Hydro One Ltd. reported $181 million in fourth-quarter net income attributable to common shareholders as its revenue edged higher compared with a year earlier.

The power utility says the profit amounted to 30 cents per diluted share for the quarter ended Dec. 31.

The result compared with a profit of $178 million or 30 cents per diluted share a year earlier.

Revenue totalled $1.98 billion, up from $1.86 billion in the fourth quarter of 2022, while revenue net of purchased power totalled $989 million, up from $967 million.

The increase was due in part to higher average monthly peak demand and energy consumption, as well as higher rates, partially offset by regulatory adjustments.

Hydro One is Ontario's largest electricity transmission and distribution provider.