>Hudak to step down after two-plus decades in office, Pg 2 >West Niagara’s chance to Get Hip Pg. 5 > Best In West Customer Service winner Pg. 6 > Coach Bob thanks community Pg. 19 Thursday, August 11, 2016 Vol. 5 Issue 14
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Grimsby’s biodigester on Sobie Road was initially to be operational last November when the clock started running on its 20-year FIT contract. Hydro officials said in December it would be ready in late spring. As of this week it is still under construction.
Grimsby does a hydro share shuffle By Mike Williscraft NewsNow In a move to “tidy up” a “cumbersome” hydro company infrastructure, Grimsby’s Administration and Finance Committee voted Monday to create a second holding company which will add another board of directors under its family of hydro-related holdings. While everyone around the committee table agreed repeatedly how complex and awkward
the hydro administration structure is only Ald Dave Kadwell asked any questions about a move which would shuffle the core structure of the Town’s largest asset. Among the questions, which were never clearly answered, were: 1) Why, if the wording of an agreement when FortisOntario bought 10 per cent of Grimsby Power Inc in 2009, would it come forward six years later to adjust the agreement?
2) A $12.9 million value was assigned. Where did that value come from and how was it arrived at? Mayor Bob Bentley, who also sits as a director on the hydro companies boards of directors told the committee the creation of a second holding company was to clear up issues created when the Fortis sale contract was “worded wrong”. “The structure initially set was very confusing, very cumber-
some,” said Bentley, who added the company’s “intent” was to buy 10 per cent of GPI, not NPI. “We need to tidy up our entities.” In the proposed move, which still has to be ratified by full council next Monday at its regular meeting, Grimsby Energy, Grimsby Hydro and Niagara Regional Broadband Networks would be grouped under Holdco 2, the newly formed company. See NPI, Page 3