Hydro One Ltd. has announced the legal closing of the acquisition of Canada’s Orillia Power Distribution Corp. by Hydro One’s wholly-owned subsidiary, Hydro One Inc.
The Ontario energy board approved the sale on April 30.
“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 of 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.”
Orillia Power customers will immediately benefit from the sale. Customers will receive a 1 percent 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 n
