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Hydro One Ltd - Q3-2021 Earnings, Price Target Update

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Hydro One Limited (H-TSX) is Ontario's largest electricity transmission and distribution company with $31B($30B, Dec-31-2020) in assets at Sept-30-2021 and 2021 forecast revenues of $7.2B. Transmission and distribution segments each contribute approximately 50% of annual revenues. Hydro One's transmission system accounts for 98% of Ontario's electricity transmission capacity. Revenues are highest in the summer and winter quarters due to air conditioning and heating demand. Hydro One transmits 98% of the electricity produced in Ontario, there are 59 local distribution companies delivering electricity to 5M customers. The distribution industry in Ontario is fragmented, with the 10 largest local distribution companies covering 79% of the province's customers. Hydro One owns the largest local distribution business in Ontario, which serves approximately 1.4M predominantly rural customers, 26% of the total number of customers in Ontario. They distribute electricity to 1.3M customers across the province of Ontario, and to large industrial customers and municipal utilities. Enbridge Gas is the major natural gas utility. By generation source 58% of power transmitted is from nuclear, 24%-hydro, 6%-natural gas with the balance from wind and solar.

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.

The Electricity Act provides that no person or company may beneficially own or exercise control or direction over more than 10%. The Share Ownership Restrictions do not apply to the Province of Ontario who must maintain a minimum of 40%. The Province of Ontario owned 47.4% as Dec-31-2020.

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