Hydro One Inc. has completed the purchase of Great Lakes Power Transmission LP, following approval of the transaction by the Ontario Energy Board on Oct. 13, 2016.
"The acquisition of Great Lakes Power Transmission fits with the strategic direction of the company while also acquiring a highly skilled and experienced team," said Mayo Schmidt, President and CEO, Hydro One. "This acquisition translates into greater shareholder value and allows Hydro One to proudly serve even more communities by effectively growing both its asset and customer bases."
Great Lakes Power Transmission will begin to operate under the name Hydro One Sault Ste. Marie in early 2017 and will continue to operate as a standalone licensed transmitter.
"On behalf of the Great Lakes Power Transmission team, I would like to thank Hydro One for welcoming our team," said Duane Fecteau, Vice President, Operations, Great Lakes Power Transmission. "We will continue to deliver the high-quality transmission service our customers expect and are excited about the further opportunities that working with the expert and professional team at Hydro One will bring."