Toronto Hydro Announces New Interim Chief Financial Officer

TORONTO, Nov. 27, 2024 /CNW/ - Toronto Hydro Corporation has announced that effective today, Federico Zeni has been named Interim Chief Financial Officer (CFO). Mr. Zeni replaces Céline Arsenault, the former CFO who has left the Corporation. Mr. Zeni was formerly the Corporation's Controller.

QUICK FACTS

• Mr. Zeni has 20 years of experience in financial and senior leadership experience within the energy industry in financial controllership, regulatory accounting and business planning
• Mr. Zeni has been with Toronto Hydro in progressive financial leadership roles since 2017, and was formerly the Interim Chief Financial Officer for Toronto Hydro from March 5, 2022 until June 6, 2022.
• Mr. Zeni is a Chartered Professional Accountant (CPA, CMA) with the Chartered Professional Accountants of Ontario.

QUOTES

"I am pleased that Federico has taken on the role of interim Chief Financial Officer. His extensive experience with our company and in the regulated electricity distribution industry will provide a smooth transition for Toronto Hydro's solid financial team. I have great confidence in Federico's ability to continue to oversee and steward our company's strong financial performance."
- Jana Mosley, President and CEO, Toronto Hydro

ABOUT TORONTO HYDRO

Toronto Hydro is a holding company which wholly owns two subsidiaries:

• Toronto Hydro-Electric System Limited (THESL) – distributes electricity; and
• Toronto Hydro Energy Services Inc. – provides streetlighting and expressway lighting services in the city of Toronto

The principal business of Toronto Hydro and its subsidiaries is the distribution of electricity by THESL, which owns and operates the electricity distribution system for Canada's largest city. Recognized as a Sustainable Electricity Leader™ by Electricity Canada, it has approximately 794,000 customers located in the city of Toronto and distributes approximately 18 per cent of the electricity consumed in Ontario.

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FORWARD-LOOKING INFORMATION

Certain information included in this news release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information, other than statements of historical fact, which address activities, events or developments that we expect or anticipate may or will occur in the future, are forward-looking information. The words "anticipates," "believes," "budgets," "can," "committed," "continual," "could," "estimates," "expects," "focus," "forecasts," "further notice," "future," "impact," "increasingly," "intends," "may," "might," "objective," "once," "ongoing," "outlook," "plans," "propose," "projects," "schedule," "seek," "should," "trend," "will," "would," or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The purpose of the forward-looking information (including any financial outlook) contained herein is to provide Toronto Hydro's current expectations regarding its future results of operations, performance, business prospects and opportunities, and readers are cautioned that such information may not be appropriate for other purposes. All forward-looking information is given pursuant to the "safe harbour" provisions of applicable Canadian securities legislation.

The forward-looking information reflects Toronto Hydro's current beliefs and is based on information currently available to Toronto Hydro. The forward-looking information is based on estimates and assumptions made by Toronto Hydro's management in light of past experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes to be reasonable in the circumstances, including, but not limited to: the amount of indebtedness of Toronto Hydro; changes in funding requirements; the future course of the economy and financial markets; compliance with covenants; the receipt of favourable judgments; no unforeseen changes in electricity distribution rate orders or rate-setting methodologies; the ratings issued by credit rating agencies; the level of interest rates; Toronto Hydro's ability to borrow; and assumptions regarding general business and economic conditions.

Forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information.  The factors which could cause results or events to differ from current expectations include, but are not limited to: risk that Toronto Hydro is not able to arrange sufficient and cost-effective debt financing to repay maturing debt and to fund capital expenditures and other obligations; risk that Toronto Hydro is unable to maintain its financial health and performance at acceptable levels; risk that insufficient debt or equity financing will be available to meet Toronto Hydro's requirements, objectives or strategic opportunities; risk of downgrades to Toronto Hydro's credit rating; risks related to the timing and extent of changes in prevailing interest rates and discount rates and their effect on future revenue requirements and future post-employment benefit obligations; risks arising from inflation, the course of the economy and other general macroeconomic factors; risk associated with the impairment to Toronto Hydro's image in the community, public confidence or brand; risk associated with Toronto Hydro failing to meet its material compliance obligations under legal and regulatory instruments; and risks associated with market expectations with respect to increases in demand for electricity.

The Corporation cautions the reader that the above list of factors is not exhaustive, and there may be other factors that cause actual events or results to differ materially from those described in forward-looking information. Some of the other factors are discussed more fully under the heading "Risk Factors" in Toronto Hydro's Annual Information Form for the year ended December 31, 2023.

All forward-looking information in this document is qualified in its entirety by the above cautionary statements. Furthermore, unless otherwise stated, all forward-looking information contained herein is made as of the date hereof, and Toronto Hydro undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise, except as required by law.

SOURCE Toronto Hydro Corporation