Amalgamation of Veridian Connections Inc. and Whitby Hydro Electric Corporation

Veridian Connections Inc.
Whitby Hydro Electric Corporation
EB-2018-0236

Veridian Connections Inc. and Whitby Hydro Electric Corporation have asked the Ontario Energy Board to approve:

  • Leave for a new holding company (referred to as Merged Holdco in the application) to acquire control of Veridian Corporation (the parent company of Veridian Connections Inc.) and Whitby Hydro Energy Corporation (the parent company of Whitby Hydro Electric Corporation)
  • The amalgamation of Veridian Connections Inc. and Whitby Hydro Electric Corporation to form a new electricity distribution company referred to in the application as LDC Mergeco
  • The issuance of an electricity distribution licence for LDC Mergeco
  • The cancellation of the electricity distribution licences of Veridian Connections Inc. and Whitby Hydro Electric Corporation when the electricity distribution licence for LDC Mergeco is issued
  • The transfer of the current and any future rate orders and rate riders of Veridian Connections Inc. and Whitby Hydro Electric Corporation to LDC Mergeco
  • The continued tracking of costs by LDC Mergeco to existing deferral and variance accounts of Veridian Connections Inc. and Whitby Hydro Electric Corporation
  • A deferral account to track any material differences between the revenue requirement calculated using premerger accounting policies and the revenue requirement calculated using post-merger accounting policies

The applicants say that the proposed amalgamation is expected to deliver savings to the customers of both utilities and that the electricity distribution rates of Veridian Connections Inc. and Whitby Hydro Electric Corporation will remain separate for 10 years from the date the transaction is completed. The applicants also say that the costs of the proposed amalgamation will not be funded by ratepayers.

Type
MAADs
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Ontario Energy Board
P.O. Box 2319
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Toronto ON M4P 1E4
Attn: Ms. Kirsten Walli, Board Secretary