03:58 PM EST, 12/17/2024 (MT Newswires) -- Hydro One ( HRNNF ) said Tuesday afternoon the provincial Minister of Energy and Electrification has instructed the Ontario Energy Board to change the company's transmission license to allow for the development of a new priority transmission line in northeast Ontario.

The proposed project is a new 260-kilometer, 500-kilovolt transmission line connecting the Wawa transformer station in Wawa to the Porcupine transformer station in Timmins. The project is set to be completed and in service by the end of 2030, the company said.

The main goal of the project is to meet the growing electricity demand in the region due to the electrification of communities, businesses, and industries, as well as population growth and economic activities, the company added.

Hydro One ( HRNNF ) shares were last seen up $0.08 to $44.20 on the Toronto Stock Exchange.

Price: 44.23, Change: +0.11, Percent Change: +0.25