Holdco releases 2018 annual report
The Town of Cobourg Holdings Inc. (Holdco) Board of Directors released its 2018 annual report on June 26. Reliable utility services contribute to the comfort and safety of the community and Holdco continues to deliver dependable services at a competitive rate.
“We have seen tremendous improvements in reliability while maintaining the fourth lowest operations, maintenance and administration costs out of 61 utilities in Ontario,” said Barry Gutteridge, chair of Holdco. “There has been a drastic reduction in the number and duration of outages. In 2018, customers had power on 99.9 percent of the time and experienced a combined outage duration of two hours and 31 minutes, impacting 1,565 customers. We continue to exceed ministry standards for safe water, we have flushed more watermains than ever and more than 4000 radio frequency water meters have been installed over the past two years.”
As a municipally owned utility, Holdco has a mandate to provide safe, reliable, and cost-effective utility services to its customers while providing a financial return for stakeholders. The Town of Cobourg is the majority stakeholder with the Township of Cramahe owning one share.
“To date, Holdco has created more than $20 million in benefits to its stakeholders,” said President and CEO, Dereck Paul. “We look forward to exploring Smart Energy initiatives such as smart devices, battery storage, and alternative forms of energy generation to reduce energy and water consumption and enable a more sustainable, low-carbon economy that is affordable and reliable without harming the environment.”
To receive a copy of the annual report, contact Lakefront Utilities or download a copy here.