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TORONTO /CNW/ - Toronto Hydro, the largest municipal electrical utility in Ontario and the largest buyer of power in Ontario, said today that it will be ready for a May 1st market opening.
"We've taken a leadership role in the transition to a competitive marketplace and invested millions of dollars to prepare for market opening. We're frankly delighted to have a green light. We'll be ready," says Courtney Pratt, President and CEO, Toronto Hydro Corporation.
Toronto Hydro has spent more than two years preparing key systems for the transition to a competitive market. While the equipment on the electricity distribution system won't change, the company is installing new information technology systems that will serve 656,952 customers located in the City of Toronto. Toronto Hydro took an early lead in installing key billing system processes necessary for retail competition.
Recent milestone tests indicate that Toronto Hydro will be ready to meet market opening regulatory requirements, says Pratt, acknowledging that there has been a heavy commitment of human and financial resources.
"Our customers can expect a seamless transition when the competitive market opens," says Pratt. "There will be no change to their electricity service - the high levels of safety and reliability that we have delivered to our customers over the years will stay the same."
Recently Toronto Hydro spearheaded a coalition of major energy suppliers who support a competitive electricity market. In the months leading up to market opening, the Coalition will promote consumer understanding about the electricity market.
"The majority of consumers support competition in the electricity market. And they are more comfortable about the change when they know that the safety and reliability of electricity service will remain the same," says Pratt.
"The public likes the idea of 'competition with controls'. People want to be assured that they will be protected in terms of licensing, monitoring and regulation of electricity transmission, distribution and supply. And they want to know that they will have a choice of buying electricity from their local utility or a licensed retailer."
Toronto Hydro is the second largest municipal distribution utility in North America. Incorporated in 1999 and wholly-owned by the City of Toronto, Toronto Hydro Corporation operates three affiliate companies - Toronto Hydro-Electric System Limited, Toronto Hydro Energy Services Inc. and Toronto Hydro Telecom. Toronto Hydro-Electric System Limited, the regulated electricity distribution affiliate, has annual sales of approximately $2 billion. Toronto Hydro Energy Services Inc., licensed to serve customers across Ontario, is a retailer of electricity, natural gas and energy efficient products and services, and the developer of alternative clean and green energy. Toronto Hydro Telecom Inc. provides data communications services over its fibre optic network to business customers throughout the City of Toronto.
For further information: Blair Peberdy, Vice President of Corporate Planning and Communications, Toronto Hydro, 416.460.6634 or 416.542.2515; Stephen Andrews, Manager, Communications and Public Affairs, Toronto Hydro, 416.542.2670
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