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Hydro One-Woodstock Hydro acquisition delivers a 1% cut to distribution delivery rates, a five-year rate freeze, seamless billing during transition, and improved reliability and customer service for Ontario electricity users through efficient operations.
The Core Facts
A $46.2M utility deal delivering a 1% distribution rate cut, a five-year freeze, and a seamless customer transition.
- 1% distribution delivery rate cut effective Oct 31, 2015
- Five-year distribution rate freeze for approximately 15,800 customers
- No changes to billing, accounts, or service options during transition
- Hydro One emphasizes reliability, efficiency, and customer service
- $46.2M purchase price, including about $17M of assumed debt
Recently, Hydro One Inc. announced the closing of the purchase of Woodstock Hydro Holdings Inc., including its wholly-owned subsidiary Woodstock Hydro Services Inc. The Ontario Energy Board OEB approved the sale on September 11, 2015.
As part of the approved deal, which followed a thorough Ontario Energy Board review process for the transaction, Woodstock Hydro's approximately 15,800 customers will benefit from a one percent reduction to their monthly distribution delivery rates effective October 31, 2015. In addition, distribution rates will be frozen for the next five years.
"We are pleased to welcome our new customers and employees," said Mayo Schmidt, President and new CEO of Hydro One. "Hydro One is committed to delivering great service for Woodstock 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, reliably and efficiently."
Woodstock Hydro will operate as usual until the transition to Hydro One is complete, in 2016, similar to the Norfolk Power acquisition timeline. This includes no changes to customer account numbers, bills, billing and payment and service options.
"I am looking forward to working with Hydro One as we embark on a journey in this new era of energy management and conservation, building on the Haldimand acquisition experience," said Mayor Trevor Birtch.
The purchase price for Woodstock Hydro Holdings Inc. is $46.2 million, comparable to the Brampton Hydro sale approved by the OEB, including assumption of Woodstock Hydro's existing debt of approximately $17 million.
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