Milder weather, less profit for Hy­dro

Ottawa Sun - - NEWS - — The Cana­dian Press

Hy­dro One Ltd. re­ported a lower sec­ondquar­ter profit as rev­enue fell com­pared with a year ago. Milder weather dur­ing the quar­ter ended June 30 re­sulted in less de­mand dur­ing peak pric­ing pe­ri­ods.

Rev­enue fell 11.3% to $1.37 bil­lion while rev­enue ex­clud­ing pur­chased power slipped 2.8% to $722 mil­lion.

The On­tario gov­ern­ment’s stake slipped be­low 50% fol­low­ing the sale of a block of shares. Last month, Hy­dro One signed a deal to ac­quire U.S. en­ergy com­pany Avista Corp. in an agree­ment that val­ued the com­pany at $6.7 bil­lion.

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