Rob Mace, outgoing CEO of Synergy North, (Leith Dunick, tbnewswatch.com/FILE).
THUNDER BAY – The City of Thunder Bay will receive over $660,000 in dividends from its majority ownership of Synergy North, after the company presented its 2020 annual report to city council on Monday.
Synergy North board chair Gary Armstrong said the utility, owned jointly by the municipalities of Thunder Bay and Kenora after a 2019 merger, had weathered the pandemic more smoothly than anticipated last year.
It wasn't all good news, however, with the Mapleward Generating Station continuing to lag performance projections, and requiring a $1 million cash injection.
The Thunder Bay Hydro Corporation, owned 100 per cent by the city and holding a more than 90 per cent share in Synergy North, finished 2020 with a comprehensive income of $3.6 million, Armstrong reported.