MEDIA RELEASE – For Immediate Release – October 11, 2013
Woodstock Considering a Potential Sale of Woodstock Hydro to Hydro One Inc.
The City of Woodstock today announced that it has entered into exclusive discussions with Hydro One Inc. regarding the possible sale of Woodstock Hydro, the local electricity distribution company owned by the City.
Mayor Sobeski said "Of primary importance to Council is protecting our Woodstock Hydro employees, providing rate stability, reliability and service quality for our residents and businesses, fostering long term investment and realizing the full economic value of our electric utility". Sobeski concluded, "Woodstock Council has made no decision on whether to sell Woodstock Hydro or not, but given ongoing changes in the Ontario electricity sector we believe the best interests of our taxpayers and ratepayers are served by exploring this option at this time." It is expected that Council should be in a position by the spring to decide whether or not the elements of the transaction meet Council's Interests.
In December 2012, the Province released a blue ribbon panel report that recommended wide-scale consolidation of local electricity distribution in Ontario. In April, Norfolk County announced it had sold its electric utility to Hydro One, and Brant County recently announced that it is commencing a process to solicit proposals for the sale of its utility.
"Hydro One is pleased to have the opportunity to work with the City of Woodstock as it considers the possible sale of Woodstock Hydro," said Rick Stevens, Vice President, Customer Service, Hydro One. "We believe we are well-positioned to deliver outstanding value and service to the municipality and its residents."
For more information, please contact:
Pat Sobeski, Mayor
The City of Woodstock
500 Dundas Street, P.O. Box 1539
Woodstock, ON N4S 0A7
519-539-2382 ext. 2100
Form more information:
Ontario Electricity Sector Backgrounder
Renewing Ontario's Distribution Sector