A decision has been reached about the future of Brant County Power – and unlike other recent utility sales in southern Ontario, the purchaser isn’t Hydro One.
Cambridge and North Dumfries Hydro announced Tuesday that its bid to buy its neighbouring utility has been unanimously accepted by Brant County councillors.
“We’re committed to a thoughtful and seamless joining together of our utilities … while maintaining connections with local communities,” Cambridge and North Dumfries Hydro president Ian Miles said in a news release.
The total value of the deal is $40.2 million.
In recent years, Brant County Power had been returning an annual surplus of about $500,000 to county coffers.
In 2012, a provincial panel recommended a series of mergers and acquisitions to lessen the number of power utilities in Ontario from the 73 it had at the time.
Since then, Hydro One has purchased Norfolk Power Distribution for $93 million and Haldimand County Hydro for $62 million, among other acquisitions.
As part of the deal, Brant County Power’s current Paris operations centre will stay open for at least five years and no employees will lose their jobs.
Brant County Power customers can expect to pay at their current rates for four years, after which Cambridge and North Dumfries Hydro will apply for rates to be harmonized between the two organizations.
The sale must still be approved by the Ontario Energy Board.
