Guelph Municipal Holdings Inc. (GMHI) held its second Annual General Meeting today to update shareholders on its 2012 accomplishments and 2013 future directions.
A top priority for 2013 is addressing a recent Ontario Distribution Sector Review Panel recommendation that a number of local energy distributors, including Guelph Hydro, be consolidated into larger regional distributors. Given the possibility that this situation could be provincially-mandated or driven by the regulator, the Ontario Energy Board, GMHI has endorsed a Guelph Hydro staff investigation of solutions that may include sharing services and resources, or more formal mergers and acquisitions. “Consolidation is a distinct possibility regardless of how it is achieved. We will continue to be well prepared to respond to all opportunities for lower energy costs for customers, improved efficiencies, better access to technology and sustainable solutions”. Karen Farbridge, Chair of GMHI.
An additional priority for GMHI this year is to pursue a new energy project designed to create a thermal (heating and cooling) distribution network – often referred to as District Energy – that will allow for flexible, efficient, competitive and secure local supply and delivery of thermal energy to Guelph in the future. About half of Guelph’s total energy demand is for thermal energy. The District Energy project represents a significant opportunity to ensure a reliable local supply a midst economic uncertainty and increasing climate change concerns.
Additional highlights and future directions for GMHI can be found in the Annual Report accessible at guelphholdings.com.
About Guelph Municipal Holdings Incorporated (GMHI)
GMHI is a holding company set up by Guelph City Council to manage select City of Guelph assets, which currently includes Guelph Hydro Incorporated and its subsidiaries, for the purpose of maximizing revenue potential and strengthening community prosperity. GMHI is governed by a Board of Directors including the Mayor, four City Councillors, the Guelph Hydro Incorporated Chair and two independent community members.