Archives

City of Thorold and OHSC Reach Agreement on Purchase of Utility

Thorold -- The City of Thorold and Ontario Hydro Services Company (OHSC) have reached an agreement on the purchase of the Thorold Hydro Electric Commission.

Over the course of the past year, a Joint Task Force comprised of City and Thorold Hydro Commission representatives have assessed the relevant options available to the City of Thorold.

"The sale to OHSC represents the best possible option for Thorold Hydro customers and the City of Thorold," said Mayor Tim Kenny. "The deal with OHSC provides our customers with rate stability and continued reliable service and supply of electricity. The proceeds of the sale will be placed in a reserve for the benefit of the ratepayers of Thorold. It will provide the City with the flexibility to lower taxes and entertain projects that in the past have not been achievable."

Thorold Hydro Electric Commission has 17 employees and serves approximately 7,800 customers.

"We are pleased that we were able to reach this agreement with the City of Thorold and are committed to a smooth transition for customers and employees alike," said Eleanor Clitheroe, OHSC President and Chief Executive Officer.

"We plan to integrate the staff from the Thorold utility into our workforce and will continue to utilize the Thorold Service Centre," said Clitheroe. "In addition, current Thorold Hydro customers will see no impact on their rates as a direct result of this agreement."

"We have also committed to establishing a municipal advisory committee to ensure that city representatives continue to have input into the operation of the utility," said Clitheroe.

Rationalization of Ontario's fragmented distribution system is a priority in the current electricity restructuring. OHSC has signed agreements or letters-of-intent with about 20 Ontario municipalities to acquire their electric utilities.

"With our size and experience, OHSC offers a very attractive package of price, reliability and service that others can't," said Clitheroe.

The agreement will be submitted to the Ontario Energy Board for approval.

OHSC is a holding company operating through its subsidiaries involved in electricity transmission an d distribution, telecom and energy services.

-30-

For more information contact OHSC Media Relations at 1-877-506-7584