Hydro One reports first-quarter profit and revenue up from year ago

Hydro One workers at the Husky Travel Centre in Niagara-on-the-Lake, Ont. THE CANADIAN PRESS/Tara Walton

TORONTO — Hydro One Ltd. reported its first-quarter profit and revenue rose compared with a year ago, boosted by higher rates and increased peak demand.

The power utility says it earned $391 million in net income attributable to common shareholders or 65 cents per diluted share for the quarter ended March 31.

The result compared with a profit of $358 million or 60 cents per diluted share in the same quarter last year.

Revenue totalled $2.65 billion, up from $2.41 billion in the first quarter of 2025.

In February, Hydro One announced chief operating officer Megan Telford would become chief executive on June 9.

Telford will replace David Lebeter, who is retiring from the top job.

This report by The Canadian Press was first published May 13, 2026.