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News Releases
June 27, 2005
Brantford Energy companies compile record of accomplishment
BRANTFORD - Brantford Energy Corporation (BEC) and its two operating companies compiled a significant record of accomplishment in 2004 providing vital power and telecommunications services to the City of Brantford.
On a consolidated basis, Brantford Energy had a net income of $416,534 during the year. More significantly, retained earnings at the end of the year totalled $584,588, a substantial increase from $168,054 the year before.
"Brantford Energy's record of accomplishment over the last couple of years has helped ensure that the City is well positioned for the future. We are focused on working with the community to assess and meet Brantford's growth needs, in terms both of expanded electrical distribution and fibre optic capacity," said Jim Ryan, Chair of BEC.
"In terms of cost management, Brantford Energy's structure and its working arrangement with the City of Brantford are a proven success. Brantford Power's cost structure is superior to other utilities of similar or even larger sizes in almost every category," Ryan said.
"Financially, Brantford Energy remains viable. Our two businesses enjoy good fiscal positions, allowing them to continue meeting their short-term operational obligations safely and reliably, while also undertaking expansion programs required for the long term," he said.
Brantford Energy Corporation, wholly owned by the City of Brantford, has two operating companies:
- Brantford Power Inc. (BPI), which distributes electricity to homes and businesses in Brantford and maintains the local distribution system;
- Brantford Hydro Inc. (BHI), a retail business focused primarily on providing high-speed telecommunications services through its fibre optic network.
Among BPI's accomplishments, Ryan said the electrical distribution utility successfully reached a co-ownership agreement with Brant County Power Inc. to construct and operate a transformer substation (TS Station) that will meet the growing demand for electricity in both communities. The TS Station is scheduled for completion in December 2005.
Similarly, BHI successfully launched NetOptiks as the new name and visual identity for the fibre division. The fibre network has expanded to more than 150 kilometres and now extends to all business areas in the City.
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