By Ellen Cools
Peterborough Distribution serves approximately 37,000 customers in Peterborough, Lakefield and Norwood, Ont. Hydro One will pay Peterborough $105 million for the transaction.
Once the transaction is complete, base distribution rates for PDI consumers will be reduced by one per cent and frozen for five years.
Hydro One also announced a separate agreement to construct an operations centre and fleet maintenance facility within Peterborough.
The acquisition is conditional upon the satisfaction of customary closing conditions and approval of the Ontario Energy Board (OEB) and the Competition Bureau. Establishing facilities within Peterborough will also require approval by the OEB.