Espanola council enters agreement to sell local hydro utility
This Espanola council finished out its mandate with the signing of an agreement for the sale of a local utility.
Espanola council met for the final time Tuesday night to put its stamp on entering an agreement to sell Espanola Hydro to North Bay Hydro.
The Township of Sables-Spanish Rivers also has to approve the agreement since it is partnered with the town for hydro delivery.
Town CAO, Cynthia Townsend says an escrow account will be set up for the collection of fees as part of the sale.
She adds the Ontario Electricity Commission has to approve the deal, and that process could take up to a year to complete.