TORONTO, March 8 /CNW/ - Today the Ontario Energy Board issued a Decision
and Order granting Newmarket Hydro Ltd. (Newmarket Hydro) and Tay Hydro
Electric Distribution Company Inc. (Tay Hydro) leave to amalgamate.
Newmarket Hydro, which is indirectly owned by the Town of Newmarket,
serves customers in the Town of Newmarket and part of the Town of East
Gwillimbury. Tay Hydro is indirectly owned by the Township of Tay and serves
customers in the former urban areas of Port McNicoll, including Paradise
Point, Victoria Harbour and Waubaushene and part of the Township of Tay.
Upon completion of the amalgamation, the Town of Newmarket and the
Township of Tay would indirectly hold 92.7% and 7.3% of the utility
respectively. These percentages may be adjusted after the transaction, based
on the most recent financial statements.
In its Decision, the Board accepted evidence from the applicants that the
transaction would not adversely affect:
- The adequacy, reliability, and quality of electric power distribution
- Existing rates, service centers and staffing levels
- Operational safety and system integrity
- Response times to day-to-day emergencies
The Board also noted expected service benefits and incremental annual
savings from current operations.
The Ontario Energy Board regulates the province's electricity and natural
gas sectors in the public interest. It envisions a healthy and efficient
energy sector with informed consumers, and works towards this vision through
regulatory processes that are effective, fair and transparent.
For more information on the Board, please visit our Web site at
www.oeb.gov.on.ca or contact the Consumer Relations Centre at 416-314-2455 or
toll-free at 1-877-632-2727.
For further information:
For further information: Vanda Wall, Ontario Energy Board, (416)