Annual Report 2023
ANNUAL BUSINESS AND FINANCIAL REPORT 2023
We are the people’s 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 2023.
MESSAGE FROM THE PRESIDENT AND CEO
JENNIFER WILLIAMS
Our industry continues to evolve rapidly. That’s why we’re planning for the future and working hard to ensure safe, reliable, sustainable and environmentally responsible electricity for Newfoundland and Labrador. It’s something we all need, and we will need more.
YEAR IN REVIEW
SERVING OUR PROVINCE
DELIVERING RELIABLE ELECTRICITY
For over seven decades, Newfoundland and Labrador Hydro has been steadfast in delivering electricity to the residents of our province and beyond. Our expansive system features numerous high-voltage terminal stations and lower-voltage distribution stations throughout our province. Across some of the most remote and geographically isolated areas, we diligently maintain a network spanning over 10,000 km of transmission and distribution lines, ensuring a reliable power supply to our communities.
ENABLING SUSTAINABLE GROWTH
POWERING THE FUTURE
As our region and country advance plans to decarbonize and achieve net-zero targets, demand for new sources of reliable, renewable electricity is rising sharply – driven by increasing industrial development, electrification, the evolving wind-hydrogen production industry, the green economy, and growing adoption of electric vehicles. Newfoundland and Labrador’s electricity system is on the cusp of extraordinary expansion and transition.
WORKING TOGETHER
ENGAGING OUR PEOPLE AND COMMUNITIES
As we work together to meet the growing clean energy needs and opportunities within our province, we recognize the importance of continuing to both diversify and unify our teams, strengthen our partner and community relationships, and nurture a safe work environment.