NT Power to explore potential merger or sale of Utility

The Town of Newmarket and Tay Township, as the shareholders of Newmarket-Tay Power Distribution Ltd. (NT Power), have announced they are in the early stages of exploring the potential merger or sale of NT Power. With the landscape for electricity demand in Ontario rapidly changing, fueled by growth, electrification and climate change, the Town of Newmarket and Tay Township are assessing how the merger or sale of NT Power could support their customers in providing a safe, reliable, affordable and sustainable local energy system for future generations.

With the recent announcement from the Province to amend regulations under the Electricity Act, including the elimination of certain tax obligations arising from a sale, for LDCs (Local Distribution Companies) to December 31, 2028, the municipal shareholders, supported by the Board of Directors (the Board), believe it is prudent to explore options to ensure affordable, reliable power for our communities into the future.  

The municipal shareholders, supported by the Board, are in the beginning stages of exploring and evaluating options, which will take several months. Any option will only be pursued if it benefits our communities, customers and NT Power’s employees. In this exploratory process, the focus will be on ensuring the following key priorities are met: competitive local distribution rates, improved reliability, preserving a positive customer experience, job protection for employees, maintaining offices and operations centres, and a significant return on investment.

Quotes 

“Demands on our local utility in the coming decades will be complex and significant as we face climate change and increased electrification. We look forward to carefully evaluating whether our communities and NT Power customers would benefit from enhanced resources which a merger or sale could offer,” says Newmarket Mayor John Taylor. “The ultimate goal is to ensure we have the infrastructure to deliver affordable, reliable energy to our residents and local businesses, not only for the next 10 years but for the next 50 years.”   

“NT Power’s Board of Directors supports the exploration of a merger or sale of the utility,” says NT Power Board Chair David Charleson. “As energy needs, demands, and service expectations in our communities continue to rapidly evolve and grow, our shareholders and the Board recognize the pressure to deliver safe and reliable energy to our customers while keeping distribution rates affordable and our infrastructure up to date.” 

About NT Power 
Newmarket-Tay Power Distribution Ltd. (NT Power) is a local electricity distribution company licensed by the Ontario Energy Board. NT Power is jointly owned by the Municipalities of Newmarket (93%) and Tay (7%) serving 50,000 customers in the areas of Newmarket, Tay and Midland.  

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Elizabeth Smith
Manager of Communications and Technology Services, Tay Township
705-534-7248 ext. 264
esmith@tay.ca