Orillia Mayor Steve Clarke is expressing his disappointment after the Ontario Energy Board rejected a joint appeal by the City and Hydro One.
The two parties had an agreement in place that would see Hydro One acquire the distribution arm of Orillia Power Corporation in exchange for the utility building an advanced technology on the Horne Business Park.
The OEB announced on Thursday that they have denied an appeal based on concerns that consumers would not receive any savings despite a one percent cut in hydro rates in the first five years after the sale.
Clarke says the City put in a lot of time and effort in bringing this opportunity to Orillia.
He says it was disappointing that the OEB wouldn't even consider listening to the appeal.
Clarke says it may be a long time before Orillia gets another opportunity like this.
He equates the attraction of a technology hub to bringing post-secondary institutions such as Lakehead University and Georgian College to Orillia.
Clarke says without the deal in place, Orillia Power will now be seeking at rate increase to help pay for the replacement of hydro poles and wires.
He adds the utility has also not through a rate increase in quite some time.