Hydro One completes acquisition of Haldimand County Utilities

Hydro One Haldimand County Hydro deal delivers a 1% cut to distribution delivery rates, a five-year rate freeze, and seamless service in Ontario, with acquisition terms approved and transition to Hydro One expected by 2016.

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 and following Hydro One's earlier Norfolk Power acquisition experience, 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, as part of Hydro One Networks' broader municipal utility acquisition agreements across Ontario.

"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, consistent with the Brampton Hydro sale approval precedent in Ontario for comparable deals.

In addition, Hydro One has reached an agreement to acquire Woodstock Hydro Holdings Inc. under the terms of a 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 under OEB approvals and oversight, 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.

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