TORONTO Hydro One Ltd. recorded higher profit and revenue in the second quarter of 2026, helped by increased electricity demand and rates approved by the Ontario Energy Board.
The utility reported net income attributable to common shareholders of $370 million, or 62 cents per diluted share, for the three months ended June 30. A year earlier, Hydro One posted net income of $327 million, equivalent to 54 cents per diluted share.
The improvement in earnings per share was largely driven by higher revenue generated under Ontario Energy Board-approved rates, combined with stronger peak electricity demand during the quarter.
Hydro One’s revenue reached $2.30 billion, compared with $2.07 billion in the second quarter of 2025.
The results come as the company begins a new leadership phase. In June, Megan Telford took over as chief executive officer following the retirement of former CEO David Lebeter.
The stronger quarterly performance highlights continued growth in electricity demand and the financial impact of regulated rate structures as Hydro One maintains and expands Ontario’s electricity infrastructure.
