Norfolk Power sold to Hydro One
The selection of Hydro One is the result of a comprehensive four-month competitive sale process which involved expressions of interest or proposals from numerous potential buyers.
Mayor Dennis Travale stated,"I am pleased to announce that Hydro One is the successful bidder and has purchased the shares of Norfolk Power Incorporated. Of primary concern to Norfolk County Council have been Norfolk Power employees and customers.”
“Hydro One is excited to be welcoming new customers and new employees to our Company,” said Carmine Marcello, President and CEO, Hydro One Inc. “We’re proud that Norfolk County selected our bid from the many received. We’re committed to delivering great service for Norfolk’s customers and making a valuable contribution to the local economy.”
In October 2012, Council unanimously decided to commence a process for the possible sale of Norfolk Power. Throughout this time Council has also been concerned about what is in the best interests of Norfolk County taxpayers and Norfolk PowerÂ’s business partners and suppliers.
“Council is confident that selling the shares of Norfolk Power to Hydro One is in the best interests of everyone,” said Mayor Travale. “This isn’t just about the money we received, it’s about a partner who was interested in making a long-term investment in the community.”
The sale now must receive final approval from the Ontario Energy Board, which is expected over the summer. Last December, the Province released a blue ribbon panel report that recommended wide scale consolidation of local electricity distribution companies across Ontario.
Related News
BC Ferries celebrates addition of hybrid ships
VICTORIA - In a champagne celebration, BC Ferries welcomed two new, hybrid vessels into its fleet Wednesday. The ships arrived in Victoria last month, and are expected to be in service on northern routes by the summer.
The Island Aurora and Island Discovery have the ability to run on either diesel or electricity.
"The pressure on whales on the West Coast is very intense right now," said BC Ferries CEO Mark Collins. "Quiet operation is very important. These ships will be gliding out of the harbor quietly and electrically with no engines running, that will be really great for marine space."
BC Ferries…
