TORONTO, June 30, 2015 /CNW/ - Today, Hydro One announced the legal closing of the purchase of Haldimand County Utilities Inc. (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 1 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 121,000 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.
FORWARD-LOOKING STATEMENTS AND INFORMATION
Our oral and written public communications, including this document, often contain forward-looking statements that are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and include beliefs and assumptions made by the management of our company. Such statements include, but are not limited to: statements related to OEB decisions, distribution rates and customer bills; statements regarding our planned work; and expectations regarding future expenditures. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. We do not intend, and we disclaim any obligation to update any forward-looking statements, except as required by law.
These forward-looking statements are based on a variety of factors and assumptions including, but not limited to the following: no unforeseen changes in the legislative and operating framework for Ontario's electricity market; no severe damage to our facilities caused by adverse weather conditions, natural disasters or catastrophic events; anticipated numbers of new customers and renewable energy projects materializing; availability of required services and/or materials; a stable regulatory environment; and no significant event occurring outside the ordinary course of business. These assumptions are based on information currently available to us, including information obtained from third party industry analysts. Actual results may differ materially from those predicted by such forward-looking statements. Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking statements include, among other things: severe weather conditions, natural disasters or catastrophic events; an inability to procure required services and/or materials; and the risk that anticipated numbers of new customers and renewable energy projects do not materialize.
SOURCE Hydro One Inc.
