16
Financial results
($000s)
Enova Power Corp. enjoyed solid financial results throughout 2024 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), increased due to higher consumption and rates compared to 2023. In 2024, distribution revenues increased by 13%. Net income fell below expectations due to union contract negotiations. Investments in capital projects to support grid modernization, customer growth, asset renewal, and system integration resulted in an increase in capital assets, net of depreciation.
9%
$404,551
Energy Sales
Enova’s total sale of electricity to customers. These revenues are passed through to the IESO.
13%
$103,675
Distribution Revenues
What Enova charges customers to build & maintain the system.
1.6%
$14,935
Net Income
Earnings, including extra spending on integration activities.
4%
$618,278
Capital Assets
Net value of all capital assets owned by Enova.
2%
$52,836
Investments in Capital Projects
Distribution assets, stations, IT, facilities, fleet.
5%
$12,077
Shareholder Dividend
What Enova pays from retained earnings to shareholders. The dividend is reinvested into the communities we serve.
5%
$230,454
Long Term Debt
Money borrowed to finance major investments in capital projects.