07:37 AM EDT, 08/14/2024 (MT Newswires) -- Hydro One ( HRNNF ) on Wednesday reported higher net income and revenue for the second quarter.

The company booked attributable net income of $292 million, or $0.49 per share, rising from $265 million, or $0.44 per share.

Revenue climbed to $2.03 billion from $1.86 billion, driven by Ontario Energy Board (OEB)-approved transmission and distribution rates in 2024 as well as higher average monthly peak demand.

Hydro One ( HRNNF ) declared a quarterly cash dividend of $0.3142 per share, payable Sept. 27 to shareholders of record on Sept. 11.

Hydro One ( HRNNF ) also announced that it filed an application with the OEB to seek approval to construct the St. Clair transmission line project, which is expected to cost about $472 million and will be in service by 2028.

"Filing the leave to construct application for the St. Clair Transmission Line project will help us continue to deliver on our strategy and develop critical infrastructure in true partnership with First Nations to strengthen power resiliency and reliability across the province," President and CEO David Lebeter said.

Hydro One ( HRNNF ) also appointed Harry Taylor as executive vice president and chief financial and regulatory officer, succeeding Chris Lopez.