It's been nine years, or over 2.4 million hours worked, since a lost time injury has been reported within the Bluewater Power Group of Companies.
President and CEO Janice McMichael-Dennis highlighted the safety success as the "most important number" during a shareholder update this week.
"The wellbeing of our people is paramount, no other number really, truly matters at the end of the day," McMichael-Dennis told Sarnia City Council during her presentation. "It's excellence and safety practices that leads the way to sustainable success, and every decision we make reflects our unwavering commitment to this. To that number right there, which is our commitment to protect and to nurture our most valuable asset, which is our team."
McMichael-Dennis said the 2024 numbers were "unprecedented in so many ways."
"I'm absolutely thrilled to announce to my community and to our shareholders that we have reached an unprecedented milestone, the highest profitability in history for Bluewater Power Group of Companies," she said.
McMichael-Dennis said record setting revenue was recorded.
"We had net income before tax of $8.6 million normalized, that was up over six percent," she said. "We hit all time historic highs in several of our companies, [total] gross revenue of over $155 million [and] income before tax was up almost 150 per cent over budget."
McMichael-Dennis said the revenue generated the highest municipal returns of all time.
"We reinvested $12 million dollars on local infrastructure," she said. "Local infrastructure never suffers through profitability. We know how important it is to keep poles in the air and wires in the air. Our expenses came in below budget, almost half a million dollars below budget to be exact, and never, ever at the expense of utility bills. Utility bills are down 10 per cent over 10 years. Not many commodities can boast that."
The group of companies is comprised of five organizations, including; Bluewater Power Distribution Corporation, Bluewater Power Renewable Energy Inc., Bluewater Power Services Corporation, Bluewater Regional Networks and Electek Power.
"The affiliate revenue model which we introduced into the province of Ontario, has now been copied so many times over because of the success that we have proven it can generate. Our revenue from lines of business other than energy has grown almost 35 times. All due to what happens at 855 Confederation Street," McMichael-Dennis said.
She said the electricity distributor and group of companies retuned $3.8 million to its municipal owners -- Sarnia, Petrolia, Point Edward, Warwick Township, Brooke-Alvinston and Oil Springs -- in 2024.
Sarnia received just over $3.3 million as the majority shareholder with an 86 per cent stake in the group of companies.
Following the update, city council approved the reappointment of the group's board of directors.