The purchase of Midland Power Utility Corporation (MPUC) by Newmarket-Tay Power Distribution Ltd (NT Power) has been approved by the Ontario Energy Board.
According to a joint press release issued by Tay Township, the towns of Newmarket and Midland and Midland Power Utility Corporation, the board approved the official transfer of MPUC’s distribution system and rate order to NT Power on Thursday.
“This amalgamation will make us a more competitive utility, allow us to combine our resources to respond to customer needs, and create cost savings through the realization of efficiencies over time,” NT Power president Paul Ferguson, said in the release.
According to the release, there will be no changes for customers and no jobs will be lost as a result of the transaction.
“Tay and Midland border each other, presenting a number of strong synergy opportunities between NT Power and MPUC. The two utilities are already working together for after-hours service,” the release reads. “While Newmarket is 100 kilometres away, this also acts as a benefit, as each community can take advantage of geography to deploy critical resources during weather-related emergencies.”
The closing date for the purchase agreement will be set within the next 35 days and the amalgamation of NT Power and MPUC will take place immediately afterwards.
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