Norfolk Power Sold To Hydro One
SIMCOE, ON, April 2, 2013 /CNW/ - Norfolk County today announced that it has sold Norfolk Power Inc. to Hydro One Inc. for $93 million. Norfolk Power Inc. is Norfolk County's holding company for Norfolk Power Distribution Inc., its electricity distributor, and Norfolk Energy Inc., its telecom company.
The selection of Hydro One is the result of a comprehensive four-month competitive sale process which involved expressions of interest or proposals from numerous potential buyers.
Mayor Dennis Travale stated, "I am pleased to announce that Hydro One is the successful bidder and has purchased the shares of Norfolk Power Incorporated. Of primary concern to Norfolk County Council have been Norfolk Power employees and customers."
"Hydro One is excited to be welcoming new customers and new employees to our Company," said Carmine Marcello, President and CEO, Hydro One Inc. "We're proud that Norfolk County selected our bid from the many received. We're committed to delivering great service for Norfolk's customers and making a valuable contribution to the local economy."In October 2012, Council unanimously decided to commence a process for the possible sale of Norfolk Power. Throughout this time Council has also been concerned about what is in the best interests of Norfolk County taxpayers and Norfolk Power's business partners and suppliers. "Council is confident that selling the shares of Norfolk Power to Hydro One is in the best interests of everyone," said Mayor Travale. "This isn't just about the money we received, it's about a partner who was interested in making a long-term investment in the community." The sale now must receive final approval from the Ontario Energy Board, which is expected over the summer. Last December, the Province released a blue ribbon panel report that recommended wide scale consolidation of local electricity distribution companies across Ontario. Mayor Travale said, "Our sale to Hydro One shows that voluntary consolidation of electric utilities can provide significant "win-wins" for employees, ratepayers, municipalities and the Province".
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