Hydro One completes acquisition of Haldimand County Utilities

subscribe

Recently, Hydro One announced the legal closing of the purchase of Haldimand County Utilities. The Ontario Energy Board OEB approved the sale on March 12, 2015.

As part of the approved deal, Haldimand County Hydro's 21,200 customers will see a one per cent reduction to their monthly distribution delivery rates effective July 1, 2015. In addition, distribution rates will be frozen for the next five years.

"We are pleased to welcome our new customers and employees," said Carmine Marcello, President and CEO, Hydro One. "Hydro One is committed to delivering great service for Haldimand County Hydro's customers and we remain focused on prudent management, efficient operations and improving the customer experience for everyone we serve. Electricity is critical to the lives of all Ontarians and we are here to deliver it safely and reliably."

Haldimand County Hydro will operate as usual until the transition to Hydro One is complete. This includes no changes to customer account numbers, bills, billing and payment options and service options until the transition to Hydro One is complete, which is expected to be sometime in 2016.

"Haldimand County is looking forward to a healthy and vibrant relationship with Hydro One as it assumes the responsibility of ensuring the delivery of safe and reliable electricity," said Mayor Hewitt. "We believe that they are best equipped to take this challenge and we are excited about the future opportunities that will come from this relationship."

On December 17, 2013, Haldimand County announced the sale of the local utility for $75 million. Hydro One paid Haldimand County approximately $65 million net after assuming Haldimand County Utilities' existing debt.

In addition, Hydro One has reached an agreement to acquire Woodstock Hydro Holdings Inc. Woodstock Hydro which is pending OEB approval.

Hydro One delivers electricity safely, reliably and responsibly to homes and businesses across the province of Ontario and owns and operates Ontario's 29,000 km high-voltage transmission network that delivers electricity to large industrial customers and municipal utilities, and a 123,000 km low-voltage distribution system that serves about 1.4 million end-use customers and smaller municipal utilities in the province. Hydro One is wholly owned by the Province of Ontario.

Related News

ontario logo

Canadian Manufacturers and Exporters Congratulates the Ontario Government for Taking Steps to Reduce Electricity Prices

TORONTO - Manufacturers welcome the Government of Ontario's decision to defer a portion of Global Adjustment (GA) charges for industrial and commercial electricity consumers that do not participate in the Regulated Price Plan.

"Manufacturers are pleased the government listened to Canadian Manufacturers & Exporters (CME) member recommendations and is taking action to reduce Ontario electricity bills immediately," said Dennis Darby, President & CEO of CME.

"The majority of manufacturers have identified cash flow as their top concern during the crisis, "added Darby. "The GA system would have caused a nearly $2 billion cost surge to Ontario manufacturers this year. This new initiative…

READ MORE
oyster creek nuclear plant

Cost of US nuclear generation at ten-year low

READ MORE

pge camp fire

PG&E pleads guilty to 85 counts in 2018 Camp Fire

READ MORE

Purdue: As Ransomware Attacks Increase, New Algorithm May Help Prevent Power Blackouts

READ MORE

35 arrested in India for stealing electricity

READ MORE