From West Carleton Councillor Eli El-Chantiry’s email newsletter:
This past June I updated residents with some favourable news regarding having 45,000 Hydro One customers transferred to Hydro Ottawa.
At that time, Jim Durrell (Hydro Ottawa Board Chair) addressed Ottawa City Council and noted he was hopeful to have a resolution of some kind by September 2015 to this longstanding issue.
As it’s now October and we haven’t received further updates, I connected with Hydro Ottawa to find out the latest on negotiations. Bryce Conrad, President and CEO of Hydro Ottawa, noted to me last week that both parties have had a number of positive meetings since June and both sides are engaged in good faith. At this point both parties have exchanged and are reviewing detailed financials underpinning any potential transaction.
This is a very complicated exercise – further complicated by changes to Hydro One’s governance model (the provincial government has made clear it plans to privatize a portion of Hydro One through an IPO process) as well as the regulatory model within which the industry operates. Discussions are expected to continue, and both parties will keep their respective shareholders fully briefed and informed as to the process and deliberations.
Mr. Conrad acknowledges that that process may seem like its taking longer than it should, but he reiterates that for a deal to happen, all parties need to be satisfied that it’s in the best interest of their shareholders and customers. I will continue to stay on top of this issue and will update residents as I know more.