Complete 2012 Annual Report

Enersource once again had a very strong year for financial and operational performance. This performance is also reflected in very positive customer service results and above all, a solid record of safety.

As recognized leaders in the community, Enersource continues to build upon already well-established Corporate Social Responsibility Programs. From donations to institutions and charitable organizations, to employee volunteerism and strategic corporate partnerships, Enersource has been and will continue to be an active participant in the community across Mississauga.

2012 Achievements:
Operations
  • Delivered safe, reliable electricity services to our 200,000 residential and commercial customers.
  • Maintained world-class reliability numbers:
  • System Average Interruption Duration Index: 39.64 minutes
  • System Average Interruption Frequency Index: 1.58
  • Customer Average Interruption Duration Index: 25
  • Installed 112 km of conductors, 244 transformers, 378 poles and 4,050 insulators.
  • Began or completed construction on 8 major system rebuilds.
  • Began construction of a fully permitted new Business Continuity Facility.
  • Reached 750,000 hours worked without a lost-time injury.
Conservation and Demand Management
  • Achieved an estimated 33,000 MWh in conservation saving.
  • Promoted community conservation through Ontario Power Authority programming.
  • Launched the revamped peaksaverPLUS Program in Mississauga.
  • Continued to help Mississauga businesses find greater efficiencies through the Small Business Lighting program.
  • Facilitated the process to bring nearly 2 MW to the system through 8 FIT contracts and 52 microFIT projects.
  • Secured $6.7 million OPA Incentive for Holcim Surplus Heat Recovery Generator Project.
  • Resolved Holcim’s internal plant reliability issues through an innovative single bus feed configuration at the Trafalgar Transformer Station (first ever design)
Corporate Social Responsibility
  • Sent crews to US to assist with power restoration in the wake of Hurricane Sandy.
  • Worked with employees to raise $25,000 in donations for United Way Peel Region.
  • Supported Toys for Tots at the Mississauga Santa Claus Parade.
  • Became a founding Guardian of the Credit River.
  • Supported Alzheimer research with $25,000 donation.
  • Sponsored the University of Toronto’s Show Me the Green Sustainability Conference and Competition.
Communications and Recognition
  • Increased social media presence with the launch of Facebook page and increased Twitter followership.
  • Received an Electrical Safety Award for the e-SMARTkids website.
  • Recognized for Communications Excellence by Electricity Distributors’ Association.
Services
  • Worked with Metrolinx to support Mississauga’s transit initiatives.
  • Achieved 100% Market Penetration on Individual Suite Metering market.
  • Completed smart meter rollout to all residents in Mississauga.
Financials

Effective January 1, 2012, Enersource Corporation and all of its subsidiary companies adopted International Financial Reporting Standards (“IFRS”) as the basis of preparing and disclosing its consolidated and individual company financial statements. Adopting IFRS required that 2011 financial results be restated to align with the new standard for comparability purposes.

Enersource Corporation’s subsidiary, Enersource Hydro Mississauga Inc., is a rate regulated enterprise operating under regulated accounting rules as prescribed by the Ontario Energy Board for rate making purposes. Such rules align with the pre-IFRS Canadian Generally Accepted Accounting Principles with respect to the recognition of Regulatory Assets and Liabilities which address the deferral of specific non-income related cash inflows and outflows. IFRS does not recognize such regulatory-based deferrals and treats these cash inflows and outflows as revenue and expense in the period incurred. This treatment of regulatory-based deferrals may create material variations in reported net income from one fiscal period to the next, but generally are eliminated over time.

  • Successfully transitioned to International Financial Reporting Standard (IFRS).
  • Surpassed Shareholder Net Income by $1.0-million more than originally budgeted.
  • Completed the 2013 COS Rate Application Process with the Ontario Energy Board.

 

Notice to Readers of Enersource’s Audited 2012 Financial Statements

Adoption of International Financial Reporting Standards

Effective January 1, 2012, Enersource Corporation and all of its subsidiary companies adopted International Financial Reporting Standards (“IFRS”) as the basis of preparing and disclosing its consolidated and individual company financial statements. Adopting IFRS required that 2011 financial results be restated to align with the new standard for comparability purposes. Details relating to the first time adoption of IFRS are provided within the Audited 2012 Financial Statements under note 5. Enersource Corporation’s subsidiary, Enersource Hydro Mississauga Inc., is a rate regulated enterprise operating under regulated accounting rules as prescribed by the Ontario Energy Board for rate making purposes. Such rules align with the pre-IFRS Canadian Generally Accepted Accounting Principles with respect to the recognition of Regulatory Assets and Liabilities which address the deferral of specific non-income related cash inflows and outflows. IFRS does not recognize such regulatory-based deferrals and treats these cash inflows and outflows as revenue and expense in the period incurred. This treatment of regulatory-based deferrals may create material variations in reported net income from one fiscal period to the next, but generally are eliminated over time. We have disclosed the effect of these regulatory-based deferrals in Note 24 “Divisional Information”.

View the 2012 financials