Merger of Veridian Corporation and Whitby Hydro Approved by OEB
Posted: December 24, 2018
On December 20, 2018, it was announced that the Ontario Energy Board (OEB) has approved the proposed merger of Veridian Connections Inc. and Whitby Hydro Electric Corporation. The new and yet-unnamed, combined energy company will service more than 162,000 residential and business customers, making it the fourth largest municipally-owned electricity distributor in Ontario.
In a media release issued on Friday by Veridian Corporation and Whitby Hydro, Adrian Foster, Chair of Veridian’s Board of Directors states, “We are extremely pleased that the OEB agreed that merging our two companies will offer greater benefits to customers, communities and shareholders than remaining as standalone utilities. We firmly believe that combining our utilities will better position us to deliver stable, reliable, safe and cost-effective energy services across the region.”
“As municipal shareholders we will continue to receive dividends which can be reinvested back into the Belleville community,” says Brian Cousins, Director of Finance, City of Belleville. “The dividends The City of Belleville has received as shareholders of Veridian Connections Inc., have been a valuable resource. We anticipate this merger will strengthen this relationship.”
“We are extremely pleased that the hard work going into this merger has paid off with success,” added Mayor Mitch Panciuk. “Belleville residents have gotten excellent value by being one of the founding municipalities of Veridian and this merger makes us stronger and more financially stable.”
It is currently projected that the merger of Veridian and Whitby Hydro will occur early in the second quarter of 2019.