Two long-time neighbours come together to continue energizing life, benefitting families, local businesses and communities
Hydro One Toronto head office. (Credit: Raysonho @ Open Grid Scheduler / Grid Engine / Wikipedia.org)
Hydro One Limited (TSX: H) (“Hydro One”) announced the legal closing of the acquisition of Orillia Power Distribution Corporation (“Orillia Power”) by Hydro One’s wholly-owned subsidiary, Hydro One Inc. The Ontario Energy Board approved the sale on April 30, 2020.
“We are thrilled to become a part of Orillia and to continue energizing life in the community for years to come,” said Mark Poweska, President and CEO, Hydro One. “At Hydro One, we’re deeply committed to the communities where we work and live, and look forward to finding more ways to support families, businesses and the local economy in Orillia.”
“On behalf of Orillia Council, I would like to welcome Hydro One to the Sunshine City,” said Orillia Mayor Steve Clarke. “Hydro One’s continued investment in our community and their proven philanthropic spirit will serve our community well now and into the future. Hydro One’s commitment to Orillia will positively shape the economic growth of our city and we look forward to the many opportunities our continued partnership will bring.”
“Thanks to the dedication of the City of Orillia, this exciting time not only demonstrates a strong commitment to the community but will enhance service quality while reducing distribution charges for its customers over the next few years,” said Jill Dunlop, MPP for Simcoe North. “This acquisition is instrumental in job creation and will bring tremendous growth and new investment to the City of Orillia, a win-win-win for the community, the local business sector and industry in our area.”
Orillia Power customers will immediately benefit from the sale. Customers will receive a 1 per cent rate reduction to the base distribution portion of their bills starting with their September electricity use. The base distribution portion of the bill will be frozen at this rate for the next five years.
Additionally, Hydro One plans to invest in the local community by building a new provincial warehouse and regional operations centre in the area. Hydro One will continue to be an active community partner through its support of important local initiatives.
Source: Company Press Release