Financial Results


Financial results

Enova's 2023 Financial Results

Enova enjoyed solid financial results throughout its first full year while continuing to invest in the distribution system and post-merger integration activities. Energy sales, which are passed through to the Independent Electricity System Operator (IESO), fell due to lower consumption and rates compared to 2022. In 2023, distribution revenues remained consistent and net income met expectations. Investments in capital projects to support grid modernization, customer growth, asset renewal, and system integration resulted in an overall increase in capital assets, net of depreciation.

Financial Highlights ($000s)

Energy Sales

Distribution Revenues

Net Income

*Net Income for 2022 represents the first four months of operation, September – December.

Capital Assets

Long-term Debt

Investment in Capital Projects

Fault Location, Isolation and Service Restoration Project (FLISR)

FLISR allows SCADA-controllable devices to automatically activate when a fault is detected. This activation automatically reroutes power to restore as many customers as quickly as possible after an outage. Later this year, the system will also monitor the network for sudden loss of voltage and attempt to isolate the cause and reroute power to as many customers affected as possible.

For more information on FLISR and its impact on reducing outage minutes across Enova’s service territory, visit enovapower.com/innovation.