TORONTO, Aug. 24, 2018 /CNW/ - Hydro One Inc. ("Hydro One") received a decision today from the Ontario Energy Board ("OEB") upholding its decision to deny Hydro One's proposed acquisition of Orillia Power Distribution Corporation ("OPDC") from the City of Orillia, Ontario.
"Hydro One is disappointed by this decision," said Patrick Meneley, Executive Vice President and Chief Corporate Development Officer, Hydro One. "We will continue to work with the City of Orillia to seek a transaction that is in the interests of all stakeholders."
A copy of the decision is available on the OEB's website.
On August 15, 2016, Hydro One announced the agreement to acquire OPDC for $26.35 million and the assumption of approximately $14.9 million of debt and regulatory liabilities for a total transaction value of $41.3 million.
About Hydro One Inc.
Hydro One Inc. is a fully owned subsidiary of Hydro One Limited, Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, $25 billion in assets and 2017 annual revenues of nearly $6 billion. Our team of over 7,400 skilled and dedicated regular and non-regular employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km of high-voltage transmission and 123,000 circuit km of primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only six utility companies in Canada to achieve the Sustainable Energy Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX: H).
Forward-Looking Statements and Information
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SOURCE Hydro One Inc.
For further information: Investors: Omar Javed, Vice President, Investor Relations, [email protected], 416-345-5943; Media: Jay Armitage, Director, Corporate Communications, [email protected], 416-345-6868