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Press Release –
STRY, ALBERTA–(Aug. 29, 2014) – At a special general meeting held August 8th, members of the Stry Rural Electrification Association (REA) voted 75 per cent in favour of a motion to sell their electric distribution system assets to ATCO Electric. The sale vote was based on an ATCO Electric purchase proposal requested by the Stry REA Board of Directors and members of the REA.
“We have been fortunate to work with the Stry REA Board and its membership for the past 63 years, and value the strong relationships we’ve built within the community,” said Barry Goy, Vice President, Distribution Operations, ATCO Electric. “We are pleased with the outcome of the vote and would like to thank the REA Board and its members for entrusting us with their legacy as we continue to provide safe, reliable electrical service to the community for years to come.”
The sale requires the approval of the Rural Utilities Division and the Alberta Utilities Commission. Upon completion of the sale, each member will receive $25,617 for each site they own.
A rural electrification association is a not-for-profit cooperative that owns an electrical distribution system and supplies electric energy to members in a rural region of Alberta. ATCO Electric has serviced the Stry REA since it was formed in 1951. The membership’s decision to sell the system to ATCO Electric means that the company will continue to deliver these services to the membership, and customers will benefit from having one company own, operate and maintain the electrical distribution system.
ATCO Electric provides safe, reliable delivery of electricity to nearly 220,000 customers in 245 communities across Alberta and is part of the ATCO Group of Companies. With more than 9,000 employees and assets of approximately $17 billion, ATCO is a diversified global corporation delivering service excellence and innovative business solutions through leading companies engaged in Structures & Logistics (manufacturing, logistics and noise abatement), Utilities (pipelines, natural gas and electricity transmission and distribution) and Energy (power generation and sales, industrial water infrastructure, natural gas gathering, processing, storage and liquids extraction). More information can be found at www.atco.com.
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