Veridian Connections Inc. (“Veridian”) is pleased to report improved or sustained levels of performance in almost all 2017 scorecard categories.
Management is particularly pleased with the company’s system reliability performance during the year. Surveys consistently confirm that performance against this metric is of very high importance to customers. Accordingly, management has for many years placed an emphasis on system reliability when making investment decisions. This ongoing focus has contributed to stellar reliability results for 2017. As presented in the scorecard, both outage duration and outage frequency results were at the best levels recorded during the five year time frame covered by the scorecard.
Cost control performance for the year was equally impressive. Total costs per customer were reduced from $593 in 2016 to $578 in 2017; well below the average of $660 for all Ontario Energy Board regulated distributors. While some of this achievement can be attributed to an anticipated merger with Whitby Hydro Electric Corporation, it is also reflective of management’s ongoing pursuit of operational efficiencies in all areas of the company’s business.
Finally, the company achieved substantial success in helping its customers achieve their electricity conservation goals during 2017. At the start of the year, Veridian had achieved about 24 per cent of its mandated target under the 2015 to 2020 ‘Conservation First Framework’. By the end of the year, progress had jumped to over 53 per cent of the target, for an achievement of about 29 per cent of the expected six-year savings in a single year. These reductions in electricity use by Veridian’s customers are important contributors to energy affordability and business competitiveness.
Management is pleased to share its scorecard results (below) and the following discussion and analysis with all interested stakeholders.