-Two long-time neighbours come together to
continue energizing life, benefitting families, local businesses
and communities -
TORONTO, Sept. 1, 2020 /PRNewswire/ - Hydro One
Limited (TSX: H) ("Hydro One") announced the legal closing of the
acquisition of Orillia Power Distribution Corporation ("Orillia
Power") by Hydro One's wholly-owned subsidiary, Hydro One Inc. The
Ontario Energy Board approved the sale on April 30, 2020.
"We are thrilled to become a part of Orillia and to continue
energizing life in the community for years to come," said
Mark Poweska, President and CEO,
Hydro One. "At Hydro One, we're deeply committed to the communities
where we work and live, and look forward to finding more ways to
support families, businesses and the local economy in Orillia."
"On behalf of Orillia Council, I
would like to welcome Hydro One to the Sunshine City," said Orillia
Mayor Steve Clarke. "Hydro One's
continued investment in our community and their proven
philanthropic spirit will serve our community well now and into the
future. Hydro One's commitment to Orillia will positively shape the
economic growth of our city and we look forward to the many
opportunities our continued partnership will bring."
"Thanks to the dedication of the City
of Orillia, this exciting time not only demonstrates a
strong commitment to the community but will enhance service quality
while reducing distribution charges for its customers over the next
few years," said Jill Dunlop, MPP
for Simcoe North. "This acquisition
is instrumental in job creation and will bring tremendous growth
and new investment to the City of
Orillia, a win-win-win for the community, the local business
sector and industry in our area."
Orillia Power customers will
immediately benefit from the sale. Customers will receive a 1 per
cent rate reduction to the base distribution portion of their bills
starting with their September electricity use. The base
distribution portion of the bill will be frozen at this rate for
the next five years.
Additionally, Hydro One plans to invest in the local community
by building a new provincial warehouse and regional operations
centre in the area. Hydro One will continue to be an active
community partner through its support of important local
initiatives.
Orillia Power serves
approximately 14,000 customers. To learn more, please visit:
www.HydroOne.com/Orillia.
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 Limited