Rideau-St. Lawrence Distribution is receiving high praise after their latest report to the town.
Earlier this month Councillor Ray Young was given an overview of the utility company’s presentation of their financial statements. Councillor Young reported the company turned a profit this year, despite it being the fifth year of their rate structure. The last year of a rate structure is often when unforeseen expenses start eating away at revenue. The town own 35 percent of Rideau-St. Lawrence Distribution and received a $55,000 dividend cheque for their share of the profits earlier this month.
Councillor Young also said that of over 30 hydro rate structures in Ontario Rideau-St. Lawrence in Prescott ranks 9th lowest, in terms of expense to customers. Mayor Brett Todd praised the town’s decision not to sell of hydro distribution because of both the continued revenue and advantages of local business, like minimal wait times for maintenance and being able to inspect power-lines more frequently.
Councillor Young ended his talk by saying Rideau-St. Lawrence Distribution had been approved for a new 5 year rate structure.