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.
THUNDER BAY – City council put its stamp on a massive $25.5 million funding agreement with the federal and provincial governments for improvements to Thunder Bay Transit Monday, though the plan drew criticism for its continued reliance on fossil fuels.
The City also received an annual report, and dividend, from its majority ownership of Synergy North, and another report on the implementation of one recommendation from the Seven Youth Inquest.
Hydro ownership pays off
The City of Thunder Bay will receive over $660,000 in dividends from its majority ownership of Synergy North. A dividend was deferred last year due to the pandemic.
At a virtual AGM of the city-owned Thunder Bay Hydro Corporation, which has a 91.69 per cent stake in Synergy North, company leadership said the utility had weathered the pandemic with better-than-expected results in 2020, emerging with comprehensive income of $3.6 million.