Hydro One to acquire Orillia Power
August 15, 2016 - Hydro One announced a definitive agreement has been reached to acquire 100% of Orillia Power Distribution Corporation from the City of Orillia. It will pay the city $26.35 million and assume about $14.9 million of debt and regulatory liabilities for a total transaction value of $41.3 million.
“We look forward to welcoming the customers and employees of Orillia Power Distribution to the Hydro One family,” said Mayo Schmidt, president and CEO of Hydro One Limited. “This merger of two long time neighbours makes perfect sense and we believe will enable us to realize operational synergies over time that can positively impact electricity prices and quality of service.”
Orillia Power, with a rate base of $28.2 million, serves about 14,000 customers and is located in Simcoe County, part of the Huronia region of Central Ontario. Hydro One’s territory includes the areas surrounding Orillia.
Hydro One and the city say they have also entered into separate facilities and land purchase agreements to construct a backup Ontario grid control centre, a provincial warehouse and a regional operations centre in Orillia’s Horne Business Park following the closing of the Orillia Power acquisition and the receipt of Ontario Energy Board and other approvals.
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