Amalgamation of Waterloo North Hydro Inc. and Kitchener-Wilmot Hydro Inc.

Kitchener-Wilmot Hydro Inc.
Waterloo North Hydro Inc.
EB-2022-0006

Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc. have applied to the Ontario Energy Board for approval to amalgamate and continue operations as a single new local electricity distribution company.

Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc. have jointly asked the Ontario Energy Board to approve:

  • The amalgamation of their parent holding companies, Kitchener Power Corp. and Waterloo North Hydro Holding Corporation, to form a new holding company referred to in the application as Merged Holdco
  • The amalgamation of Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc. to form a new electricity distribution company, referred to in the application as LDC MergeCo
  • The issuance of an electricity distribution licence to LDC MergeCo
  • The cancellation of the existing electricity distribution licences of Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc. when the electricity distribution licence for LDC MergeCo is issued
  • The transfer of the rate orders of Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc. to LDC MergeCo and to allow LDC MergeCo to maintain two separate rate zones until the rates are harmonized at the conclusion of the proposed Rate Harmonization Period
  • The tracking of costs by LDC MergeCo to the existing deferral and variance accounts of Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc.
  • A deferral account to track certain grossed-up Payments in Lieu of tax impacts for Waterloo North Hydro Inc.’s service area and to track any resulting variances in a related sub-account
  • A deferral account to track costs associated with the proposed Earnings Sharing Mechanism
  • The deferral of LDC MergeCo’s rate rebasing application for 10 years from the date the transaction is completed
  • A 10-year Rate Harmonization Period, which is proposed to commence after the conclusion of the 10-year deferred rebasing period

Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc. state that the transaction and integration costs will not be funded by ratepayers and that the proposed amalgamation is expected to deliver cost synergies and operational efficiencies.

Type
MAADs
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Details and Updates

The OEB has issued its Decision and Order on an Application from Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc. for approval to amalgamate and continue operations as a single electricity distribution company.

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You can submit a letter of comment that will be considered by the panel deciding the application. Unless the notice states otherwise, your letter of comment must be received by the OEB no later than 60 days after the publication or service date of the notice for the application. Your letter will be provided directly to the panel of Commissioners who will be deciding whether the application is approved. The panel will consider your comments in reaching their decision. The panel will only be able to consider comments which relate to issues which are within the authority of the OEB and relevant to the issues being considered by the panel.

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Or mail the below address with the reference number EB-2022-0006

Ontario Energy Board
P.O. Box 2319
2300 Yonge Street, 27th Floor
Toronto ON M4P 1E4
Attn: Registrar