Journal Staff
Bluewater Power generated record revenue and paid out one of its highest ever returns to municipal shareholders in 2020.
The local utility netted before-tax income of $7.3 million on gross revenue of almost $150 million and returned $3.3 million to its shareholders, including Sarnia, CEO Janice McMichael Dennis told city council recently.
“What a year. We had the highest ever profitability in 2020.”
The $3.3 million returned to shareholders tied an historic high set the two previous years.
Last year’s success didn’t come on the backs of electricity ratepayers, she said, but was due to exceptional revenue from each of its member companies.
“We have found a formula that works,” said the CEO, noting $150,000 in relief was provided to customers struggling to pay their bills.
Local hydro bills have decreased 20% since 2016, including a five-cent per month reduction in May, McMichael Dennis said. The utility account for about 25% of electricity bills, with the average Sarnia customer paying $109 a month now compared to $134 five years ago, she said.
Meanwhile, Bluewater Power’s board of directors has elected Richard Grogan as its new chair. Grogan replaces Firman Bentley, who was thanked for his many years of service.