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Message from the Chair and CEO
We are incredibly proud of our team and thank them for their amazing achievements in 2024
We are pleased to share with you Enova Power Corp.’s (Enova’s) 2024 Annual Report. This report reflects the incredible work of Enova employees who made significant progress with our post-merger integration work while prioritizing the delivery of exceptional service to our customers and communities.
We continue to make strong, steady progress towards achieving the goals laid out in our 2024-2028 Strategic Plan. Our strategic plan pillars of Post-Merger Integration, Growth and Innovation, Empowering Communities, and Grid Resilience ensure we remain focused on the priorities that will continue to drive what’s next in energy and sustainability for our communities and beyond, while remaining nimble in the face of a constantly changing sector.
Over the past few years, Ontario’s electricity sector has undergone significant changes, and customer expectations have continued to grow. Enova has stayed focused in creating long-term value by modernizing infrastructure, enhancing reliability, and investing in smart grid technologies. We are driving sustainable growth while ensuring resilience and continued value for customers and stakeholders by integrating clean energy, preparing for industry disruptions, and adapting to regulatory shifts.
Post-Merger Integration
The foundation of Enova’s success depends on successful integration. By aligning our people, processes and systems, we will achieve the synergies needed to drive shareholder value while ensuring Enova is well-positioned to support our customers as they focus on achieving their own goals and meeting their needs.
In 2024, Enova prioritized the harmonization of key processes and the integration of critical systems to ensure that our employees operate within a unified framework – leveraging the same tools, processes, and measures of success.
Our employees remain strongly committed to our mission and purpose and we are pleased to report that in 2024, the post-merger integration program reached 47% completion, delivering gross synergies of $2.2 million. The program remains on track to be substantially completed at the end of 2025.
Growth & Innovation
Our sector continues to evolve, both from an industry and a customer perspective, and this evolution underpins the need for innovation and new ways of doing business. Balancing the need for reliability while preparing to meet future needs require strategic thinking and a new perspective while ensuring that electricity costs remain affordable. In 2024, we partnered with GRIDS2, a Canadian cleantech startup company, on two key projects: Our Distribution System Operator (DSO) study and lab demonstration site at our Victoria Street office, and an AI-based load forecasting project. These two projects allow us to pilot new technologies before making any full-scale investment. In both cases, we were able to use real data to measure results and were pleased to see that both projects show promise. Enova will continue to investigate, analyze, and develop capabilities towards becoming a Distribution System Operator.
Empowering our partners and communities
Our community is made up of a wide range of stakeholders, with our employees at its core. To that end we prioritize investing in the health, safety and wellbeing of our team. In 2024, our Mental Health and Wellness Committee played a key role in fostering a supportive and inclusive workplace culture. Through a variety of initiatives including wellness events, awareness campaigns, and regular communication, the committee helped create an environment where employees feel valued, supported, and empowered to thrive.
We continued to prioritize Diversity, Equity and Inclusion and in 2024 signed the Electricity Human Resources Canada Leadership Accord to affirm our commitment to moving forward with our efforts to build and maintain a diverse workforce with a wide variety of voices. While approximately 50% of our board and senior leadership team identify as female, we recognized that there is still work to be done across the organization to have a company that reflects our community.
At Enova Power, our purpose is clear – to energize and empower our communities. We are committed to helping our customers achieve their decarbonization goals by building a smarter, more resilient grid that supports the growing demand of electrification – from electric vehicles to heat pumps. But our work goes beyond the grid – we’re empowering our communities and customers to actively participate in the energy transition through educational programs and community engagement. Together with our partners, we are driving meaningful change and shaping a more sustainable energy future for all.
Grid Resiliency
Ensuring a reliable power distribution network remains a top priority for Enova. In 2024, Enova invested over $80 million to design, build, operate, and maintain the distribution system. This investment increased system capacity, improved system reliability, protected the business from cyber threats, and replaced and upgraded aging infrastructure – strengthening the overall resilience of the electrical grid.
Our investment in distribution automation and timely response to potential issues and outages has resulted in continued high system resiliency and reliability performance. In 2024, our distribution system was available for 99.99% of the time and our system reliability saw a typical customer experiencing an average of one outage lasting 59 minutes. These results demonstrate our continued commitment to delivering safe, reliable power to our customers with minimal disruption – achieving some of the best performance levels in Ontario.
Financial Performance
2024 marked the second full year of Enova operating as a single company following our merger. Over the past year, we continued the work of integrating operations from both legacy organizations while supporting a growing customer base. This included capital investments in new distribution infrastructure and the continued maintenance of our existing assets.
For the year ending December 31, 2024, Enova reported net income of $14.9 million – 9.5% or $1.5 million below our budgeted target. While this result reflects a shortfall, it is important to note that, when adjusted for one-time retroactive wage payments made during the year, our financial performance was in line with our targets. This demonstrates the underlying strength and resilience of our business and reaffirms our solid financial position.
As we look ahead and navigate 2025, we remain focused on operational integration, financial discipline, and long-term value creation for our employees, customers, communities, and shareholders.
Sandra MacGillivray
Chair
Enova Power Corp.
Greig Cameron
President and CEO
Enova Power Corp.