Milder weather, less profit for Hydro
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.