After years of contentious debate over the sale of Peterborough Distributions Inc. (PDI), the local utility company is now in the hands of Hydro One.
The $105-million deal will net proceeds between $50-55 million for Peterborough.
Where’s that money going? Council previously passed a resolution to invest the bulk, and only spend the interest. But no decisions have been made beyond that.
“It sounds like a lot (of money), but really, we do need to be careful with how we’re allocating it,” said Mayor Diane Therrien on Tuesday. “Otherwise, it’s like when people blow their lottery winnings.”
The funds are currently in escrow, awaiting further debate from councillors in the fall.
Meanwhile, the name “Peterborough Distribution Inc.” won’t be dropped just yet.
The transition is expected to take up to 12 months to complete, and that’s when the moniker will move to Hydro One.
As part of that transition, all 55 PDI employees will remain employed by Hyrdo one.
“Many will have a seamless transition,” said Lyla Garzouzi, CEO of Peterborough Distribution Inc. “A powerline maintainer will still be a powerline maintainer or continue to be, but some will have options and will be able to map to roles within Hydro One.”
During Tuesday’s event, Hydro One executives announced they’d be putting $75,000 back into the communities they now service, including Peterborough, Lakefield, and Norwood.
Municipal leaders say they will work with Hydro One staff to see where the money is needed the most.
As of Aug. 1st, customers will get a 1 per cent rate decrease on delivery.
“That will be held for five years, so that means a five-year rate freeze,” said Garzouzi. “That provides our customers will rate certainty, which is really important, especially during this time.”
Back when Therrien was still campaigning for mayor, she was often asked if she’d undo the sale. But she says it had gone too far to back out by then.
“We are working forward together,” said Therrien. “It perhaps wasn’t an ideal situation — back when the deal was made — but we are where we are, and we need to move forward in a spirit of partnership.”
Hydro One has plans to build an operation centre and fleet mechanic centre in Peterborough over the next few years.