City of Peterborough Holdings Inc. is recommending the City of Peterborough accept an offer from Hydro One and sell Peterborough Distribution Inc. (PDI), the city’s regulated electricity distribution company.
According to a media release from the city’s private corporation that owns Peterborough Distribution Inc. (PDI), the Hydro One offer includes:
- A cash offer of $105 million for PDI
- Stable electricity distribution rates for Peterborough
- Job protection for PDI employees
- Creation of a new Hydro One Operations Centre and Fleet Maintenance Garage in Peterborough, with the addition of 30 new jobs while keeping 70 existing Hydro One jobs based in Peterborough
- Guarantees for customer service quality.
“This is a strong financial deal for the City of Peterborough,” says John Stephenson, President and Chief Executive Officer of City of Peterborough Holdings Inc. “Our board of directors has conducted a careful and thorough review of the Hydro One offer.”
The board was unanimous in its recommendation to the City of Peterborough to sell PDI to Hydro One.
Stephenson says he’s confident will benefit ratepayers by lowering electricity distribution rates and locking in distribution rate stability for at least 10 years.
Details about the offer are available on the newly launched Peterborough Utilities Group website at poweringourfuture.ca.
The media release from City of Peterborough Holdings Inc. doesn’t indicate when the board decided to recommend Hydro One’s offer be accepted. However, the newly launched Peterborough Utilities Group website contains all the information about the offer, and today’s announcement appears to be coordinated with the October 25th announcement from the City of Peterborough about a community consultation process on the Hydro One offer beginning October 31st.