OHNC Signs Agreements To Acquire Municipal Utilities

Ontario Hydro Networks Company (OHNC) has signed agreements or letters-of-intent with about 20 Ontario municipalities to acquire their electric utilities, including Chalk River, Deep River, Cobden, Carleton Place, Russell Police Village, and Arnprior in eastern Ontario, and Artemesia, Wyoming, Forest, Grand Bend, Arkona, Malahide, North Dorchester, Ailsa Craig and Thedford in southwestern Ontario. It is negotiating with many other municipalities across the province. OHNC is a wholly-owned subsidiary of Ontario Hydro Services Company.

"With our size and experience we can offer a very attractive package of price, reliability and service that others can't," explained David Collie, OHNC Director of Municipal Relations. "Merging these assets into our distribution system will improve efficiency and eliminate unnecessary duplication. And our customers will reap the benefits of these cost savings."

The acquisition program is consistent with the Ontario Government's objective of improving efficiency in the province's electricity distribution sector through rationalization and consolidation. All agreements are voluntary and must be approved by the Ontario Energy Board.