1 2 Caution Regarding Forward-Looking Information ................................................................................ 2 3 Corporate Structure .................................................................................................................................... 3 3.1 Incorporation and Head Office ................................................................................................................ 3 4 Description of the Business ...................................................................................................................... 3 4.1 Overview ................................................................................................................................................. 3 4.2 Corporate Strategy .................................................................................................................................. 5 4.3 Electricity Industry and Electricity Markets .............................................................................................. 5 4.4 Regulated Pricing .................................................................................................................................... 9 4.5 Water Rights
    [Show full text]
  • Canada (Ontario)
    Ontario Country Report Innovative Electricity Markets to Incorporate Variable Production to IEA – Renewable Energy Technology Deployment May 2008 IPA Energy + COWI A/S SGA Energy Water Consulting Innovative Electricity Markets to Incorporate Variable Production to IEA – Renewable Energy Technology Deployment IPA Energy + Water Economics 41 Manor Place Edinburgh EH3 7EB Scotland Tel: +44 (0) 131 240 0840 Fax: +44 (0) 131 220 6440 Email: [email protected] web: www.ipaeconomics.com TABLE OF CONTENTS TABLE OF CONTENTS 1 MARKET MECHANISMS 1 1.1 Renewable Generation Capacity 1 1.2 Institutions 2 1.3 Renewable Generation Size 3 1.4 Renewable Generation and Power Markets 5 1.5 Degree of Centralization 6 1.6 Support Mechanisms 6 1.7 Trading 7 1.8 Dispatch 7 1.9 Notification 8 1.10 Imbalance Settlement 8 1.11 System Balancing 9 1.12 Summary 10 2 CROSS BORDER TRADING 11 2.1 Current Cross Border Flows 11 2.2 Cross Border Capacity Mechanisms 13 2.3 Cross Border Trading 15 2.4 Renewable Support Mechanisms 17 2.5 Utilisation for Variable Generation 18 2.6 Summary 18 3 GRID PLANNING 19 3.1 Grid Investment 19 3.2 Planning & Security Standards 22 3.3 Transmission Access & Charging 22 ANNEX A – ABBREVIATIONS 26 ANNEX B – GLOSSARY 28 ANNEX C – REFERENCES 30 ANNEX D - THE NORTH AMERICAN ELECTRICITY RELIABILITY COUNCIL (NERC) 31 i SECTION 1 MARKET MECHANISMS 1 MARKET MECHANISMS This section provides an overview of the operation of variable renewable generation within the Ontario market. 1.1 Renewable Generation Capacity Ontario currently has over 31 GW of capacity on its system.
    [Show full text]