Hydro One Ltd. reported a third-quarter profit of $357 million, up from $307 million a year ago.

The power utility says the profit amounted to 59 cents per diluted share for the quarter ended Sept. 30, up from 51 cents per diluted share a year earlier.

Revenue totalled $1.93 billion, down from $2.03 billion in the same quarter last year, while revenue, net of purchased power, totalled $1.08 billion, up from $1.07 billion a year earlier.

Hydro One says the increase in revenue, net of purchased power, was helped by a hike in transmission rates and higher average monthly peak demand.

Since the end of the quarter, the company says it was awarded the right to develop and construct three new transmission lines to meet growing demand in Northeastern and Eastern Ontario. 

It says it has been collaborating with First Nations on early planning and that First Nations will have the opportunity to invest in a 50 per cent equity stake in the transmission line component of the projects.

This report by The Canadian Press was first published Nov. 8, 2023.