Annual Report 2022
ANNUAL BUSINESS AND FINANCIAL REPORT 2022
Hydro is the People’s Crown utility – providing safe, cost-conscious, reliable electricity while harnessing sustainable energy opportunities to benefit the people of Newfoundland and Labrador.
On this page you will find information and highlights regarding our financial and business performance in 2022.
MESSAGE FROM
THE PRESIDENT AND CEO
JENNIFER WILLIAMS
For more than 60 years, Newfoundland and Labrador Hydro has delivered electricity to over 200 communities throughout our beautiful province. We know each and every one of you counts on us to deliver safe, reliable, cost-conscious electricity to your homes and businesses. And I assure you, we are honoured to take that responsibility seriously for the next 60 years. These next years are going to be full of exciting, impactful and interesting opportunities.
MESSAGE FROM
THE CHAIR OF THE BOARDS
ALBERT WILLIAMS
In 2022, I was appointed as Chair of the Board of Directors for Newfoundland and Labrador Hydro. As a professional engineer, I appreciate the complexity of the energy industry, as well as the opportunities on the horizon, and as such welcomed this opportunity to work with the Board and the many skilled people working at Hydro.
YEAR IN REVIEW
Read below for some stories and achievements that we’re proud to share.
SERVING OUR PROVINCE
POWERING NEWFOUNDLAND AND LABRADOR
For more than 60 years Newfoundland and Labrador Hydro has generated, transmitted and distributed electricity to the people of the province. With hydroelectric facilities from Muskrat Falls and Churchill Falls to Granite Canal and Paradise River, 8 MW right up to 5428 MW, and over 7,500 km of lines, we proudly supply Newfoundlanders and Labradorians with more than 91% of our electricity from renewable resources. Our commitment towards a safe and sustainable future for the province’s energy sector is one that is lived every day by our 1,500 employees.
WORKING TOGETHER
OUR EVOLVING ORGANIZATION – WE ARE HYDRO
To meet the growing clean energy needs and opportunities within our province, as well as our responsibilities to our customers and stakeholders, Newfoundland and Labrador Hydro continued to evolve in 2022. The changes we are making reach across every part of our organization and we remain committed to our core purpose – we are Newfoundland and Labrador’s Crown utility. We continue to unify our teams, nurture a collaborative environment and foster an engaged workforce of proud employees.
ENABLING SUSTAINABLE GROWTH
WORKING FOR TODAY, PLANNING FOR TOMORROW
As our region and country advance plans to decarbonize and achieve net-zero targets, Hydro – as Newfoundland and Labrador’s Crown utility and primary producer of electricity – is well-positioned to take a lead role in supporting the energy transition.