St. Catharines Hydro Inc. Holds First Shareholder Meeting
St. Catharines Hydro Inc. is the holding company for three subsidiary companies, St. Catharines Hydro Utility Services Inc., St. Catharines Hydro Generation Inc. and St. Catharines Hydro Energy Services Inc. The City of St. Catharines is the sole shareholder.
The shareholder meeting included the appointment of the Board of Directors, approval of a five year business plan and approval of a number of resolutions related to operation of the Corporation.
"The first shareholder meeting was an important step in our corporate development," said Bob Marshall, Chair of St. Catharines Hydro. "It also marked completion of another local chapter in the ongoing story surrounding restructuring of the electricity industry in Ontario."
"But more importantly, the meeting sent a message to our customers that we have established a viable, competitive business that has the experience, organization and planning necessary to provide reliable distribution services, both now and in the future," Marshall added.
To deal with Ontario Hydro's massive debt, the provincial government passed Bill 35, The Energy Competition Act, on October 30th, 1998 to restructure Ontario's electricity industry. The Act confirmed that municipalities are the legal owners of the Municipal Electrical Utilities operating within their boundaries and that they would be shareholders of newly created corporations.
The City of St. Catharines passed a by-law transferring all of the assets and employees from the former St.Catharines Hydro-Electric Commission to four incorporated entities created by the City of St.Catharines effective August 1, 2000.
St. Catharines Hydro Inc. is the Holding Company for three subsidiary companies. "We realize all of the changes that have taken place in the electricity industry can be confusing for consumers, and there may be even more confusion when the market officially opens to competition," said John Kerklaan, President of St. Catharines Hydro. "However, we are determined to keep the residents of St. Catharines informed every step of the way."
"It's also important to remember that no matter what happens when the competitive market begins, St. Catharines Hydro will always be here to provide your electricity needs. At the same time, the Company is committed, as part of a long-term business plan, to making the necessary multi-million dollar capital investment in electrical infrastructure improvements."