Hydro One hit by $223M storm cost denial
Hydro One Networks Inc. received an Ontario Energy Board decision on its 2026 Annual Update that denies recovery of approximately $223 million in costs from a major March 2025 ice storm.
Rhea-AI Filing Summary
Hydro One Networks Inc. received an Ontario Energy Board decision on its 2026 Annual Update that denies recovery of approximately $223 million in costs from a major March 2025 ice storm. The storm damaged Ontario’s grid and affected more than 600,000 customers, requiring over 4,500 workers to repair more than 6,000 broken poles and cross arms.
Hydro One is reviewing the decision and considering next steps. The wider group remains a large regulated utility with $39.7 billion in assets and $9 billion in 2025 revenues, serving about 1.5 million customers and investing $3.4 billion in its networks in 2025.
Positive
- None.
Negative
- OEB denies recovery of ~$223 million in March 2025 ice‑storm costs, creating a potentially material negative impact on Hydro One’s earnings and cash flow from its regulated operations.
Insights
OEB’s denial of $223M storm cost recovery is a clearly negative regulatory outcome.
The Ontario Energy Board’s decision to deny recovery of approximately $223 million in March 2025 ice-storm costs directly affects Hydro One Networks Inc.’s ability to pass extraordinary expenses through to ratepayers. For a regulated utility, such rulings can influence earnings, cash flow and perceived regulatory risk.
The company highlights that the ice storm impacted more than 600,000 customers and required over 4,500 workers to repair more than 6,000 poles and cross arms. Hydro One is reviewing the decision and will determine its next steps, so any financial or rate implications will depend on future actions or potential appeals described in subsequent disclosures.
Key Figures
Key Terms
Z-factor application financial
Ontario Energy Board regulatory
Annual Update application regulatory
forward-looking information regulatory
safe harbour regulatory
FAQ
What did the Ontario Energy Board decide about Hydro One (HRNNF) in the 2026 Annual Update?
How much March 2025 ice-storm cost recovery was denied for Hydro One (HRNNF)?
How severe was the March 2025 ice storm referenced in Hydro One’s 6-K filing?
What is Hydro One’s business scale according to the April 2026 6-K filing?
What investments and purchasing did Hydro One make in 2025?
What forward-looking information cautions does Hydro One include in this disclosure?
AI-generated analysis. How Rhea-AI works. Not financial advice.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: April 2026
Commission File Number: 333-225519-01
HYDRO ONE LIMITED
(Translation of Registrant’s name into English)
483 Bay Street, South Tower, 8th Floor, Toronto Ontario M5G 2P5 Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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HYDRO ONE LIMITED
/s/ Cassidy McFarlane
| |
| Name: Cassidy McFarlane | ||
| Title: General Counsel | ||
| Date: April 7, 2026 | ||
EXHIBIT INDEX
| 99.1 | News Release dated April 7, 2026 |
Exhibit 99.1
Hydro One receives regulatory decision regarding its 2026 Annual Update application
TORONTO, April 7, 2026 – Today, Hydro One Networks Inc. (Hydro One) received a decision from the Ontario Energy Board (OEB) on its 2026 Annual Update application, including its Z-factor application. The decision denies the recovery of approximately $223 million in costs related to the significant ice storm that occurred in March 2025.
The generational ice storm caused widespread damage across many areas of Ontario and impacted more than 600,000 customers. In response, more than 4,500 Hydro One team members, contract partners from across Canada and crews from 30 local distribution companies, worked around the clock to restore power to customers and repair more than 6,000 broken poles and cross arms.
Hydro One is reviewing the decision and will determine the appropriate next steps.
A copy of the decision is available on the OEB’s website.
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Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario’s largest electricity transmission and distribution provider with 1.5 million valued customers, $39.7 billion in assets as at December 31, 2025, and annual revenues in 2025 of $9 billion.
Our team of 9,600 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2025, Hydro One invested $3.4 billion in its transmission and distribution networks, and supported the economy through buying $3.0 billion of goods and services.
We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives.
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.sedarplus.com or www.sec.gov.
For more information about everything Hydro One, please visit www.hydroone.com where you can find additional information including links to
securities filings, historical financial reports, and information about the Company’s governance practices, corporate social responsibility, customer solutions, and further information about its business.
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 Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (collectively, “forward-looking information”). Statements containing forward-looking information are made pursuant to the “safe harbour” provisions of applicable Canadian and U.S. 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. 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.sedarplus.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.