TORONTO, July 11, 2003 – Toronto Hydro Corporation announced that it has agreed to sell its natural gas retailing business to the Energy Savings Income Fund, a leading energy retailer. The transaction, which is subject to certain closing conditions and approval by the Competition Bureau, is expected to be completed during the third quarter 2003.
“This sale is in line with our strategy to focus on our core business of electricity distribution and other directly related businesses,” said Courtney Pratt, President and CEO of Toronto Hydro Corporation.
In December 2002, Toronto Hydro Corporation decided to discontinue its natural gas retailing business.
Toronto Hydro Corporation is a holding company which, through its wholly- owned subsidiaries, distributes electricity, provides street lighting services, is engaged in the development and sale of energy efficiency products and services, leases fibre optic cable capacity and provides managed data services.