Hydro Ottawa Holding Inc. 2004 annual report : 3 ways to make 1 powerful connection

An overview of the municipally owned Hydro Ottawa Holding Inc. was presented in this annual report. In 2004, the utility moved out of a deficit position for the first time in its 4 year history. Consolidated net earnings from continuing and discontinued operations increased to $19.7 million from $2.6 million. The increase was due mainly to decreases in operating, maintenance and administrative costs, as well as to the recovery of the cost of regulatory assets and the gain on the disposal of discontinued operations. As a result, the Corporation's deficit of $16.9 million became retained earnings of $2.8 million. Financial highlights were presented, as well as a comparison of distributors' charges with other utilities. It was noted that transparency and accountability were improved with more regular reporting to its shareholder, the City of Ottawa. In late 2004, City Council approved Hydro Ottawa Holding's 5 year consolidated financial plan which recommended that the City invest $37.8 million back into the Corporation and receive payment of the balance. The payback of the City's loan was financed through the Corporation's placement, in 2005, of $200 million in bonds. New programs included a trash-to-electricity contract, a bounty on energy-wasting fridges, and Telecom Ottawa's Data Backup and Recovery Service. Hydro Ottawa Holding Inc. is an amalgamation of 5 Ottawa-area utilities, and now provides leadership to 3 subsidiaries: Hydro Ottawa Ltd., Energy Ottawa Inc., and Telecom Ottawa Holding Inc.. Financial highlights of the 3 subsidiaries were also provided. tabs., figs