London Hydro's Future Direction

Ontario’s electricity distribution sector is changing rapidly. In less than 10 years, the sector has consolidated from over 300 individual local distribution companies, to approximately 80. In light of this rapidly changing context, the City of London took the prudent step of initiating a process to consider how these shifting market forces could affect London Hydro, and London’s future competitiveness. On October 22, 2007 London City Council approved a resolution mandating the Board of London Hydro to:

1. Evaluate and report back on an unsolicited expression of interest from Chatham Kent Energy, and
2. Determine whether other utilities and infrastructure investment companies might also be interested in pursuing a possible transaction in alignment with the criteria set out previously by the City by way of a Shareholder Declaration. A special committee of the London Hydro Board was struck, composed of independent directors with strong credentials in business, labour and legal areas.