A lengthy closed-session meeting this week saw council members dealing with matters relating to the Orillia Power Generation Corporation (OPGC) and Hydro One.
Council committee met in camera for almost three hours Monday, and while details of those discussions cannot be released, they are significant and will be made public eventually, said Mayor Steve Clarke.
One item included “proposed changes to the shareholder declaration” for the OPGC. Clarke noted that declaration is an agreement between the OPGC and the sole shareholder, which is the City of Orillia. That was discussed in closed session because some aspects of the agreement “could be sensitive,” he said, until it is finalized.
“I think it will all be public in pretty short order,” Clarke said.
Staff were also directed to report back on “alternative options for the (OPGC) board’s overall composition and oversight.”
“With all the changes that have taken place in recent years … it’s a prudent move to examine everything,” Clarke said, using the sale of Orillia Power’s distribution arm to Hydro One as an example.
During Monday’s meeting, council committee approved the reappointment of three board members: Greg Gee (term to expire in December 2023), Tom Hussey (term to expire in December 2022) and Robert Ripley (term to expire in December 2024).
The OPGC has also made a request “regarding refinancing and debt consolidation.” Council committee deferred that request. Clarke would not comment on any details about that, but said more information would be made public later.
A “Hydro One land opportunity” was also discussed in closed session. Staff were directed to work with Hydro One to prepare an agreement for council’s consideration.
Again, Clarke would not comment on specifics, saying, “At face value, that resolution tells me it’s another example of our relationship with Hydro One.”
If the matter is dealing with a land transaction, details won’t be available until everything is finalized.
