Toronto Hydro Sells Natural Gas Retail Business
TORONTO -- - Toronto Hydro Corporation today announced that it has agreed to sell its natural gas retailing business to the Energy Savings Income Fund, a leading energy retailer. The transaction, which is subject to certain closing conditions and approval by the Competition Bureau, is expected to be completed during the third quarter 2003.
"This sale is in line with our strategy to focus on our core business of electricity distribution and other directly related businesses," said Courtney Pratt, President and CEO of Toronto Hydro Corporation.
In December 2002, Toronto Hydro Corporation decided to discontinue its natural gas retailing business.
Toronto Hydro Corporation is a holding company which, through its wholly- owned subsidiaries, distributes electricity, provides street lighting services, is engaged in the development and sale of energy efficiency products and services, leases fibre optic cable capacity and provides managed data services.
This document may contain forward-looking statements, relating to the Company's operations or to the environment in which it operates, which are based on Toronto Hydro Corporation's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Toronto Hydro Corporation's control.
A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public documents filed with the Canadian securities commissions.
Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Toronto Hydro Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Related News
Cheaper electricity rate for customers on First Nations not allowed, Manitoba appeal court rules
WINNIPEG - Manitoba Hydro was wrongly forced to create a new rate class for electricity customers living on First Nations, the Manitoba Court of Appeal has ruled.
The court decided the Public Utilities Board "exceeded its jurisdiction" by mandating Indigenous customers on First Nations could have a different electricity rate from other Manitobans.
The board made the order in 2018, which exempted those customers from the general rate increase that year of 3.6 per cent.
"The directive constituted the creation and implementation of general social policy, an area outside of the PUB's jurisdiction and encroaching into areas that are better suited to the…
