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Hydro Ottawa announced a deal Wednesday that will see the municipally owned utility take over 10 new hydro electric generation facilities.
A large number of the facilities are already in operation in the nation’s capital.
According to Hydro Ottawa’s chief executive officer Bryce Conrad, the acquisition will help the utility to fulfil its four year plan to increase the utility’s supply of green energy to customers. With the new acquisition and the re-furbishing of the hydro electric facility at Chaudiere Falls, as much as 25 per cent of the utility’s energy production will come from green sources, he said.
“We want to increase renewable generation capacity and provide earnings that benefit our shareholder, the City of Ottawa, in an environmentally responsible way,” he said. “After significant due diligence, risk evaluation, and a thorough technical assessment of all assets, we concluded that this was an excellent business opportunity.”
Fortis is a massive St. John’s, Newfoundland based electricity and gas utility business that has assets of more than $28 billion globally. The company serves more than three million customers globally and reported earnings of $317 million in 2014.
The deal with Ottawa Hydro will see several smaller hydro generating facilities transferred to the local utility including a generating plant at Rideau Falls, Jones Falls (located between Ottawa and Kingston), Kingston Mills and Brewers Mills in Kingston, ON, as well as a generating facility in Gananoque and another in Washburn, which is located in Seeley’s Bay, 160 kilometres southwest of Ottawa.
The deal also includes four smaller hydro generating facilities in the United States, including one in upstate New York. The American assets are particularly prized by the utility as the low Canadian dollar actually allows Ottawa Hydro to collect more for power from U.S. customers once the currency is exchanged into Canadian.
Conrad refused to reveal the value of the deal, saying that Ottawa Hydro is in negotiations to acquire other hydro electric assets and is worried the price paid for the Fortis assets may affect those negotiations.
While Conrad wouldn’t share any financial details pertaining to the acquisition, a regulatory filing with the Ontario Energy Board shed some light on the deal. According to the filing, which is required in order to transfer ownership of electrical generating assets to another corporation, the six Ontario hydroelectric facilities generated sales of $2.396 million worth of electricity in 2014 and $2.32 million worth of electricity in 2013.
Marianne Wilkinson, councillor for Kanata North and a board member at Ottawa Hydro, said she believes the purchase is a smart one as it will add to the annual dividend that Ottawa Hydro pays to the City of Ottawa and will likely help lower electricity rates for the utility’s customers in the city.
vpilieci@ottawacitizen.com
查看原文...
A large number of the facilities are already in operation in the nation’s capital.
According to Hydro Ottawa’s chief executive officer Bryce Conrad, the acquisition will help the utility to fulfil its four year plan to increase the utility’s supply of green energy to customers. With the new acquisition and the re-furbishing of the hydro electric facility at Chaudiere Falls, as much as 25 per cent of the utility’s energy production will come from green sources, he said.
“We want to increase renewable generation capacity and provide earnings that benefit our shareholder, the City of Ottawa, in an environmentally responsible way,” he said. “After significant due diligence, risk evaluation, and a thorough technical assessment of all assets, we concluded that this was an excellent business opportunity.”
Fortis is a massive St. John’s, Newfoundland based electricity and gas utility business that has assets of more than $28 billion globally. The company serves more than three million customers globally and reported earnings of $317 million in 2014.
The deal with Ottawa Hydro will see several smaller hydro generating facilities transferred to the local utility including a generating plant at Rideau Falls, Jones Falls (located between Ottawa and Kingston), Kingston Mills and Brewers Mills in Kingston, ON, as well as a generating facility in Gananoque and another in Washburn, which is located in Seeley’s Bay, 160 kilometres southwest of Ottawa.
The deal also includes four smaller hydro generating facilities in the United States, including one in upstate New York. The American assets are particularly prized by the utility as the low Canadian dollar actually allows Ottawa Hydro to collect more for power from U.S. customers once the currency is exchanged into Canadian.
Conrad refused to reveal the value of the deal, saying that Ottawa Hydro is in negotiations to acquire other hydro electric assets and is worried the price paid for the Fortis assets may affect those negotiations.
While Conrad wouldn’t share any financial details pertaining to the acquisition, a regulatory filing with the Ontario Energy Board shed some light on the deal. According to the filing, which is required in order to transfer ownership of electrical generating assets to another corporation, the six Ontario hydroelectric facilities generated sales of $2.396 million worth of electricity in 2014 and $2.32 million worth of electricity in 2013.
Marianne Wilkinson, councillor for Kanata North and a board member at Ottawa Hydro, said she believes the purchase is a smart one as it will add to the annual dividend that Ottawa Hydro pays to the City of Ottawa and will likely help lower electricity rates for the utility’s customers in the city.
vpilieci@ottawacitizen.com
查看原文...
