A 1% rate decrease will take place based on 2014 electricity levels followed by a 5 year rate freeze
WOODSTOCK - It is official the sale of Woodstock Hydro has been approved.
The hydro utility sold with a price tag of just over $46 million. Woodstock City Councillor Shawn Shapton explains how the deal went down. "The OEB has approved the sale of Woodstock Hydro to Hydro One, we got the news late on Friday afternoon. There was really no surprises in the deal everything went through, the only surprise was that it took 14 months to make the decision."
Many residents of Woodstock will be upset to know the sale has been approved, and Councillor Shapton provides an outlook on whether those who currently use the hydro service will notice anything with the change in ownership. "It is our understanding that there really won't be any impacts directly to anyone. Hydro One already owns the lines that the power is supplied to, so really from a user standpoint there shouldn't be any surprises at all. Hydro One has until December 31st to close the deal so I imagine that it will close before then, but at this point December 31st is when it will close."
The request of a 10 year freeze plan was denied by the OEB instead a 5 year plan has been granted with a 1% rate decrease based on the Friendly City's 2014 electricity consumption levels. Councillor Shapton spoke to Heart FM to discuss if their will be a loss in jobs and where the money will be spent. "It is my understanding that they are going to try and keep as many as they can if not everyone. Now that it has been approved council will meet and we will have to make decisions on how to handle the influx of the money that will come in. I want to stress that the new council is here to work with anyone, that is what we are here for, and we look forward to speaking to anyone that might have any questions."
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