Changes are on the way at Festival Hydro.
Stratford City Council voted in favour of restructuring the electricity supplier on Monday night.
In his presentation, CAO André Morin said the city will own 100 percent of HoldCo, the parent holding company for the Festival Hydro group of companies.
The city owns 100 percent of Festival Hydro Inc. and Festival Hydro Services Inc.
Morin said the reason behind the restructuring is due to the changing landscape around local distribution companies with challenges that include aging infrastructure, load growth and electric grid complexity.
Festival Hydro CEO Jeff Graham said there won’t be significant changes to operations from restructuring, adding that electricity prices will remain the same.
Resident Jane Marie Mitchell said this change is rushed and incomplete, arguing that full disclosure is needed before voting.
Get Concerned Stratford Board member Mike Sullivan echoed a similar concern in an interview with MyStratfordNow ahead of the council meeting, noting the community should know exactly what will be changed through restructuring.
Council discussed the motion at length, with comments focused on revisiting approvals, what protections will be in place for the city as a shareholder, and what benefits restructuring brings to the community.
Graham said benefits include giving FH better financing for their services, and allowing them to grow as a business.
Morin said there will be a lot of moving parts with the change, adding that if approved, staff will come back with finalized documents to address protections.
Council received a presentation about restructuring from Festival Hydro in July.
A resolution was passed that council direct staff to report back with the final restructuring documents.
Coun. Cody Sebben opposed the motion.
For next steps, city and Festival Hydro administration will provide a ‘wholesome’ report with all of the details of the restructuring within the next 60 days.
