# HYDRO ONE LIMITED

Summary updated: 2026-10-02T10:18:04.854554Z
Canonical: https://finbar.com/research/companies/hydro-one

## Overview

Hydro One Limited is an Ontario-based, rate-regulated electricity utility focused on transmitting and distributing electricity, rather than generating it. Its transmission network connects generating stations with local utilities and large industrial customers, while its distribution business delivers electricity to homes, farms and businesses across Ontario. [1](https://app.finbar.com/go?id=P134659649)[2](https://app.finbar.com/go?id=P134659650)[3](https://www.hydroone.com/about/corporate-information)

The company describes its purpose as “Energize life with reliable and sustainable solutions for a brighter future.” [4](https://www.hydroone.com/about/corporate-information/our-focus) Its network includes approximately 30,000 circuit-kilometres of transmission lines and 126,000 circuit-kilometres of distribution lines, serving about 1.5 million residential and business customers. [5](https://app.finbar.com/go?id=P134659655)[6](https://app.finbar.com/go?id=P134659656)[7](https://app.finbar.com/go?id=P134659657) Hydro One reported 9,600 employees and C$9.041 billion in revenue for FY2025. [8](https://www.hydroone.com/investorrelations/Reports/2025-HOL-AIF.pdf)[9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)
[1](https://app.finbar.com/go?id=P134659649)[2](https://app.finbar.com/go?id=P134659650)[3](https://www.hydroone.com/about/corporate-information)[4](https://www.hydroone.com/about/corporate-information/our-focus)[5](https://app.finbar.com/go?id=P134659655)[6](https://app.finbar.com/go?id=P134659656)[7](https://app.finbar.com/go?id=P134659657)[8](https://www.hydroone.com/investorrelations/Reports/2025-HOL-AIF.pdf)[9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)[3](https://www.hydroone.com/about/corporate-information)[4](https://www.hydroone.com/about/corporate-information/our-focus)[8](https://www.hydroone.com/investorrelations/Reports/2025-HOL-AIF.pdf)[9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)

## Products & services

Hydro One’s core customer-facing offerings are electricity transmission and distribution. Its transmission service carries electricity over a high-voltage network of approximately 30,000 circuit-kilometres; its distribution service delivers electricity locally over approximately 126,000 circuit-kilometres of lines and through about 1,000 distribution and regulating stations. [10](https://www.hydroone.com/about/corporate-information/subsidiaries) [11](https://www.hydroone.com/investorrelations/Documents/eventsandpresentations/Hydro%20One%203Q25%20Fact%20Sheet.pdf)

For commercial and industrial customers, Hydro One offers new or expanded connections, including an application process for projects with at least 2 MVA of transformation capacity, as well as transmission upgrades and facility modifications. It also provides connection guidance and cost estimates for non-residential EV charging stations, and an eligible EV charging station transmission rate took effect January 1, 2026. [12](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/connect-with-hydro-one) [13](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/transmission-connections) [14](https://www.hydroone.com/business-services/ev-charging-station-connections) [15](https://www.hydroone.com/business-services/electric-vehicle-charging-rate)

Other offerings include the Flexibility Initiative, through which commercial and industrial customers, aggregators and energy-management providers can offer load curtailment, energy storage or dispatchable generation; and residential services such as move-in/move-out requests, meter readings, service upgrades, tree trimming, bill payment, usage tracking and outage or high-usage alerts. The company’s 2026 Q1 investor overview describes its regulated businesses as 99% of revenue; it does not provide a transmission-versus-distribution or individual service revenue split. [16](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/commercial-industrial-customers/flexibility) [17](https://www.hydroone.com/residential-services) [18](https://www.hydroone.com/login) [19](https://app.finbar.com/go?id=P134659975)
[19](https://app.finbar.com/go?id=P134659975)[10](https://www.hydroone.com/about/corporate-information/subsidiaries)[11](https://www.hydroone.com/investorrelations/Documents/eventsandpresentations/Hydro%20One%203Q25%20Fact%20Sheet.pdf)[12](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/connect-with-hydro-one)[13](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/transmission-connections)[14](https://www.hydroone.com/business-services/ev-charging-station-connections)[15](https://www.hydroone.com/business-services/electric-vehicle-charging-rate)[16](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/commercial-industrial-customers/flexibility)[17](https://www.hydroone.com/residential-services)[18](https://www.hydroone.com/login)

## Geographic presence

Hydro One’s operations are concentrated in Ontario, Canada. The company serves approximately 1.5 million customers across about 75% of Ontario’s geographic area; its network includes roughly 30,000 circuit-kilometres of high-voltage transmission and 126,000 circuit-kilometres of distribution lines. Its customer base is predominantly rural. [20](https://www.hydroone.com/investorrelations/Documents/eventsandpresentations/Hydro%20One%202Q25%20Fact%20Sheet.pdf) [21](https://www.hydroone.com/about)

The network and transmission-project portfolio extend across multiple parts of the province, including southwestern, northwestern, southern, northeastern, eastern, north-central and northern Ontario. [22](https://app.finbar.com/go?id=P134659678) [23](https://app.finbar.com/go?id=P134659841) [24](https://app.finbar.com/go?id=T15397369) Hydro One’s corporate head office is in Toronto, Ontario; company materials report approximately 9,600 employees, but do not provide a regional workforce distribution. [25](https://www.hydroone.com/support/contact) [26](https://www.hydroone.com/investor-relations/2025-annual-report)

The company’s financial reporting presents revenue by regulated business segment rather than by geographic region, and no regional revenue percentages were identified. [9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)
[22](https://app.finbar.com/go?id=P134659678)[23](https://app.finbar.com/go?id=P134659841)[24](https://app.finbar.com/go?id=T15397369)[20](https://www.hydroone.com/investorrelations/Documents/eventsandpresentations/Hydro%20One%202Q25%20Fact%20Sheet.pdf)[21](https://www.hydroone.com/about)[25](https://www.hydroone.com/support/contact)[26](https://www.hydroone.com/investor-relations/2025-annual-report)[9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)

## Business segments

Hydro One reports three business segments: **Transmission**, **Distribution**, and **Other**. Transmission owns and operates Ontario’s high-voltage transmission system, while Distribution owns and operates the electricity distribution system serving end customers and municipal distributors. Other principally includes telecommunications services through Acronym Solutions and certain corporate activities. [9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)

For the year ended December 31, 2025, segment revenue was C$1,938 million for Transmission, C$4,800 million for Distribution, and C$35 million for Other—approximately **28.6%, 70.9%, and 0.5%**, respectively, of C$6,773 million total segment revenue. [27](https://app.finbar.com/go?id=T15397379) Because Distribution revenue includes purchased power, Hydro One also presents revenue net of purchased power: on that basis, Transmission contributed C$1,938 million, Distribution C$1,601 million, and Other C$35 million, or approximately **54.2%, 44.8%, and 1.0%** of C$3,574 million. [27](https://app.finbar.com/go?id=T15397379)[28](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-FS.pdf)
[27](https://app.finbar.com/go?id=T15397379)[9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)[28](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-FS.pdf)[9](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)[28](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-FS.pdf)

## Company history

Hydro One traces its origins to 1906, when Ontario established the Hydro-Electric Power Commission of Ontario. In 1999, Ontario Hydro was restructured, with its transmission and distribution operations transferred to Ontario Hydro Services Company; that company was renamed Hydro One Inc. on May 2, 2000. [21](https://www.hydroone.com/about) [29](https://www150.statcan.gc.ca/n1/pub/13-605-x/2003001/concept/4151943-eng.htm) [30](https://www.ofina.on.ca/pdf/2000ar-e.pdf)

Hydro One Limited was incorporated in 2015, acquired Hydro One Inc. that October, and began trading publicly on November 5. [31](https://www.hydroone.com/investorrelations/Reports/2020%20YE%20HOL%20FS.pdf) [32](https://app.finbar.com/go?id=P134659760) Between 2016 and 2017, it acquired Great Lakes Power Transmission and the Province of Ontario reduced its ownership below a majority. [33](https://hydroone.mediaroom.com/2016-10-31-Hydro-One-completes-acquisition-of-Great-Lakes-Power-Electricity-Transmission-business) [34](https://www.hydroone.com/investorrelations/Documents/2017%20annual%20report/2017%20Annual%20Report%20-%20Financial%20Report.pdf) In 2020, Hydro One expanded its Ontario distribution operations by acquiring the distribution assets of Peterborough Distribution and Orillia Power Distribution. [35](https://hydroone.mediaroom.com/2020-08-01-Hydro-One-completes-acquisition-of-business-assets-of-Peterborough-Distribution-Inc) [36](https://hydroone.mediaroom.com/2020-09-01-Hydro-One-completes-acquisition-of-Orillia-Power-Distribution-Corporation)
[21](https://www.hydroone.com/about)[29](https://www150.statcan.gc.ca/n1/pub/13-605-x/2003001/concept/4151943-eng.htm)[30](https://www.ofina.on.ca/pdf/2000ar-e.pdf)[31](https://www.hydroone.com/investorrelations/Reports/2020%20YE%20HOL%20FS.pdf)[33](https://hydroone.mediaroom.com/2016-10-31-Hydro-One-completes-acquisition-of-Great-Lakes-Power-Electricity-Transmission-business)[34](https://www.hydroone.com/investorrelations/Documents/2017%20annual%20report/2017%20Annual%20Report%20-%20Financial%20Report.pdf)[35](https://hydroone.mediaroom.com/2020-08-01-Hydro-One-completes-acquisition-of-business-assets-of-Peterborough-Distribution-Inc)[36](https://hydroone.mediaroom.com/2020-09-01-Hydro-One-completes-acquisition-of-Orillia-Power-Distribution-Corporation)

## Sources

1. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p2](https://app.finbar.com/go?id=P134659649)
2. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p2](https://app.finbar.com/go?id=P134659650)
3. [www.hydroone.com](https://www.hydroone.com/about/corporate-information)
4. [www.hydroone.com](https://www.hydroone.com/about/corporate-information/our-focus)
5. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p2](https://app.finbar.com/go?id=P134659655)
6. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p2](https://app.finbar.com/go?id=P134659656)
7. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p2](https://app.finbar.com/go?id=P134659657)
8. [www.hydroone.com](https://www.hydroone.com/investorrelations/Reports/2025-HOL-AIF.pdf)
9. [www.hydroone.com](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-MDA.pdf)
10. [www.hydroone.com](https://www.hydroone.com/about/corporate-information/subsidiaries)
11. [www.hydroone.com](https://www.hydroone.com/investorrelations/Documents/eventsandpresentations/Hydro%20One%203Q25%20Fact%20Sheet.pdf)
12. [www.hydroone.com](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/connect-with-hydro-one)
13. [www.hydroone.com](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/transmission-connections)
14. [www.hydroone.com](https://www.hydroone.com/business-services/ev-charging-station-connections)
15. [www.hydroone.com](https://www.hydroone.com/business-services/electric-vehicle-charging-rate)
16. [www.hydroone.com](https://www.hydroone.com/business-services/commercial-industrial-generators-and-ldcs/commercial-industrial-customers/flexibility)
17. [www.hydroone.com](https://www.hydroone.com/residential-services)
18. [www.hydroone.com](https://www.hydroone.com/login)
19. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p27](https://app.finbar.com/go?id=P134659975)
20. [www.hydroone.com](https://www.hydroone.com/investorrelations/Documents/eventsandpresentations/Hydro%20One%202Q25%20Fact%20Sheet.pdf)
21. [www.hydroone.com](https://www.hydroone.com/about)
22. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p3](https://app.finbar.com/go?id=P134659678)
23. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p14](https://app.finbar.com/go?id=P134659841)
24. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p12](https://app.finbar.com/go?id=T15397369)
25. [www.hydroone.com](https://www.hydroone.com/support/contact)
26. [www.hydroone.com](https://www.hydroone.com/investor-relations/2025-annual-report)
27. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p24](https://app.finbar.com/go?id=T15397379)
28. [www.hydroone.com](https://www.hydroone.com/investorrelations/Reports/2025-YE-HOL-FS.pdf)
29. [www150.statcan.gc.ca](https://www150.statcan.gc.ca/n1/pub/13-605-x/2003001/concept/4151943-eng.htm)
30. [www.ofina.on.ca](https://www.ofina.on.ca/pdf/2000ar-e.pdf)
31. [www.hydroone.com](https://www.hydroone.com/investorrelations/Reports/2020%20YE%20HOL%20FS.pdf)
32. [HYDRO ONE LIMITED — Presentation (2026 Q 1), p6](https://app.finbar.com/go?id=P134659760)
33. [hydroone.mediaroom.com](https://hydroone.mediaroom.com/2016-10-31-Hydro-One-completes-acquisition-of-Great-Lakes-Power-Electricity-Transmission-business)
34. [www.hydroone.com](https://www.hydroone.com/investorrelations/Documents/2017%20annual%20report/2017%20Annual%20Report%20-%20Financial%20Report.pdf)
35. [hydroone.mediaroom.com](https://hydroone.mediaroom.com/2020-08-01-Hydro-One-completes-acquisition-of-business-assets-of-Peterborough-Distribution-Inc)
36. [hydroone.mediaroom.com](https://hydroone.mediaroom.com/2020-09-01-Hydro-One-completes-acquisition-of-Orillia-Power-Distribution-Corporation)

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