The acquisition brings together two
long-time neighbours, benefitting families, local businesses and
communities
TORONTO, Aug. 1, 2020 /CNW/ - Hydro One Limited (TSX:
H) ("Hydro One") announced the legal closing of the acquisition of
the business assets of Peterborough Distribution Inc. ("PDI") by
its wholly-owned subsidiary, Hydro One Inc. The Ontario Energy
Board approved the sale on April 30,
2020.
"We are thrilled to become part of Peterborough, Lakefield and Norwood and to continue energizing life in
these communities for years to come," said Mark Poweska, President and CEO, Hydro One. "At
Hydro One, we believe we have a deep responsibility to support
families, businesses and the local economy in the communities where
we work and live, and we look forward to finding more ways to give
back."
"As this transaction comes to a close, I want to thank Hydro One
for its recent donation to the YES Shelter for Youth and Families,"
said Peterborough Mayor
Diane Therrien. "I want to also
thank Peterborough Distribution workers, who are valuable
contributors to our community. I know they will continue to work
hard for our community as Hydro One invests in its workforce and
infrastructure in the Peterborough Region."
"We welcome Hydro One to the community of Lakefield in Selwyn Township," said Selwyn
Township Mayor Andy Mitchell. "We
look forward to seeing the benefits of their customer-focus and
commitment to making this transition for our residents and
businesses as seamless as possible."
"Today is a great day for Peterborough-Kawartha! I want to take
this opportunity to officially welcome Hydro One to our community,"
said Dave Smith, MPP Peterborough –
Kawartha. "We are so honoured to have such an active community
partner in Hydro One, and I am looking forward to continuing
to see how this acquisition will benefit my constituents moving
forward."
"This is great news for our communities and ratepayers in
Otonabee-South Monaghan and Norwood," said David
Piccini, MPP Northumberland–Peterborough South. "Hydro One
is working collaboratively with the Government to help keep jobs
local and also continues to support organizations that give back to
the community. I am happy to see predictability given to customers
and congratulate Hydro One on this new agreement and can't wait to
see the benefits unfold."
Peterborough Distribution customers will immediately benefit
from the sale. Customers can expect to see a 1 per cent rate
reduction to the base distribution portion of their bills starting
with their August electricity use. The base distribution portion of
the bill will be frozen at this rate for the next five
years.
Additionally, Hydro One has committed to making investments in
the local community, including the development of a new regional
operations centre and fleet maintenance facility. Hydro One will
continue to be active and present in the community through its
support of important local initiatives.
PDI serves approximately 37,000 customers in Peterborough, Lakefield and Norwood. To learn more, please visit:
www.HydroOne.com/Peterborough.
Hydro One Limited (TSX: H)
Hydro One Limited, through its wholly-owned subsidiaries, is
Ontario's largest electricity
transmission and distribution provider with approximately 1.4
million valued customers, approximately $27.1 billion in assets as at December 31, 2019, and annual revenues in 2019 of
approximately $6.5 billion. Our team
of approximately 8,800 skilled and dedicated employees proudly
build and maintain a safe and reliable electricity system, which is
essential to supporting strong and successful communities. In 2019,
Hydro One invested approximately $1.7
billion in its transmission and distribution networks and
supported the economy through buying approximately $1.5 billion of goods and services. We are
committed to the communities where we live and work through
community investment, sustainability and diversity initiatives. We
are designated as a Sustainable Electricity Company by the Canadian
Electricity Association. Hydro One Limited's common shares are
listed on the TSX and certain of Hydro One Inc.'s medium term notes
are listed on the NYSE. Additional information can be accessed at
www.HydroOne.com; www.sedar.com or www.sec.gov.
Forward-Looking Statements and Information
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Words such as
"expect", "anticipate", "intend", "attempt", "may", "plan", "will",
"can", "believe", "seek", "estimate", and variations of such words
and similar expressions are intended to identify such
forward-looking information. These statements are not guarantees of
future performance or actions and involve assumptions and risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed,
implied or forecasted in such forward-looking information. Some of
the factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by
such forward-looking information, including some of the assumptions
used in making such statements, are discussed more fully in Hydro
One's filings with the securities regulatory authorities in
Canada, which are available on
SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims
any obligation, to update any forward-looking information, except
as required by law.
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SOURCE Hydro One Inc.