Enova Power Corp. (Enova) is proud to announce the release of its 2024 Annual Report, Powering Forward. The report highlights Enova’s 2024 key achievements and outlines how the investments made in the past year help position the organization to achieve its strategic goals.
“2024 was an incredible year for Enova,” said Enova’s President and CEO, Greig Cameron. “We achieved impressive performance levels for reliability and customer care, and the investments we made in our distribution system helped modernize our infrastructure, enhance our smart grid capabilities, and position us to better meet the challenges of an ever-evolving electricity sector.”
Powering Forward outlines Enova’s 2024 performance and key deliverables, while showing how Enova’s strategic focus on post-merger integration, growth and innovation, empowering communities, and grid resiliency drove the organization’s successes in 2024.
Quick facts:
- In accordance with the corporation’s approved dividend policy, Enova’s dividend payment to the five municipal shareholders, the City of Kitchener, the City of Waterloo, the Township of Woolwich, the Township of Wilmot, and the Township of Wellesley, totalled $11.5 million in 2024. This money is reinvested by the municipalities to fund community programs and services for residents and businesses.
- Enova invested more than $80 million to design, build, operate, and maintain the distribution system. This investment increased system capacity, maintained or improved system reliability, protected the business from cyber threats, and replaced and upgraded aging infrastructure.
- The organization completed over 47 per cent of all major post-merger integration activities related to people, processes, and systems.
- Enova received an Electrical Safety Index Score of 88 per cent. This marks a two per cent improvement from the average of previous scores in 2021.
- The organization increased the number of customers receiving electronic bills by 20 per cent, reducing the amount of paper used by the organization.
- In 2024, Enova’s charitable donations, sponsorships, grants, and scholarships totalled more than $350,000, supporting community organizations and programs such as The Humane Society of Kitchener Waterloo & Stratford Perth, oneROOF Youth Services, The Food Bank of Waterloo Region, The United Way Waterloo Region Communities, municipal reforestation programs, and students at University of Waterloo, Wilfrid Laurier University, and Conestoga College.
- Enova was named one of Southwestern Ontario’s Top Employers. The organization’s commitment to employee health and wellness and its commitment to community support helped it stand out amongst area businesses.
- Enova’s distribution system was available 99.99 per cent of the year. Enova customers experienced 17 per cent fewer outages in 2024 compared to 2023.
“Enova made impressive strides in completing our post-integration work while ensuring resiliency, driving sustainable growth across our service territory, and providing continued value for our customers and stakeholders,” said Sandra MacGillivray, Chair, Enova Power Corp. Board of Directors. “On behalf of the Board of Directors, we congratulate the entire team for an outstanding year.” To view Enova’s Annual Report, visit enovapower.com/2024report.
