Financial Performance

As Ontario’s seventh-largest electricity distributor, we take immense pride in overseeing and maintaining a vast network of powerlines—enough to span almost all the way across Canada – from St John, New Brunswick, to Kamloops, British Columbia. Our commitment to excellence and stewardship of this critical infrastructure is second to none.

Enova Power Corp. had a successful financial year in 2025, with a 24% increase in net income compared to 2024.

Operating expenses decreased due to the completion of the majority of post-merger integration activities. Net finance costs also decreased substantially due to a decrease in interest rates. Energy sales, which are passed through to the Independent Electricity System Operator (IESO), increased due to higher consumption and higher electricity prices.

Long-term debt decreased due to the reclassification of Enova’s third-party debt to current liabilities. Subsequent to year-end on January 21, 2026, Enova successfully issued $250,000 in debentures with a coupon rate of 3.596% over a 5-year term. The existing $150,000 debt was repaid immediately, and the remaining funds will be used for capital expenditures and general corporate purposes in the years to come.

This provides Enova with solid financial flexibility over the term.

($000s)

Energy Sales

$435,077

↑8%

Enova’s total sale of electricity to customers. These revenues are passed through to the IESO.

Net Income

$18,505

↑24%

Enova’s total sale of electricity to customers. These revenues are passed through to the IESO.

Distribution Revenue

$97,166

↓6%

What Enova charges customers to build & maintain the system.

Investment in Capital Projects

$56,842

↑8%

Distribution assets, stations, IT, facilities, fleet.

Shareholder Dividend

$12,077

↑4%

What Enova pays from retained earnings to shareholders. The dividend is reinvested into the communities we serve.

Long Term Debt

$110,476

↓52%

Money borrowed to finance major investments in capital projects.

Capital Assets

$643,738

↑4%

Net value of all capital assets owned by Enova.

Achieved Return on Equity

8.14%

↑1.28%

Regulated Return on Equity is calculated as annual net income divided by the estimated OEB-deemed equity portion of Enova’s regulated rate base as of year-end.