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Council Only Considering Sale or Merger Of MPUC

Council Only Considering Sale or Merger Of MPUC

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Keep the utility. I was on the first Board when the legislation came about creating the corporations with municipalities as the sole shareholders. At that time there was the thought that the Province wanted to drastically reduce the number of utilities and that did happen to some extent as municipalities salivated over the proceeds from the sale. Others, like Midland , chose to keep the utility and see it develop into a viable company realizing dividends year after year which have increased. Why in the world would Council consider ditching such a successful enterprise? They should deep 6 the idea in a heartbeat.

1) Keep the utility to engage meaningfully with local commercial and industrial entities. They won’t get through the front door with Hydro 1 . Hydro costs are astronomical in this Province and one of the biggest impediments to commercial and industrial development. Keep it local with an ability to help economic interests.

2) It is a well run corporation providing a half million dollar dividend to the Town as sole shareholder in perpetuity. And that will go up as capital investment is paid down. Putting millions in a guaranteed account/ investment gets you peanuts compared to the dividend and still retaining ownership. I shudder to think how the proceeds would be frittered away especially if applied to operating costs . That would be a very slippery slope.

Fred Flood

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Council Only Considering Sale or Merger Of MPUC

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