2019 Annual Report
Energizing
Life
Contents
2019 Highlights
Message from Our Chair
Message from Our President and CEO
A Sustainable Future for All
Why Invest in Hydro One
Our New Corporate Strategy
Our Five Priorities
Corporate Governance
Financial Report
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Title goes here
The Power of Connection.
Energizing Life.
Hydro One energizes life for people and
communities, helping Ontarians live a better
and brighter future. Through our network of
businesses, we are growing and evolving to
meet the expectations of the shareholders,
regulators, Indigenous peoples and
customers we serve.
85.7%
Residential & small business
customer satisfaction
$1.7billion
In capital investments to our grid to
ensure safe and reliable power for
communities across Ontario
Hydro One Limited | Annual Report 2019
1
Title goes here Corporate Profile
A Network Built
for the Possibilities
of Tomorrow
Who We Are
Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is
Ontario’s largest electricity transmission and distribution provider
with approximately 1.4 million valued customers, approximately
$27.1 billion in assets as at December 31, 2019, and annual
revenues in 2019 of approximately $6.5 billion.
Our team of approximately 8,800 skilled and dedicated
employees proudly build and maintain a safe and reliable
electricity system which is essential to supporting strong
and successful communities. In 2019, Hydro One invested
approximately $1.7 billion in its transmission and distribution
networks and supported the economy through buying
approximately $1.5 billion of goods and services.
We are committed to the communities where we live and work
through community investment, sustainability and diversity
initiatives. We are designated as a Sustainable Electricity
Company by the Canadian Electricity Association.
Hydro One Limited’s common shares are listed on the TSX
and certain of Hydro One Inc.’s medium term notes are listed
on the NYSE. Additional information can be accessed at
www.hydroone.com; www.sedar.com or www.sec.gov)
$6.5billion
2019 annual revenue
8,800
Skilled and dedicated
employees
2
Hydro One Limited | Annual Report 2019
Financial Highlights
Year ended December 31 (millions of dollars, except as otherwise noted)
Revenues
Purchased power
Revenues, net of purchased power1
Operation, maintenance and administration (OM&A) costs
Depreciation, amortization and asset removal costs
Financing charges
Income tax expense (recovery)
Net income (loss) to common shareholders of Hydro One
Adjusted net income to common shareholders of Hydro One1
Basic earnings per common share (EPS)
Diluted EPS
Basic adjusted non-GAAP EPS (Adjusted EPS)1
Diluted Adjusted EPS1
Net cash from operating activities
Funds from operations (FFO)1
Capital investments
Assets placed in-service
Transmission: Average monthly Ontario 60-minute peak demand (MW)
Distribution: Electricity distributed to Hydro One customers (GWh)
Debt to capitalization ratio2
Financial Highlights
2019
6,480
3,111
3,369
1,181
878
514
(6)
778
918
$1.30
$1.30
$1.54
$1.53
1,614
1,532
1,667
1,703
19,896
27,536
56.3%
2018
6,150
2,899
3,251
1,105
837
459
915
(89)
807
($0.15)
($0.15)
$1.35
$1.35
1,575
1,572
1,575
1,813
20,485
27,338
55.6%
1. See section “Non-GAAP Measures” for description and reconciliation of adjusted net income, basic and diluted Adjusted EPS, FFO and revenues, net of purchased power.
2. Debt to capitalization ratio is a non-GAAP measure and has been presented as at December 31, 2019 and 2018, and has been calculated as total debt (including total long-term debt,
convertible debentures and short-term borrowings, net of cash and cash equivalents) divided by total debt plus total shareholders’ equity, including preferred shares but excluding any
amounts related to noncontrolling interest. Management believes that the debt to capitalization ratio is helpful as a measure of the proportion of debt in the Company's capital structure.
Total Assets
Rate Base
Revenues
(Net of purchased power costs)
Regulated Earnings
(Before financing charges
and income taxes)
7%
56%
40%
39%
60%
61%
1%
49%
38%
44%
56%
62%
$27.1
billion
$20.7
billion
$3,369
million
$1,493
million
37%
50%
Transmission
Distribution
Other
Total Shareholder Return (TSR)
January 1, 2019 to December 31, 2019
Hydro One
S&P/TSX Capped Utilities Index
S&P/TSX Composite Index
S&P 500 Electric Utilities Index
S&P 500 Index
29.0%
37.5%
22.8%
27.5%
31.5%
This report contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate, and includes beliefs and
assumptions made by the management of our Company. Words such as “expect” and “will” are intended to identify such forward-looking statements. These statements are not guarantees of future performance
and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking
statements. We do not intend, and we disclaim any obligation, to update any forward-looking statements, except as required by law.
All figures in this document are approximate figures that are rounded to the nearest decimal place.
Hydro One Limited | Annual Report 2019
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2019 Highlights
Hydro One’s
Business
Network
1. based on revenue approved by the OEB
2. based on customers (per OEB yearbook)
Our Regulated Business
Our Unregulated Business
Our other segment consists principally of
our telecommunications business, Hydro
One Telecom Inc. (HOT), which provides
telecommunications support for Hydro One’s
transmission and distribution businesses. HOT
offers comprehensive communications and
information technology services and solutions
(cloud services, managed services and
security-based services) that extend beyond
the core fibre and connectivity services it has
traditionally offered.
Transmission
Our transmission system transmits high-voltage
electricity from nuclear, hydroelectric, natural
gas, wind and solar sources to distribution
companies and industrial customers
across Ontario. Our system accounts for
approximately 98%1 of Ontario’s transmission
capacity with approximately 30,000 circuit
kilometres of high-voltage transmission lines.
We also own and operate 25 cross-border
interconnections with neighbouring
provinces and the United States, which allow
electricity to flow into and out of Ontario.
Distribution
Our distribution system is the largest2 in
Ontario. It consists of approximately 123,000
circuit kilometres of primary low-voltage
power lines serving approximately 1.4 million
customers, mostly in rural areas. As well,
Hydro One Remote Communities Inc. serves
customers in one grid-connected and 21
off-grid communities in Ontario’s far north.
Hydro One’s Role in the Ontario Electric Power System
Our transmission and distribution systems safely and reliably serve communities throughout Ontario. Our customers are suburban,
rural and remote homes and businesses across the province. Our communities are proudly and safely serviced by a team of skilled
and dedicated employees.
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(decreased to
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Transmission
Distribution
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Hydro One Limited | Annual Report 2019
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Key Highlights
1
High Customer Satisfaction
Across all lines of business including
87.2% transmission customer satisfaction,
85.7% residential and small business
customer satisfaction, 89.5% First
Nations customer satisfaction and
90.0% Hydro One Telecom Inc.
customer satisfaction. We also earned
two customer service awards from the
Ontario Energy Association.
2
Leadership in Power Restoration
Recognized by the Edison Electric Institute (EEI) Emergency Assistance
Award for our response efforts following the deadly California wildfires in
2018 and for helping Manitoba Hydro after a severe storm in October 2019.
This complements response times within our own borders – Hydro One’s
Customer Average Interruption Duration Index (CAIDI), a key measure of
success in delivering reliable power, improved by 9.7% in 2019.
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5
Supporting Local Businesses
Remaining a substantial contributor
to Ontario’s economy through the
purchase of local goods and services,
including $41.3 million spent with
Indigenous businesses in 2019.
Productivity Savings
A 49.3% increase in year-over-
year productivity savings with
$202.3 million saved in 2019
as compared to $135.5 million
in 2018.
Reducing Costs
A 4.7%, or $51 million, reduction
in annual operating costs adjusted
for Avista related costs in 2019
from 2018.
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Capital Investments
Approximately $1.7 billion in capital
investments to expand the electricity
grid and renew and modernize
existing infrastructure.
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Best Employer, 5th Year
For the fifth consecutive year,
Hydro One has been recognized
by Forbes in its list of Canada’s Best
Employers for 2020, underscoring
our commitment to creating an
engaged workforce and positive
working environment.
Hydro One partnered with
government and industry
stakeholders, Indigenous
peoples, customers, unions
and other stakeholders
throughout the year to
achieve a number of key
performance milestones.
Hydro One Drives Ontario’s Economy
98%1
Of Ontario’s
transmission capacity
1. based on revenue approved by the OEB
38
Electric utilities companies
(including Hydro One’s own
distribution business) that are
Hydro One’s transmission
customers
~1.4million
Residential and business
customers served by our local
distribution business
83
Large industrial customers
connected directly to the
transmission network
Hydro One Limited | Annual Report 2019
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A Message From Our Chair
Timothy Hodgson
Chair
A Message
From Our Chair
I am honoured to serve as Chair of this historic
company, with its 115-year legacy of adding
economic value through transmitting and distributing
electricity to Ontario. Hydro One has an incredibly
important mandate in serving the people of our
province and in delivering outstanding and
cost-efficient service to approximately 1.4 million
customers in communities across Ontario. The
Board of Directors fully supports Hydro One’s
focus on delivering greater value for its customers,
employees, communities and shareholders.
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Hydro One Limited | Annual Report 2019
Confident leadership, clear vision
In May, following a thorough and
competitive international search process, the
Board officially welcomed Mark Poweska
as Hydro One’s President and CEO. The
Board sought a highly regarded leader
in the electricity utility sector, one with a
proven record in building a strong safety
culture, exceeding customer expectations
and improving operational performance –
along with the ability to develop enduring
relationships with Indigenous communities,
our stakeholders, and government.
We found all of the above in Mark, whose
25-year career has included responsibility
for all aspects of electricity generation,
transmission and distribution operations at
a major North American integrated utility.
Mark’s extensive experience in the electricity
sector will help ensure Hydro One is strong
now and even better positioned into the
future.
To that end, the Board of Directors approved
and fully endorses the corporate strategy
that Mark and his team developed in 2019.
The five-year Ontario-focused strategy sets
a clear vision for Hydro One to: build a grid
for the future, be the safest and most efficient
utility, be a trusted partner, be an advocate
for customers, as well as innovate and grow
the business.
Sustainable practices, best-in-class
performance
Safety remains a priority of the Board of
Directors and we support management’s
renewed and intensified commitment to
continually enhancing Hydro One’s culture
of safety. The Board of Directors is equally
committed to supporting management’s
initiatives to further develop the company’s
sustainable business practices.
In 2019, Hydro One achieved a total return
to shareholders of 29%, reflecting strong
sector fundamentals and stable growth, as
well as the company’s ability to capture
efficiencies and reduce operating costs. The
Board of Directors fully supports company
initiatives that have reduced its cost of
capital. We are encouraged that equity
market investors have re-rated our company
upward relative to our publicly traded
competitors and our publicly traded debt
pricing has improved with the positive rating
actions of key credit rating agencies.
Strong governance, diverse viewpoints
I want to thank all Board members for their
oversight and deliberations this past year.
On their behalf, I welcome Susan Wolburgh
Jenah to Hydro One’s Board of Directors.
This is a timely appointment of a highly
qualified individual and I know we all will
benefit from Susan’s exceptional experience,
both leading and serving on boards of
publicly traded, regulated companies.
Hydro One values diversity at all levels
of the organization and our commitment
extends to ensuring a gender-diverse Board
of Directors. With the announcement of
Susan, the composition of our Independent
Non-Executive Board is 50% women and
50% men, reflecting best practices in board
diversity and surpassing our Catalyst Accord
commitment to maintaining at least 30%
female board members. Additionally, our
commitment to Indigenous representation
at the Board level reflects Hydro One’s
understanding that it is a strategic imperative
to be a best-in-class trusted partner of
Indigenous communities and to be inclusive
of the many customers and stakeholders we
serve across the province.
In the coming year Hydro One will remain
focused on enhancing shareholder value and
on delivering safe, cost-efficient and reliable
power to customers. On behalf of the Board
of Directors, I appreciate your ongoing trust,
confidence and investment in Hydro One.
Timothy Hodgson
Chair of the Board of Directors
Enhancing value, delivering results
Our success is due to the diligence and
passion of our leaders and employees. First,
on behalf of the entire Board of Directors, I
want to thank all Hydro One employees for
their extraordinary efforts this past year –
our employees’ record of service in times of
need continues to be exemplary. Secondly,
I wish to thank my predecessor Chair, Tom
Woods, for his tireless dedication and steady
leadership. Finally, the entire Board of
Directors would like to recognize the past
leadership of our Acting President and CEO
Paul Dobson, who led Hydro One through an
important period of transition.
Hydro One Limited | Annual Report 2019
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A Message from our President & CEO
Mark Poweska
President & CEO
A Message From
Our President & CEO
Since joining the company in May, I have had the
opportunity to witness first-hand the expertise and
dedication of Hydro One’s team members and
leadership in carrying out the company’s crucial role
of delivering the power that drives Ontario’s economy
and energizes every corner of this province. It is an
exciting time to lead this organization and I thank
employees and the Board of Directors for the trust
they have placed in me as we charted a course for the
future of Hydro One.
Over the first weeks and months at Hydro One,
I had many discussions to better understand what
our customers, investors, stakeholders and Indigenous
peoples need and expect from Hydro One.
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Hydro One Limited | Annual Report 2019
These conversations, along with a substantial
amount of research to understand our
customers’ priorities, guided the direction
of Hydro One’s new five-year corporate
strategy, which was developed under the
direction of our Board of Directors.
Our new strategy outlines five priorities:
• Plan, design, and build a grid for the future
• Be the safest and most efficient utility
• Be a trusted partner
• Advocate for our customers and help them
make informed decisions
• Innovate and grow the business
These priorities focus on what really
matters to customers, Indigenous peoples,
communities, stakeholders and investors:
an unwavering commitment to exceptional
customer service, safety, efficiency and
sustainability. You will find more details on
these later in this report.
In 2019, we made good progress on
improving Hydro One’s financial and
operating performance, capturing
efficiencies and reducing our operating
costs adjusted for Avista related costs by
4.7% during the year.
We improved the reliability of Hydro One’s
network while focusing on becoming safer,
more customer-driven, sustainable and
efficient.
Enhancing safety culture, improving
safety reporting
We are deeply committed to continually
enhancing Hydro One’s culture of safety.
In March, we tragically lost one of our
colleagues who sustained a fatal injury
during a forestry incident in the Minden
area. While Hydro One’s reportable injuries
rates have declined in recent years and are
considered industry leading, we have seen
an increase in serious injuries. This is not
acceptable to me and I personally will not
rest until we have eliminated serious injuries
from our organization.
In 2019, I created a new role on my executive
team, a Chief Safety Officer, dedicated to
leading our safety program and driving
improvements. Our renewed focus on safety
includes the introduction of a new, frontline-
led Safety Improvement Team to help us
determine the actions we need to take to
eliminate injuries at Hydro One. We are also
making headway on major improvements to
our safety reporting and analytics.
Leading emergency response,
building resilience
In 2019, we continued to experience storms
and weather events, which impacted our
customers’ families and businesses. Our
entire team – including highly trained crews,
grid control centre operators and customer
service agents – responded to these
emergencies and through careful planning,
assessed damage and safely restored
power in challenging conditions. In 2019,
Hydro One employees travelled out of the
province to assist Manitoba Hydro when it
experienced a severe winter storm with major
impacts to its grid. We will always be proud
to support our partners in their time of need.
Hydro One is rightly seen as a North
American leader in power restoration. In
2019, our leadership was recognized by the
Edison Electric Institute (EEI), which presented
Hydro One with an Emergency Assistance
Award for our response efforts following the
deadly California wildfire in 2018; as well
as our 10th EEI Award for helping Manitoba
Hydro restore power.
Over the next five years, we plan to invest
approximately $10 billion in our transmission
and distribution systems to ensure a reliable
grid for the future. As we make these
investments, we will modernize our grid
through the introduction of new technologies
to prevent outages, increase resiliency, and
protect against physical and cyber threats
– while allowing us to restore power faster
when we experience outages.
As we prepare for more severe storms, we will
continue to incorporate considering climate
change into our planning to increase resilience
and reduce our environmental footprint.
Good neighbour, trusted partner
Our success depends on our ability to build
trust as a reliable partner to Indigenous
peoples, communities, customers and the
many stakeholders we serve across Ontario.
In 2019, we strengthened our ties with
Indigenous leaders and communities across
the province, increasing our procurement
spending to $41.3 million with Indigenous
businesses – Hydro One’s highest spend
ever. In recognition of our work, the
Canadian Council for Aboriginal Business
selected Hydro One as an Indigenous
Procurement Champion. The Canadian
Energy Association also recognized us for
our efforts in increasing our procurement
from Indigenous-owned companies.
In 2019, we completed the Niagara
Reinforcement Line (NRL), a new, major
transmission project, with our equity
partners, the Six Nations of the Grand River
Development Corporation, and Mississaugas
of the Credit First Nation. This 76-kilometre
transmission line was brought to completion
by A6N, an Indigenous-owned contractor.
We are also focusing our efforts on
partnering with communities and customers
to champion economic development
opportunities. In southwestern Ontario,
we worked with community leaders and
customers in Leamington to bring more power
to support the region’s booming greenhouse
sector. We worked collaboratively with the
Independent Electricity System Operator
to advocate for a new, major transmission
line to provide 400 additional megawatts
of power, which will have the added benefit
of putting downward pressure on electricity
rates. We will continue to work closely with
our customers to better understand their
emerging needs and ensure we have a
power grid that continues to support local
economic growth.
Through our community investment program,
Building Safe Communities, I’m proud to say
that we provided training to about 200,000
youth across Ontario to teach them life-
saving skills and how to play safe. We also
provided 125 donations and sponsorships to
over 70 communities across the province.
Exceptional service, reducing costs
Since 2015, Hydro One has been on a
journey to serve our customers better and we
made great strides in the last year. In 2019,
we achieved a score of 85.7% – the highest
residential and small business customer
satisfaction score in over a decade. We also
earned two customer service awards from the
Ontario Energy Association. However, we
believe we can do better and we will do better.
As the needs and expectations of our customers
evolve, we will continue to find ways to
introduce new services that meet their needs
and make it easier to do business with us.
Our customers not only depend on us to
supply reliable electricity, they expect us
to run an efficient company and to look for
ways to drive costs out of the system.
In 2019, Hydro One achieved productivity
savings of $202.3 million and operating
cost reductions of $51 million adjusted for
Avista related costs. We will continue to focus
on improving our efficiency, while never
compromising safety.
In 2020, we will continue to be a champion
for our customers and the electricity sector
in Ontario. We will create a brighter,
sustainable future for Ontarians by building
strong partnerships, delivering operational
excellence and enhancing shareholder value.
Last year we further solidified our executive
team by welcoming some industry leaders
to Hydro One and through several internal
appointments. In 2019, Paul Harricks joined
Hydro One as our Chief Legal Officer and we
announced David Lebeter would be joining us
as our new Chief Operating Officer. Internal
appointments included Chris Lopez as Chief
Financial Officer, Saylor Millitz-Lee as Chief
Human Resources Officer, Brad Bowness
as Chief Information Officer and Darlene
Bradley as Chief Safety Officer. I have full
confidence in this executive team to deliver on
our strategic plan over the coming years.
I want to thank all Hydro One employees for
their dedication and service this past year
and I look forward to what the future holds
as together, we build a better and brighter
future for all.
Mark Poweska
President & CEO
Hydro One Limited | Annual Report 2019
9
Partnering for a Sustainable Future
A Sustainable
Future for All
STRONG ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PERFORMANCE
Designated as a Sustainable
Electricity Company by the
Canadian Electricity Association
Recognized as one of the
Best 50 Corporate Citizens in
Canada by Corporate Knights
50%
Board of Directors diversity
(Independent Non-Executive)
$1.7billion
In capital investments to expand
electricity grid and renew and
modernize existing infrastructure
Selected by the Canadian Council
for Aboriginal Business as an
Indigenous Procurement Champion
$41.3million
Total procurement spending with
Indigenous businesses – our highest
ever spend
104
First Nations communities served by
Hydro One Networks Inc. and Hydro
One Remote Communities Inc.
$2.8million
In sponsorships and donations
in communities where we live
and work
Our Indigenous Partner Network
A Safer Future for Families
Hydro One held our first-ever provincial
Indigenous Business Fair in downtown
Toronto this past September. The event
showcased over 40 Indigenous businesses
from across the province, and offered
Hydro One employees – as well as many
of our non-Indigenous business partners
– the opportunity to network with these
businesses, improve overall awareness of
their capabilities, and foster relationships.
The Indigenous Business Fair was also a
great opportunity for attendees to learn
about Hydro One’s purchasing needs
and showcase Indigenous products,
services and solutions; liaise with our
lines of business including environment,
transmission, distribution, station
construction and forestry; and underscore
Hydro One’s commitment to increase
our Indigenous procurement by pursuing
mutually beneficial relationships.
Hydro One and Scouts Canada announced
a new partnership to launch Head Safe – a
new hands-on program aimed at educating
families on the impacts of head injuries, the
importance of prevention and safe return to
play. Launched in the fall of 2019, with Scouts
Canada groups, the program will provide
youth, volunteers and families in over 25,000
households with essential educational tools
– head injury first aid, how to recognize the
early symptoms of a concussion, important
safety measures to protect against head
injuries and role play on how to respond to
real-life scenarios.
10 Hydro One Limited | Annual Report 2019
A unique low-risk
opportunity to participate
in the transformation of
a premium, large scale
regulated electric utility.
Why Invest in
Hydro One
1. Everyone Uses Electricity
One of the largest electric utilities in
North America with significant scale and
leadership position across Canada’s most
populated province.
2. Strong Balance Sheet
One of the strongest investment grade
balance sheets in the North American
utility sector.
3. Pure-play Transmission
and Distribution
Unique combination of pure-play electric
power transmission and local distribution,
with no generation or material exposure
to commodity prices.
4. Stable Operations
Stable and growing cash flows with
99% of business fully rate-regulated in a
constructive, transparent and collaborative
regulatory environment.
5. Financial Performance
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
five year rate base CAGR. No external
equity required to fund planned growth.
6. Attractive Dividend
Annualized dividend of $0.966 per
share with attractive 70% – 80% target
payout ratio.
7. Rate Base Expansion
Opportunity for continued dividend
growth with rate base expansion,
continued consolidation and efficiency
realization.
“ Our commitment to safety
goes beyond the workplace
to building safe communities
where we live, work and
play. Our partnership with
Scouts Canada will make
a difference by providing
young people with the tools
and training to prevent and
treat head injuries.”
Mark Poweska, President & CEO
Hydro One Limited | Annual Report 2019
11
Hydro One’s New Strategy
Our New
Corporate
Strategy
“ Hydro One is a champion for our customers and the
electricity sector in Ontario. We are a leader in our sector
here in Ontario and across Canada. Our ability to build
enduring relationships and strong partnerships is helping
us create a brighter, sustainable future for Ontarians.
We are steadfast in improving the safety, reliability and
environmental performance of our operations. We will
remain focused on delivering operational excellence
as we drive performance, reduce costs and enhance
shareholder value.”
Mark Poweska, President & CEO
1212 Hydro One Limited | Annual Report 2019
By 2024, our corporate strategy is expected to enhance shareholder
value by delivering an improved safety culture, a more reliable grid for
our customers, high customer satisfaction, sustainable business practices
and a lower environmental footprint.
STRATEGIC PRIORITY
AREAS OF FOCUS
• Plan, design and build a reliable grid for today
and tomorrow and embrace new technology,
such as distributed energy resources, to enable
customer choice.
• Increase focus on grid resilience in order to
reduce the frequency and duration of outages.
Consider climate change and sustainability
factors in our planning to increase resilience
and lower our environmental footprint.
• Transform and improve our safety culture
through robust safety analytics and grass-roots
employee engagement.
• Empower field operation teams to drive
efficiency, productivity and reliability.
• Focus on efficient capital delivery to support
our ongoing growing work program.
• Build and grow relationships with Indigenous
peoples, government and industry partners.
• Proactively address community concerns and
establish strong partnerships with our customers
through local investment and economic
development for the benefit of all Ontarians.
• Enrich the customer experience by acting as
their trusted energy advisor, helping them save
money, and offering new products and services
to meet their energy needs.
• Help our customers make informed decisions
with deeper insights and leverage our position
as energy experts.
• Invest responsibly in our core transmission and
distribution business.
• Pursue incremental regulated and unregulated
business opportunities through innovation and
our focused presence in Ontario.
PLAN, DESIGN
AND BUILD A GRID
FOR THE FUTURE
BE THE SAFEST
AND MOST
EFFICIENT UTILITY
BE A TRUSTED
PARTNER
ADVOCATE FOR OUR
CUSTOMERS AND HELP
THEM MAKE INFORMED
DECISIONS
INNOVATE
AND GROW
THE BUSINESS
Hydro One Limited | Annual Report 2019 13
13
Enhancing the Value
of Hydro One
Hydro One has a responsibility
to provide safe, reliable power
to Ontarians now and into
the future. Our new five-year
corporate strategy focuses on
what really matters to customers,
communities, stakeholders and
investors – an unwavering
commitment to safety,
exceptional customer service,
efficiency and sustainability.
Enabling Success
Successfully executing our
strategy will require a people
focus that inspires employees
and prepares the workforce for
our evolving needs; a regulatory
focus to support our strategic
vision; and a technology focus
to enhance the efficiency of our
workforce and better enable
our customers.
Hydro One’s New Strategy
Plan, Design
and Build a Grid
for the Future
We will plan, build and design a grid that meets
the needs of Ontarians today and into the future.
This means improving reliability by investing in
technology that will allow us to modernize our grid.
Sustainability is also central to our strategy. As we
prepare for more severe storms, we will consider
climate change in our planning to increase resilience
and lower our environmental footprint.
Our Focus
We are pursuing various strategic initiatives
to build a grid for our customers that is
reliable, resilient and flexible while balancing
our environmental responsibility in pursuit of
these goals:
• Planning, designing and building a
reliable grid for the future: Providing safe
and reliable power to customers is our top
priority. We will continue to invest in our
existing infrastructure to maintain a reliable
and resilient grid, while embracing new
technology for tomorrow.
• Increasing grid resiliency and
sustainability to quickly recover from
events: We will continue to automate the
grid and deploy NextGen solutions to
ensure the grid can withstand more extreme
storms and weather events. We will focus on
installing technologies that improve outage
response times and minimize impacts.
14 Hydro One Limited | Annual Report 2019
• Improving grid flexibility to integrate and
operate Distributed Energy Resources
(DERs) enabling customer choice: We will
incorporate distributed energy resources
to enable customer choice while delivering
exceptional value to customers through
best-in-class asset management practices.
• Reducing our environmental footprint:
Hydro One strives to continue reducing
greenhouse (GHG) emissions as a part of
its commitment to environmental, social,
and corporate governance (ESG).
• Delivering value through great planning:
A robust and efficient planning process
ensures the prudent use of every dollar
entrusted to us, whether for capital
investments or operations.
Our Performance
In 2019, we improved the overall reliability of
our distribution network, while also improving
restoration times. Contributing to this
performance was $1.2 billion in expenditures
to expand our distribution grid and renew
and modernize existing infrastructure, as
well as the positive impact of our new storm
prediction tools and vegetation management
program. Hydro One’s Customer Average
Interruption Duration Index (CAIDI), a key
measure of success in delivering reliable
power, improved by 9.7% in 2019 from 2018.
We continued to invest in technology to
improve grid resiliency and to modernize
cybersecurity protection of our core assets
– important not only for Ontario’s economy,
but for other provinces and the United
States with whom we share North America’s
interconnected grid system. As part of our
Distribution Modernization program, we
installed 1,188 devices to better determine
the location of a fault on the distribution
HELPING OUR COMMUNITIES
RECOVER QUICKLY FROM STORMS
Our new storm prediction tool allows us to take a
proactive approach to preparing for bad weather by
positioning our crews and equipment in areas expected
to be the most impacted by storms. Our leadership
in power restoration recently earned us our 10th EEI
Emergency Assistance Award for helping Manitoba
Hydro restore power after a severe snowstorm hit the
province in October 2019.
Our grid is critical to
powering Ontario and
the broader Canadian
economy. It is our
responsibility to plan for
the future, to ensure the
delivery of reliable and
safe power in the years
to come.
system and quickly dispatch a crew to
repair it, as well as to remotely isolate
the problem and restore power in some
cases. We also continued to build our
Distributed Energy Resource Management
System (DERMs), which is a technology that
enables real-time control of generation and
load on the system. In addition, we lowered
our environmental footprint by continuing
to green and rationalize our fleet of
approximately 7,000 vehicles.
Our Future
In 2020, we will focus on efficiently
deploying capital to meet Ontario’s
needs while reducing customer service
interruptions; make incremental investments
to modernize, harden and protect our
assets; and develop and implement a GHG
emissions reduction plan.
1,2. 2018 figure excludes the impact of the Ottawa tornado
2019 Highlights
17.4%
1
SAIDI (System Average Interruption
Duration Index) for Transmission
improvement in 2019 over 2018
16.7%
2
SAIFI (System Average Interruption
Frequency Index) for Transmission
improvement in 2019 over 2018
9.7%
CAIDI improvement in 2019 over 2018
Hydro One Limited | Annual Report 2019 15
Hydro One’s New Strategy
Be the Safest
and Most
Efficient Utility
Safety is a core value at Hydro One and something
to which we are deeply committed. Each one of our
employees must go home safely after a fulfilling day
of work. We believe that a safe utility is an efficient
utility and that a healthy safety culture fosters
accountability and discipline across all aspects of
our business.
Our Focus
We are pursuing a number of strategic
initiatives to engage with employees in
driving productivity, reliability and efficiency,
while eliminating on-the-job injuries:
• Transforming and improving our safety
culture: In a healthy safety culture, there is a
high-degree of accountability across every
level of the organization. Through discipline
and grassroots employee engagement, we
will improve our safety culture and increase
safety reporting and accountability.
• Enabling field operations to drive
productivity and reliability: We firmly
believe in continuous improvement to
enhance the efficiency, productivity,
and reliability of our field operations.
People are most productive when they are
empowered with the right tools and the
right work in a safe environment free from
unnecessary burden.
16 Hydro One Limited | Annual Report 2019
• Optimizing corporate support: New ways
of thinking and working, both traditional
approaches and digital capabilities, will
help us create efficiencies in our corporate
support functions. We are exploring
everything from centralizing functions and
employing lean process improvements,
to automating business processes and
analytics-enabled decision-making.
• Driving efficient capital delivery: We
are building an efficient end-to-end
capital process to ensure we can deliver
on our work program to build a safe and
reliable grid for our customers. Rigorous
capital planning and execution are key to
successfully delivering efficient capital on
behalf of all stakeholders.
Our Performance
In March 2019, we experienced a tragic
loss when a Hydro One employee sustained
a fatal injury during a forestry incident in
the Minden area. The memory of our lost
colleague only strengthens our commitment
to an injury-free workplace. We have
appointed Darlene Bradley to the newly
created role of Chief Safety Officer to lead
the transformation of our safety culture. She
has established a Safety Improvement Team,
comprised of a diverse cross-section of
employees, which is dedicated to eliminating
incidents from the workplace that result in
injuries.
We purchased four electric vehicles (EVs)
during 2019 and are on track to purchase
16 more EVs in 2020. As we continue
to green out fleet, we are planning on
converting 50% of our fleet of sedans and
SUVs to electric vehicles or hybrids by 2025.
Additionally, we continued to optimize our
fleet, leveraging GPS fleet tracking to more
efficiently deploy and manage our vehicles
on the road, support safer and more energy-
efficient driver behaviour and reduce fuel
and maintenance costs, while also extending
the life of Hydro One vehicles. These
measures helped us achieve $29 million in
fleet productivity savings.
Approximately 500 members of our forestry
team began using mobile tablets in the
field to efficiently plan their work and to
realize the full potential of our vegetation
MAKING THINGS BETTER FOR OUR
CUSTOMERS AND COMMUNITIES
Our state-of-the-art vegetation management program
(OCP) has been welcomed by our customers and
community partners alike, while delivering major
efficiencies and savings. With a three-year maintenance
cycle, OCP trims problem trees and vegetation more
often to improve the overall safety and reliability of
the system. In 2019 our forestry teams completed
approximately 31,600 kilometres of work along power
lines – with the volume of trees managed at an all-
time high. But perhaps the biggest benefit is that OCP
has proved to be less disruptive to our community
stakeholders, removing less vegetation while being
more aesthetically pleasing; being better for the
environment with less bio-disruption; creating less noise
and improving overall reliability for our customers.
“ Safety is good for
business. A company
that’s more careful,
systematic and driven
by proven, repeatable
processes will lead
to being a better-
managed and more
efficient business.”
Mark Poweska, President & CEO
2019 Highlights
29.6%
Total Annual Recordable Injury Rate
improvement in 2019 over 2018
49.3%
Increase in annual total productivity
savings (capital and OM&A) in 2019
over 2018
Hydro One Limited | Annual Report 2019 17
management program – Optimal Cycle
Protocol (OCP). In support of our growing
capital work programs, we partnered with
contractors to improve the predictability of
our project pipeline, with more upfront focus
on risk assessment and project planning.
We continued to optimize our shared
services portfolio – which includes our
supply chain and real estate functions –
pursuing opportunities to monetize our
land holdings and continue to increase
efficiencies in procurement of materials
and services.
Our Future
In 2020, we plan to develop an integrated
reporting system that accounts for near
misses; a safety analytics program to gain
better insight into safety incidents and
mitigate future incidents; and enhance our
process to ensure effective response to
safety investigation reporting. We will also
empower our field operators to focus on
the work that matters and streamline their
activities in order to improve overall grid
reliability.
Hydro One’s New Strategy
Be a Trusted
Partner
Hydro One will be a trusted partner to Indigenous
peoples, industry stakeholders, government,
communities, customers and all Ontarians. Our
goal is to build and grow relationships to deliver
greater value for our customers and shareholders.
Our Focus
We are pursuing various strategic initiatives
to foster trust and improve relationships with
our key partners:
• Growing relationships with government
and industry partners: We want to
enhance our relationships with industry
and government and to advocate for
our customers on matters of affordability
and innovation. As a trusted leader in the
energy sector, we will continue to advance
energy-related innovations and policies
that benefit all Ontarians.
• Building strong partnerships with
Indigenous peoples: We are committed
to building respectful and positive
relationships with Indigenous communities.
We firmly believe that this proactive
approach will benefit all communities, as
well as enable growth across the province.
• Building trust with customers, communities,
and all Ontarians: We are committed to
serving all Ontarians – now and into the
18 Hydro One Limited | Annual Report 2019
future. Our shared success depends on our
ability to build trust as a reliable partner
and good neighbour.
Our Performance
We consulted with the government on the
modernization of the Ontario Energy Board
(OEB), advocating for structure and system
reforms that will reduce red tape while
improving overall transparency, the efficient
delivery of capital and the environmental
assessment process. We also advocated with
government on behalf of our customers and
advanced a number of critical transmission
projects during the year, including the
Leamington Area Transmission project.
In recent years the greenhouse industry in
southwestern Ontario has been booming
in and around Leamington. We heard from
local government and business leaders
that this community needed significantly
more power to support the growth it was
experiencing. Through a collaborative
process, we worked together with the IESO
and local community leaders to understand
needs in the area so that new infrastructure
could be built to support the growing
demand for electricity. This work together
was a success: in June of this year the IESO
directed us to build a new transmission line
from Chatham to Lakeshore, to support
growing demand for electricity in this area.
We advanced various procurement and
employment opportunities with the 104
First Nations communities served by Hydro
One Networks Inc. and Hydro One Remote
Communities Inc. In 2019, we increased
our procurement spending with Indigenous
businesses by 4.8% over 2018 to
$41.3 million – our highest ever annual
spend. We held our first Hydro One
Indigenous Fair as well as nine Indigenous
procurement workshops. In recognition of
our outreach, the Canadian Council for
Aboriginal Business selected Hydro One as
an Indigenous Procurement Champion.
At the community level, we proudly returned
as a presenting sponsor of the 2019 Little
Native Hockey League tournament – an
annual gathering that brings together
over 2,500 competitors from Indigenous
communities across Ontario to compete in a
SUPPORTING LONG-TERM ECONOMIC
OPPORTUNITIES FOR FIRST NATIONS
COMMUNITIES
Hydro One operates on traditional territories and as
such, we have a responsibility to grow the Indigenous
economy while building meaningful relationships based
on mutual respect. In 2019 Hydro One completed a
major transmission project, the Niagara Reinforcement
Line, with two First Nations equity partners, Mississaugas
of the Credit First Nation and Six Nations of the Grand
River Development Corporation, a community owned
corporation of the Six Nations of the Grand River First
Nation. This 76-kilometre transmission line was brought
to completion by A6N, an Indigenous-owned contractor,
and placed in-service in August 2019. This partnership
model enables the delivery of critical infrastructure
that delivers economic value to the people of Ontario,
while ensuring key benefits flow to local First Nation
communities such as overall capacity building, along
with direct and indirect job opportunities. “The Niagara
Reinforcement Line will not only generate millions of
dollars of benefit for the Six Nations community, it’s
also a step forward for Indigenous participation in the
economy,” said Matt Jamieson, President and Chief
Executive Officer, Six Nations of the Grand River
Development Corporation. “We have proven our ability
to partner and have demonstrated unprecedented
capacity to leverage our skilled labour to drive economic
development, not only within our community, but across
Ontario.”
2019 Highlights
$41.3million
Indigenous procurement – Hydro One’s
highest ever spend
104
First Nations communities served by
Hydro One Networks Inc. and Hydro
One Remote Communities Inc.
Hydro One Limited | Annual Report 2019 19
safe environment. With our partner Indspire
we awarded Leonard S. (Tony) Mandamin
Scholarships to 20 Indigenous students
enrolled in electricity-related programs at
colleges and universities across Ontario,
who also have the opportunity to apply for
paid work placements with Hydro One.
Through our community investment program,
Building Safe Communities, Hydro One
provided training to about 200,000 youth
across Ontario to teach them life-saving
skills and how to play safe. We also
provided 125 donations and sponsorships
to over 70 communities across the province.
Our Future
We will continue to implement our
multi-year Indigenous hiring plan and
to develop a comprehensive Indigenous
community engagement plan for
guiding Indigenous equity partnerships,
procurement and employment opportunities.
Hydro One’s New Strategy
Advocate for
Our Customers
The electricity industry is evolving and so are the
needs of our customers. We will continue to advocate
for our customers and help them make informed
decisions. To enrich the customer experience, we will
build and enhance our digital capabilities and offer
new products and services to meet their energy needs.
Our Focus
We are pursuing key strategic initiatives
to improve the customer experience and
enhance customer satisfaction:
• Making it easier to do business with
Hydro One: More and more, customers
are relying on mobile technology and
self-service options to simplify their lives
and improve their customer experience.
We are expanding our use of digital
tools and channels to ensure we remain
a trusted and cost competitive business
partner for our customers.
• Helping customers make informed
decisions: As their trusted energy resource,
Hydro One is committed to providing
its customers with deeper insights and
tailored solutions for their energy needs.
We also help our customers by advocating
for them to meet their needs by offering a
fresh perspective on the most efficient and
reliable solutions the market offers.
20 Hydro One Limited | Annual Report 2019
• Being our customers’ provider of choice:
Our residential, small business, and
commercial/industrial customers are
increasingly concerned about affordability,
reliability, and power quality. As a large
electric utility, we are uniquely positioned
to expand their access to third-party
products and services.
Our Performance
In 2019, we achieved a residential and
small business customer satisfaction score
of 85.7% – our highest in over a decade.
The increase can be attributed to: improved
customer experience, reliability, rates,
and the strength of the Hydro One brand.
Transmission customer satisfaction was
87.2%, reflecting a new approach to the
delivery of customer service to this customer
group. During the year, we increased
the number of new connections for our
distribution customers, responding to high
volumes and requests for more load, bringing
a second transmission station into service in
Leamington. Capping the year, Hydro One
earned two customer service awards from
the Ontario Energy Association (OEA) – the
2019 OEA Customer Service Award to the
Hydro One Networks Inc. Business Customer
Service Team and the 2019 OEA Contributor
Award to Ryan Boudreau, our Manager of
Protection and Automation.
We are continuing to make it easier to
do business with us by modernizing our
Customer Contact Centre and launching a
dedicated web portal for our commercial and
industrial customers, improving their ability to
access and manage their usage and billing
information. Digital technology is helping
us deliver more effectively on key customer
interactions. We have enrolled approximately
500,000 customers for proactive outage
alerts, allowing them to stay informed with the
latest information during outages, providing
convenience for customers.
CONNECTING OUR CUSTOMERS
WITH REAL-TIME INFORMATION
In February, we updated Hydro One’s new customer
Outage Map and App, which includes advanced
features, such as a weather radar and street level detail.
“We know our customers need real-time information
when the lights go out and our new Outage Map will
make it easier to get the latest information while our
crews work to get the power back on,” said Imran
Merali, Vice President of Customer Service, Hydro
One. The Outage Map now provides customers with
enhanced features to track outages in Hydro One’s
service area along with the ability to bookmark multiple
locations for easy reference. Other new features include:
the ability to view outage information for individual
homes, cottages or businesses; a weather radar overlay
that allows customers to view current weather; updates
every 10 minutes as information comes in from crews
on-site; and improvements to be compliant with AODA
(Accessibility for Ontarians with Disabilities).
In March, we hosted an energy conference
for our large industrial customers, helping
them keep pace with changes in the
province’s energy landscape. Our dedicated
account managers continued to provide
these customers with detailed information
on their consumption patterns, while we
continued to advocate for their needs and
provide guidance on the most efficient and
reliable solutions the market offers.
Our Future
We will explore opportunities for
building access to third-party services for
residential customers and creating offerings
customized to our commercial and
industrial customers’ needs, while providing
commercial and industrial customers with
the tools and technology they need to make
informed decisions.
Hydro One is on a
multi-year journey to
transform the customer
experience by creating
digital channels that
enhance existing services,
introduce new services, and
offer innovative solutions to
better anticipate and meet
the needs of customers.
2019 Highlights
85.7%
Residential and small business
customer satisfaction
87.2%
Transmission customer satisfaction
90.0%
Hydro One Telecom Inc. customer
satisfaction
Hydro One Limited | Annual Report 2019 21
Hydro One’s New Strategy
Innovate and
Grow the Business
Growth and innovation are central to providing value
for our customers and our shareholders. With change
comes opportunity and Hydro One will innovate to
compete in our evolving marketplace. While we will
continue to invest responsibly in our core transmission
and distribution business, we will pursue regulated and
unregulated business opportunities in Ontario.
Our Focus
We are pursuing various strategic initiatives
to drive the sustainable financial growth of
our business and provide innovate offerings
to our customers:
• Responsibly investing in rate base assets:
We will continue to invest responsibly
in our core transmission and distribution
business to ensure grid safety, efficiency
and reliability – and to deliver the services
our customers depend on for their electricity
needs. With many transmission and
distribution assets aging and degrading,
investment in grid modernization remains
critical to the long-term health of the system.
• Pursuing new regulated opportunities:
We plan to actively pursue growth
opportunities in the regulated portion of our
business that can benefit ratepayers and
shareholders alike – through acquisitions
of local distribution companies (LDCs) and
competitive transmission projects within
Ontario. Ontario currently has 58 LDCs,
making this a significant opportunity to find
efficiencies to drive costs out of the system.
• Pursuing innovative unregulated
opportunities: Unregulated opportunities
are critical to ensuring our long-term
sustained growth in an evolving market. We
will pursue these growth opportunities in
order to diversify our portfolio and respond
to the changing needs of the market, as well
as to foster a culture of entrepreneurship
and innovation at Hydro One.
Our Performance
In 2019, we invested approximately
$1.7 billion to expand the electricity grid and
renew and modernize existing infrastructure
– $624 million in our distribution business
and $1 billion in our transmission business.
Some of the largest transmission capital
additions included: $73 million on the
replacement of transmission line insulators
and $40 million on the replacement of
transmission line wood poles across the
province; $28 million each on the new
Leamington TS #2 (transmission station) and
the rebuild of Hanmer TS in northeastern
Ontario; $27 million to refurbish Bronte
TS in the western GTA; $26 million on
the refurbishment of the D2L circuit in
northeastern Ontario; $26 million to build
the new Enfield TS in the Durham region;
$25 million as part of a project to rebuild
one of the switchyards serving Bruce Power’s
nuclear generating stations; and finally,
$119 million in capital additions with the
completion of the Niagara Reinforcement
Line. We continued to focus on replacing
aging priority assets using a disciplined
approach to capital investments, with a
goal to deliver greater value for both our
customers and shareholders.
We pursued new regulated opportunities,
mainly through the ongoing consolidation
of Ontario’s electricity distributors.
Hydro One remains committed to its
22 Hydro One Limited | Annual Report 2019
HYDRO ONE TELECOM INC. TRUSTED
ENTERPRISE BUSINESS PARTNER
In 2019, HOT began pivoting from a focus of providing
businesses with commoditized fibre connectivity
to offering a suite of value-added services to meet
customers’ connectivity and data management needs.
These new services complement Hydro One Telecom
Inc.’s province-wide fibre-optic network and include
an expansion of connectivity options with Secure
SD-WAN, as well as cloud based offerings of Backup as
a Service (BaaS) and Infrastructure as a Service (IaaS).
HOT now provides an enhanced suite of cloud services,
data backup tools and secure data storage options
for our customers to choose from, ultimately providing
managed services and adding to net income growth.
We have entered into a partnership with
Ontario Power Generation to provide an
easier charging experience for Ontario’s
EV drivers. By the end of 2021, the Ivy
Charging Network is expected to have
73 fast-charger stations across Ontario.
Our Future
In 2020, we plan to invest approximately
$1.9 billion in our rate base assets while
pursuing opportunities to participate in
competitive processes for pursuing LDCs
and transmission lines within Ontario. We
also plan to accelerate the growth of the
telecom business.
Highlights
7.3%
Adjusted EPS CAGR since IPO
$10.1billion
In regulated capital investments
in the next 5 years
$105-million purchase of Peterborough’s
electrical utility, pending approval from the
Ontario Energy Board. We also continued
to move through the regulatory process to
acquire Orillia Power Distribution Corp –
a $41.3-million purchase, which is expected
to bring long-term economic value to
businesses and residents in Simcoe County.
Additionally, we announced an investment
of approximately $150 million to build a
state-of-the-art grid control centre in Orillia,
which will serve as one of our innovative
technology hubs and will ensure the safe,
reliable delivery of electricity to communities
across all of Ontario for years to come.
Our pursuit of unregulated growth
opportunities is mainly through our telecom
subsidiary. With approximately 9,000
route kilometers in fiber optic lines, HOT is
seeking to expand on its success, as well as
to identify new opportunities for innovative
growth within Ontario.
Hydro One Limited | Annual Report 2019 23
Hydro One’s Progressive,
Gender-Diverse and Independent
Board of Directors
We value diversity at all levels of
Hydro One and its commitment extends
to ensuring a gender-diverse Board of
Directors. With the announcement of
Susan Wolburgh Jenah in 2019, the
composition of our Independent Non-
Executive Board is five women (50%)
and five men (50%), making us one of the
most gender progressive boards in North
America. It also reflects best practices in
board diversity and surpasses our Catalyst
Accord commitment to maintaining at least
30% female board members. The Catalyst
Accord is a global non-profit organization
dedicated to gender parity
in the workplace.
Board Gender Diversity1
50%
Female Directors
Female
Male
1. Hydro One’s Independent Non-Executive Board
of Directors
2. Became a director on January 1, 2020
Corporate Governance
Corporate
Governance
Strong corporate governance practices
are at the heart of how we manage our
day-to-day operations in the interest
of all stakeholders.
Hydro One and its independent Board
of Directors recognize the importance
of corporate governance in the effective
management of the company. Independence,
integrity and accountability are the
foundation of Hydro One’s approach to
corporate governance. It is in the long-term
best interests of shareholders, and promotes
and strengthens relationships with our
customers, employees, the communities
where we operate and other stakeholders
of the Company. The Board of Directors
is firmly supported in these commitments
by a governance agreement between
Hydro One and the province of Ontario,
which was executed in advance of the
November 2015 Initial Public Offering of the
Company and ensures that the province’s role
is limited to that of a shareholder and not a
manager of the business.
Hydro One’s Board of Directors is composed
of a diverse and accomplished group of
independent, proven business leaders with
deep corporate governance experience. The
Board’s primary role is overseeing corporate
performance and the quality, depth and
continuity of management required to
meet the company’s strategic objectives.
Hydro One is committed to maintaining
best corporate governance practices. The
Company’s practices are fully aligned
with the rules and regulations issued by
Canadian Securities Administrators and the
Toronto Stock Exchange, including national
corporate governance guidelines and
related disclosure requirements.
Board Structure
The Chair is responsible for leading the
Board of Directors in carrying out its duties
and responsibilities effectively, efficiently
and independent of management. The Chair
is nominated and confirmed annually by
special resolution of the Board. Consistent
with best practices, Hydro One’s Board Chair
is separate from the role of President and
Chief Executive Officer and is independent
of Hydro One and the Province of Ontario.
To learn more about the Directors,
committee mandates and composition, go to
www.HydroOne.com/Investors
Board of Directors and Committees (as at January 1, 2020)
Committees
Audit
Governance
Human Resources
Health, Safety,
Environmental and
Indigenous Peoples
Timonthy Hodgson
(Chair)
Mark Poweska
(President & CEO)
Cherie Brant
Blair Cowper-Smith
Anne Giardini
David Hay
Jessica McDonald
Russel Robertson
William Sheffield
Melissa Sonberg
Susan Wolburgh
Jenah2
•
•
•
•
•
•
•
•
•
•
•
•
Pending Appointment
Chair
• Committee Member
24 Hydro One Limited | Annual Report 2019
Board of Directors
1
4
7
2
5
8
3
6
9
10
11
1. Timothy Hodgson, MBA, FCPA, ICD.D
Corporate Director, Chair of Hydro
One Ltd, Chair of Sagicor Financial
Corporation Limited, Director
Public Sector Pension Investment
Board (PSP Investments), Director
Alignvest Acquisition II Corporation,
retired Managing Partner Alignvest
Management Corporation, Former
Special Advisor to Bank of Canada
Governor Mark Carney, Former CEO
Goldman Sachs Canada
2. Cherie Brant, JD
Partner, Borden Ladner Gervais
LLP, Director Anishnawbe Health
Foundation, Member Canadian
Council for Aboriginal Business,
Research Advisory Board, Aboriginal
Energy Working Group-IESO
3. Blair Cowper-Smith, LLM, ICD.D
Principal and founder Erin Park
Business Solutions, Former Chief
Corporate Affairs Officer OMERS
4. Anne Giardini, O.C., O.B.C, Q.C, LLM
Chancellor, Simon Fraser University,
Former Canadian President
Weyerhaeuser Company Limited,
Former Director Nevsun Resources LTD
5. David Hay, LLB, ICD.D
Managing Director Delgatie
Incorporated, Former CEO New
Brunswick Power Corporation, Former
Vice-Chair and Managing Director
of CIBC World Markets Inc., Director
EPCOR, Council Member of the
Council for Clean and Reliable Energy
6. Jessica McDonald, ICD.D
Corporate Director, Chair, Canada
Post Corporation, Former President
& CEO BC Hydro & Power Authority,
Director Coeur Mining Inc., Chair
Trevali Mining Corporation, Member
Council of Sustainable Development
Technology Canada
7. Russel Robertson, FCPA, FCA, ICD.D
Corporate Director, Former EVP and
Head, Anti-Money Laundering, BMO
Financial Group, Former Vice-Chair,
Deloitte & Touche LLP, Director Bausch
Health Companies Inc., Director
Turquoise Hill Resources
8. William Sheffield, BSC, MBA, ICD.D
Corporate Director, Former CEO Sappi
Fine Papers, Director Houston Wire &
Cable Company, Director Velan Inc.,
Former Board Member OPG
9. Melissa Sonberg, BSC, MHA, ICD.D
Adjunct Professor and Executive-in-
Residence, McGill University, Desautel
Faculty of Management, Director
Exchange Income Corporation,
Former Senior Vice President, Human
Resources & Corporate Affairs and
Senior Vice President, Global Brands,
Communications and External Affairs
at AIMIA
10. Susan Wolburgh Jenah J.D., ICD.D
Corporate Director, Director Laurentian
Bank, Director Aecon Group Inc, and
Humber River Hospital. Governor
of the Financial Industry Regulatory
Authority (FINRA), and member of the
Independent Review Committee of
Vanguard Investments Canada
11. Mark Poweska, President and CEO of
Hydro One Ltd, Former Executive Vice
President, Operations at BC Hydro,
Director and Chair of the Operations
Committee of the Western Energy
Institute, Board Advisor to Yukon
Energy Corporation
Executive Leadership Team
12
13
14
15
16
17
18
11. Mark Poweska
President and Chief Executive Officer
12. Brad Bowness
Chief Information Officer
13. Darlene Bradley
Chief Safety Officer
14. Jason Fitzsimmons
Chief Corporate Affairs &
Customer Care Officer
15. Paul Harricks
Chief Legal Officer
16. David Lebeter
Chief Operating Officer, January 2020
17. Chris Lopez
Chief Financial Officer
18. Saylor Millitz-Lee
Chief Human Resources Officer
For detailed biographical information of Hydro One Limited Board members, go to www.HydroOne.com/Investors.
The biographical information of Hydro One Limited Board members is based on information available to management as of January 15, 2020.
Hydro One Limited | Annual Report 2019 25