Hydro One Ltd. raised its quarterly dividend as it reported its first-quarter profit rose compared with a year earlier, helped by higher revenue.

The power utility says it will pay a quarterly dividend of 31.42 cents per share, up from 29.64 cents per share.

The increased payment to shareholders came as Hydro One says it earned net income attributable to common shareholders of $293 million or 49 cents per diluted share for the quarter ended March 31.The result compared with a profit of $282 million or 47 cents per diluted share in the first quarter of 2023.

Revenue for the quarter totalled $2.17 billion, up from $2.07 billion in the same quarter last year.

Revenue, net of purchased power, amounted to $1.07 billion, up from $1.06 billion a year earlier.

Hydro One is Ontario's largest electricity transmission and distribution provider with about 1.5 million customers.

This report by The Canadian Press was first published May 14, 2024.