Hydro One Profits Down

August 9, 2002 [SolarAccess.com] Hydro One Inc., the power distributor of Canada’s richest province, Ontario, reported on Thursday lower second-quarter profit because of reduced rate increases from a three-year customer rate mitigation plan. Net income was C$99 million (US$60 million) for the quarter ended June 30, down from C$114 million a year ago. The company said its bottom line will continue to be pressured until 2003 with limited application of rate increases. Profit during this quarter was partially offset by an increase in the volume of electricity the company distributed.
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