Message from the Chair
A year of resiliency, readiness and responsiveness
I am pleased to report on my first year as Chair of Elexicon Corporation. I would like to thank all of the members of our boards, management, and employees in the organization for their continued dedicated work in enabling us to identify and execute on our strategy and fulfill our obligations to the communities we serve.
We have reached the conclusion of another interesting year with the alleviation of some of the immediate concerns of COVID-19, a rising spectre of economic uncertainty, the thrilling prospect of the electrification of everything, and the opportunities and challenges all of this poses for our collective futures. In this context, we have a regenerated focus on the future and how we can add value to the communities we serve, and fulfill our responsibility and obligation to provide reliable and cost-effective electricity to enable economic and social growth.
We, as a corporation, continue to make thoughtful and prudent investments in our electricity system for the benefit of our collective stakeholders, with a laser focus on our customers, our employees and our communities.
During 2022, the corporation truly demonstrated its resiliency, readiness and responsiveness. We continued to adapt to the changing landscape of customer needs and new governmental requirements. We continued to work on readying our system for new customer options including Green Button and a new ultra-low overnight rate regime, as well as responding to the many initiatives flowing from the Ministry of Energy and the Ontario Energy Board, as we prepare for and build the future distribution grid.
Our continued strong performance in 2022 reflected our core strength in our local distribution company, Elexicon Energy Inc., as well as our ongoing efforts in the non-regulated operations through our innovative energy solutions provider, Elexicon Group Inc., and its core product offerings of Envision and EVSTART.
From a financial perspective, we had a strong performance in 2022, generating operating net income of $16.8M for the period of January 1 to December 31, 2022, invested $101.9M in our distribution system infrastructure, increased total assets to $827.5M and our municipal shareholders benefited from distributions of earnings through annual dividends of $9.4M – with those funds supporting the shareholder communities we serve.
Also, during 2022, we refreshed our board composition through retirements and the planned rotation of our director roster. We added eight new directors, some of whom commenced their tenure on January 1, 2023, including five independent directors, and two new mayors and a mayor’s designate throughout the holding company and operating boards as we strive to improve diversity, equity and inclusion (“DEI”) and meet the evolving needs of our boards and organizations. In that regard, we welcomed Rachel Ingram, Celine Caesar-Chavannes, Jennifer Sondergaard, Dee Patterson, Mike D’Amico, Elizabeth Roy, David Pickles and Neil Ellis. For our departing directors, Patrick McNeil, Ted Baker, Murray Angus and Sean O’Dwyer, we wish to thank them for their contributions during their respective terms. Our ongoing focus on DEI, Indigenous Relations, and Corporate, Environmental and Social Responsibility, will remain an important component of our thinking and activities in 2023.
Additionally, our operating company CEOs, Indrani Butany-DeSouza and Craig Ballard, have just completed their first full year of executing on their strategies, and we continue to build out our senior management ranks within the respective operating organizations.
For Elexicon Energy Inc., through 2022 and into early 2023, the organization added several key members to the Executive Leadership Team, including, Cynthia Chan, our new Chief Financial Officer; Lincoln Frost-Hunt, Vice President of Digital and Innovation; and Stephen Vetsis, Vice President, Regulatory Affairs and Stakeholder Relations.
We continue to manage the challenges of a tight labour market although there are real signs we are making good headway and the teams are getting well established.
In 2022, and in light of these difficult times for our vulnerable communities, we have continued our strong history of and our commitment to supporting those in our community who are at risk by providing financial and community support. Elexicon Corporation’s Corporate Giving Program provided approximately $350,000 to a total of 100 local charities in 2022. There has been a lot of great work done by the organization throughout the year in this regard. It is an excellent example of the character of the people that make up our great organization.
As we close off 2022, we look forward to advancing our strategy of empowering our customers and communities through energy innovation for a cleaner, better future. We are also excited to continue along our growth trajectory, adopting innovative solutions to respond to new and existing challenges as we work towards the net zero mandate, and our work with government and industry led initiatives.
Chair of the Board of Directors
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