Despite the negativity surrounding the pandemic, Bluewater Power is reporting a record-breaking 2021.
The utility's operating dividends surpassed its total budget by approximately 30 per cent. The total consolidated income before tax was $7.9 million, compared to the just over $5 million that was budgeted for.
As a result, it is paying its six municipal shareholders a total of just over $3.16 million.
President and CEO Janice McMichael-Dennis said it's important to note that the increase did not come on the backs of ratepayers.
She said it was mostly due to levels of other billable revenue in Bluewater Power's group of companies.
"Over the last seven years, the average residential utility bill has actually gone down in total by 16 per cent," said McMichael-Dennis. "So, we don't base our success on the backs of ratepayers. We are providing reliability to the utility's customers to the extent of 99.98 per cent reliability."
The largest shareholder, the City of Sarnia gets $2,728,060, nearly $234,000 is being allocated to the Town of Petrolia, and over $106,000 to the Village of Point Edward.
Warwick Township receives just over $68,000, Brooke-Alvinston about $22,000, and Oil Springs $5,900.
Since its inception in 2000, Bluewater Power said financial returns to its municipal shareholders now total almost $55 million.
McMichael-Dennis said Bluewater Power expanded its corporate footprint in 2021.
"Not only are we serving customers right across Canada and the U.S., we now have offices in London as well as in Sudbury to serve our northern customers. When you can take revenue in real dollars from outside of our community and bring it into our community, it's just really a winning formula."
