TORONTO, Feb. 9 /CNW/ - Today, the Ontario Energy Board (the Board)
issued a Decision and Order approving an application by Middlesex Power
Distribution Corporation (Middlesex Power) to acquire Dutton Hydro Limited
(Dutton Hydro) and Newbury Power Inc. (Newbury Power).
Upon completion of the proposed transactions, Middlesex Power will own
100% of the issued and outstanding shares of Dutton Hydro and Newbury Power
and the two electrical distribution companies will be merged into Middlesex
Power. Currently, Dutton Hydro is wholly owned by the Municipality of
Dutton/Dunwich. The Village of Newbury holds 80% of the shares of Newbury
Power and Newbury Community Services hold 20%.
Middlesex Power will seek to harmonize rates within five years from the
closing date of the proposed transactions.
In its Decision, the Board concluded the proposed acquisition will not
have an overall adverse effect in terms of the Board's objectives in the
Ontario Energy Board Act, 1998, which are:
- to protect the interests of consumers with respect to prices and the
adequacy, reliability and quality of electricity service; and
- to promote economic efficiency and cost effectiveness in the
generation, transmission, distribution, sale and demand management of
electricity and to facilitate the maintenance of a financially viable
The Ontario Energy Board regulates the province's electricity and natural
gas sectors in the public interest. It envisions a viable 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 website at
www.oeb.gov.on.ca or contact the Consumer Relations Centre at 416-314-2455 or
toll-free at 1-877-632-2727.
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For further information:
For further information: Vanda Wall, Ontario Energy Board, (416)