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Tuesday, November 21, 2017

Goderich Hydro/Erie Thames Powerlines Merger Talks Ongoing

Goderich | by Peter Jackson  

Goderich Hydro Board member says a potential merger is so far, so good.

So far, so good for the merger of Goderich Hydro with Erie Thames Powerlines.

The local utility has been negotiating with ERTH Corporation for much of this year, with an eye to joining forces in 2018.

Goderich Hydro Board member Duncan Jewell says he's confident that nothing stands in the way of a share purchase agreement with ERTH, to enable the two electricity distributors to merge.

Jewell updated Goderich Council on progress Monday, repeating that a deal with Erie Thames will benefit Goderich electricity customers and current Goderich Hydro employees.

He says all Goderich Hydro workers would keep their jobs for at least the next five years.

In addition, Erie Thames would lease the present Goderich Hydro property on Huckins Street for the next 10 years.

He mentions that the two utilities have until January 1st, 2019 to merge, without having a penalty tax imposed by the province.

Jewell believes the Goderich Hydro-Erie Thames deal could be complete by June 30th of next year, if Council gives its approval at its next meeting on December 11th.

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