News Releases
June 26, 2007
Brantford Energy declares $500,000 dividend
BRANTFORD – Brantford Energy Corporation (BEC) has declared a $500,000 dividend, payable to the City of Brantford, the company’s shareholder. It is BEC’s first dividend since the company was incorporated in 2000.
Jim Ryan, Chair of BEC, said the dividend is expected to be the start of regular payments to the City and represents a healthy return on the City’s investment in the municipal utility.
“The financial results in 2006 were both positive and important, but they are an outcome of how our business is run. Our focus continues to be safe and reliable service to our customers and providing a platform for growth in our community through wise capital investments,” Ryan said.
BEC, wholly owned by the City of Brantford, has two operating companies:
- Brantford Power Inc. is the local distributor of electricity to homes and businesses in Brantford. It maintains the system and ensures it is safe, reliable and cost-effective.
- Brantford Hydro Inc. is a retail company that provides water heater rentals, sentinel lighting and high-speed fibre optic telecommunication connections through its NetOptiks division.
“The growth in earnings and total assets in 2006 indicate a very healthy company and our forward-looking capital plans are sound. We have had our best year financially, with a 2006 consolidated net income of $2,032,000, representing a significant improvement to the $1,439,000 reported in 2005,” Ryan said.
Looking ahead, Ryan said he is concerned about long-term developments in Ontario’s energy industry that could have significant repercussions on electricity users in Brantford.
“Realistic decisions must be made in an industry that requires significant lead times for construction projects to be completed. Major questions centre on the future of coal-fired generating stations and when a nuclear power program will be announced. These decisions are outside of the mandate of our operations but they will continue to have significant impact on our delivery of reliable service to homes and businesses,” he said.
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