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Hydro One Limited - Q2-2019 Earnings, Price Target Update

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Hydro One Limited is Ontario's largest electricity transmission and distribution company with $25.6B in assets and forecast 2019 revenues of $6.2B. The Transmission segment contributes 48% of annual revenues and $16.6B of assets, Distribution contributes 52% and $9B in assets. Hydro One's transmission system accounts for 98% of Ontario's electricity transmission capacity based on the revenues approved by the OEB. Revenues are highest in the summer and winter quarters due to air conditioning and heating demand. They distribute electricity to 1.3M customers across the province of Ontario, and to large industrial customers and municipal utilities. By generation source 58% of power transmitted is from nuclear, 23%-hydro, 10%-natural gas with the balance from wind and solar.

Province of Ontario Ownership

In Nov-2015, Hydro One Limited and the Province of Ontario completed an initial public offering of Hydro One Limited totaling 595M common shares, initially retaining 85%. In Apr-2016 the Province of Ontario sold an additional 15% to reduce their interest to 70% then to 47.4% with another secondary offering in May-2017.

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