Hydro One receives approval to join the Chapleau Community
Hydro One receives approval to join the Chapleau community as the local electricity supplier
TORONTO, ON, April 19, 2024 - Hydro One Networks (Hydro One) and Chapleau Public Utilities Corporation (Chapleau Hydro) announced today that the Ontario Energy Board (OEB) has approved their application for Hydro One to become the electricity service provider in the Township of Chapleau. This partnership will help deliver long-term value through exceptional customer service, greater efficiencies and local investments.
“We are pleased with the OEB’s positive decision as the partnership with Hydro One will bring tremendous benefits to the hard-working people of Chapleau,” said Mayor Ryan Bignucolo, Township of Chapleau. “With their local presence and 24/7 operations, we anticipate enhanced service and value for our township and the surrounding areas. Our local electricity system requires substantial investment and modernization and I welcome Hydro One's support in preparing Chapleau for a more advanced and better-connected future.”
"We have a long history of serving northern Ontario and are excited to join the Chapleau community and be a meaningful and proud community partner," said Teri French, Executive Vice President, Safety, Operations and Customer Experience, Hydro One. "The partnership will energize life in the Township of Chapleau through our continued investment in exceptional customer service, safe and efficient operations and our local presence. We would like to thank Mayor Ryan Bignucolo, the city council, and the Chapleau Hydro team for their dedication and partnership."
The transaction is expected to close in the coming months. Proceeds from the sale of Chapleau Hydro are expected to be used to invest in critical core community services including the Township's water plant, fire services, and the airport.
Chapleau Hydro serves approximately 1,200 customers and is owned by the Township of Chapleau. On November 6, 2023, Hydro One signed a definitive agreement with Chapleau Public Utilities Corporation to acquire Chapleau Hydro's distribution business to serve electricity customers in the Township of Chapleau. The agreement included purchasing Chapleau Hydro's electricity distribution assets for approximately $2.3 million, subject to adjustments.
Hydro One Limited (TSX: H) Hydro One Limited, through its wholly-owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.5 million valued customers, approximately $32.8 billion in assets as at December 31, 2023, and annual revenues in 2023 of approximately $7.8 billion. Our team of approximately 9,700 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2023,
Hydro One invested approximately $2.5 billion in its transmission and distribution networks, and supported the economy through buying approximately $2.5 billion of goods and services. We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives. 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.sedarplus.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. SOURCE Hydro One Inc. For further information: Media can contact Hydro One Media Relations 24 hours a day at 1-877-506-7584 (toll-free in Ontario only) or 416-345-6868.