August 29, 2014 By Anthony Capkun
August 29, 2014 – Hydro One today closed its purchase of Norfolk Power Inc. According to the utility, it has been supplying to Norfolk County for decades, serving about 14,000 customers. It now extends its service to the entire county—a further 18,000 customers.
As part of the deal, Norfolk residential customers will see a 1.4% reduction to their monthly distribution delivery rates, and general service customers will see a reduction between 1.4% and 1.6% depending on their rate class, effective September 8, 2014. In addition, distribution rates will be frozen for the next five years.
Norfolk Power 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 2015.
Norfolk County announced the sale of the local utility for $93 million back in April 2013. Hydro One paid Norfolk County about $66 million net after assuming Norfolk Power’s existing debt of about $27 million.
Hydro One says it has also reached agreements to acquire two more local distribution companies in southwestern Ontario: Woodstock Hydro Holdings Inc. and Haldimand County Utilities Inc., both of which are pending Ontario Energy Board (OEB) approval.
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