Canada, Toronto - Hydro One Networks Inc., Ontario's largest electricity transmission and distribution company, has submitted its 2020-2022 Transmission Rate Application to the Ontario Energy Board proposing a $3.73 billion three-year investment plan to keep Ontario's transmission system safe and reliable.

Paul Dobson, Acting President and CEO of Hydro One, said: "We need to invest to replace, repair and upgrade equipment in almost every community across the province. At the same time, we are driving efficiencies to cut costs and focusing on only the most essential investments to keep the system safe, the power on and costs as low as possible," Hydro One stated in the press release.

Much of Hydro One's transmission system was built in the 1950s and is in need of investment, with one-in-four transformers at the end of their expected service life.

"Modest investments in the system today will help protect the public, ensure reliability and offset far more costly work in the future," said Dobson. "Newer technologies and designs also cost less to maintain and are more reliable and resilient to weather."

Source: Hydro One