The ice storm was costly, but Toronto Hydro will manage its costs without raising rates.

Toronto Hydro will not be raising rates to cover the costs of the December ice storm, according to the hydro company's CEO.

It was Toronto Hydro CEO Anthony Haines who originally floated the idea of higher rates to pay the costs associated with the ice storm, which total one million dollars in missing revenue from the week-long storm, $10-million in labour and $2-million in materials.

The storm resulted in downed power lines from fallen trees and at the peak of the power outages, more than 300,000 Hydro customers were without power. 

Haines said a profitable summer helped Toronto Hydro avoid passing the ice storm costs onto rate payers.