Toronto Hydro Telecom sale is official
TORONTO, ONTARIO - Toronto Hydro Corporation announced that it has closed the sale of the shares of its wholly-owned subsidiary, Toronto Hydro Telecom Inc., to Cogeco Cable Canada Inc. for $200 million in cash, subject to certain post-closing adjustments.
The Corporation is a holding company which through its wholly-owned subsidiaries:
- Toronto Hydro-Electric System Limited ("LDC") - distributes electricity and engages in Conservation and Demand Management activities; and
- Toronto Hydro Energy Services Inc. - provides street lighting and expressway lighting services, and energy efficiency products and services.
The principal business of the Corporation and its subsidiaries is the distribution of electricity by LDC. LDC owns and operates an electricity distribution system that delivers electricity to approximately 683,000 customers located in the City of Toronto.
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Ontario introduces new 'ultra-low' overnight hydro pricing
TORONTO - The Ontario government is introducing a new “ultra-low overnight” electricity plan that can benefit shift workers and individuals who charge electric vehicles while they sleep.
Speaking at a news conference on Tuesday, Energy Minister Todd Smith said the new plan could save customers up to $90 a year.
“Consumer preferences are still changing and our government realized there was more we could do, especially as the province continues to have an excess supply of clean electricity at night when province-wide electricity demand is lower,” Smith said.
The new rate, which will be available as an opt-in option as of May 1,…
