May 13, 2014 – According to Cambridge and North Dumfries (CND) Hydro, Brant County Council has unanimously voted to accept CND’s bid to purchase Brant County Power (BCP) in deal worth about $40.2 million.
Cambridge and North Dumfries Hydro Inc. delivers electricity to 52,500 customers in the City of Cambridge and the Township of North Dumfries. Brant County Power delivers electricity to 9900 customers within the County of Brant including Burford, Cainsville, Mt. Pleasant, Paris and St. George.
“We’re committed to a thoughtful and seamless joining together of our utilities, embracing best practices, improving performance and enhancing customer focus, while maintaining connections with local communities,” said Ian Miles, CND president & CEO.
CND says it will maintain the current BCP distribution rates for a 4-year period, at which point it will apply to the Ontario Energy Board to harmonize distribution rates. CND says this is projected to result in similar or lower distribution rates for BCP customers than had the company remained in municipal ownership.
All Brant County employees will transfer to CND after the sale, and employees at both companies will continue to have jobs, says CND, adding, it will maintain the Brant County Power operations centre for at least five years, while additional physical space needs and options are reviewed.
CND will also establish an advisory committee, including reps from both communities, to monitor and provide input about customer service and other matters. The selection of CND as buyer is the result of a confidential six-month competitive sale process, which involved expressions of interest and proposals from a number of potential buyers.
The sale now must receive final approval from OEB. A transition team comprising reps from both CND and BCP will be formed to commence discussions on best practices for uniting the utilities.