We are pleased that, after a public and detailed review process, the OEB issued a favorable decision in support of the joining together of the two utilities, said Ian Miles, President & CEO of Cambridge and North Dumfries Hydro Inc. Cambridge and North Dumfries Hydro Inc. and Brant County Power jointly filed applications to the OEB in June 2014. The OEB approval includes the sale of all issued and outstanding shares of BCP to CND. CND will amend its distribution licence to include BCPs service area and BCPs distribution licence will be cancelled.
As the electricity industrys regulator, the OEB has a mandate to protect the interests of electricity consumers and to be guided by the no harm test. The no harm test involved careful and thorough consideration of all proposed transactions and the effect on the interests of consumers with respect to prices and the adequacy, reliability and quality of electricity service.
In issuing its decision, the OEB board staff stated that, Cambridge has provided a welldelineated account of where it expects to achieve cost savings and operational efficiencies through the proposed transaction and an outline of expected capital expenditure savings. OEB concluded that the no harm test had been met and approved the application.
When completed, the purchase of Brant County Power Inc. will add approximately 10,000 customers a 20 percent increase to Cambridge and North Dumfries Hydro Inc.s current 52,500 customer base.