Hydro One Q3 EPS 69 cents, files $37B investment plan

Hydro One Limited (TSX:H) reported third-quarter net income attributable to common shareholders of $413 million, or basic earnings of 69 cents per share, down from $421 million and 70 cents a year earlier. The Toronto-based utility declared a quarterly dividend of 35.31 cents per share, according to its Nov. 10, 2026, news release.

Revenues rose to $2,491 million from $2,299 million, and revenues net of purchased power, a non-GAAP measure, climbed to $1,287 million from $1,219 million. Hydro One said higher rates approved by the Ontario Energy Board and higher peak demand lifted revenue, while higher operation, maintenance and administration costs, higher depreciation and asset removal costs, and more interest on long-term debt weighed on earnings. The company said asset removal costs rose because of more storm restoration work.

Year-to-date basic earnings were $1.96 per share, up from $1.84, on net income of $1,174 million compared with $1,106 million for the first nine months of 2025. Capital investments for the quarter were $1,084 million, and the company placed $658 million of new assets in service. The release did not include financial guidance.

Chief executive Megan Telford said in the release that Ontario’s growth depends on a strong, reliable electricity system. On Oct. 7, Hydro One Networks Inc. filed its 2028-2032 Joint Rate Application with the Ontario Energy Board, proposing an investment plan of about $37 billion that includes operation, maintenance and administration costs. The filing includes about $16.7 billion of capital spending for transmission and about $10.8 billion for distribution.

The company also filed a leave-to-construct application for the North Shore Link, a 105-kilometre, 230-kilovolt line between Wharncliffe and Sault Ste. Marie that it values at about $1.3 billion and expects to have in service in 2029. It energized the Etobicoke Greenway line in Toronto, which it said adds about 300 megawatts of capacity. The dividend is payable Dec. 31 to shareholders of record on Dec. 9.

The figures come from Hydro One’s Nov. 10, 2026, news release. See our report on Monday’s TSX close for how the market finished the day before.

This article is for information only and is not investment advice. Speak to a licensed adviser before making investment decisions.