TORONTO, July 16, 2020 /CNW/ - Hydro One Networks
Inc. (Hydro One) announced today that it received a decision on its
appeal to the Ontario Divisional Court regarding the Ontario Energy
Board's (OEB) decision on the deferred tax asset. The Ontario
Divisional Court set aside the decision of the OEB, and ordered
that the matter be returned to the OEB to correct the errors
identified and make the appropriate tax savings
allocations.
Once posted, a copy of the decision will be available at:
www.ontariocourts.ca/scj/decisions.
Hydro One Limited (TSX: H)
Hydro One Limited,
through its wholly-owned subsidiaries,
is Ontario's largest electricity transmission and
distribution provider with approximately 1.4 million valued
customers, approximately $27.1 billion in assets as
at December 31, 2019, and annual revenues in 2019 of
approximately $6.5 billion. Our team of approximately 8,800
skilled and dedicated employees proudly build and maintain a safe
and reliable electricity system, which is essential to supporting
strong and successful communities. In 2019, Hydro One invested
approximately $1.7 billion in its transmission and
distribution networks and supported the economy through buying
approximately $1.5 billion of goods and services. We are
committed to the communities where we live and work through
community investment, sustainability and diversity initiatives. We
are designated as a Sustainable Electricity Company by the Canadian
Electricity Association. Hydro One Limited's common shares are
listed on the TSX and certain of Hydro One Inc.'s medium term notes
are listed on the NYSE. Additional information can be accessed
at www.HydroOne.com; www.sedar.com or www.sec.gov.
Forward-Looking Statements and Information:
This press
release and the decision to which it refers may contain
"forward-looking information" within the meaning of applicable
securities laws. Words such as "expect," "anticipate," "intend,"
"attempt," "may," "plan," "will", "can", "believe," "seek,"
"estimate," and variations of such words and similar expressions
are intended to identify such forward-looking information. Such
statements include, but are not limited to, statements regarding
the deferred tax asset decision by the Ontario Divisional Court and
possible next steps. These statements are not guarantees of
future performance or actions and involve assumptions and risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed,
implied or forecasted in such forward-looking information. Some of
the factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by
such forward-looking information, including some of the assumptions
used in making such statements, are discussed more fully in Hydro
One's filings with the securities regulatory authorities
in Canada, which are available on SEDAR at www.sedar.com.
Hydro One does not intend, and it disclaims any obligation, to
update any forward-looking information, except as required by
law.
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SOURCE Hydro One Limited