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2020 Annual General Meeting

December 3, 2020 at 6pm

Via ZOOM

 

Agenda

  1. Call to Order
  2. Welcome Remarks
  3. Approval of Agenda
  4. General Manager’s Report – Year in Review
  5. Treasurer’s Report – Review of 2019 Year-End Financial Statements**
  6. Confirmatory Motions
    1. Appointment of Auditor
    2. Approval of 2019 Year-End Financial Statements
  7. Election of Statutory Officers
  8. Other Business / General Discussion
  9. Adjournment

 

All are welcome.

Please contact General Manager Scott Newton at snewton@mississippiriverpower.com to register.

** MRPC’s Financial Statement can be found within the Municipality of Mississippi Mill’s Statements (pg. 45 – 63) on the Municipality’s website. Link: Mississippi Mills 2019 Financial Statements

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In June 2020, MRPC President Paul Virgin and General Manager Scott Newton presented a 2019 dividend cheque to Mayor Lowry for $225,000. Over the past five years, MRPC has passed along dividends of $900,000, and nearly $600,000 in interest payments (explained below) to the Municipality.

Mississippi River Power Corp. is a private corporation under the Ontario Business Corporation's Act. The Municipality of Mississippi Mills owns 100% of the shares in the company.

In 2000, Almonte Hydro was mandated through Bill 35 (the Electricity Competition Act) to cease operations as a Public Utility and split the wires and generation sides into separate entities. The assets were transferred to the Municipality, and then transferred to new companies, Mississippi River Power Corp. for the generation side and Ottawa River Power Corporation for the wires side. The value of those assets was (and still is) held by the Municipality on a promissory note. MRPC pays interest on that promissory note to the Municipality every year, in addition to dividends. Since 2000, MRPC has paid nearly $2.2M in promissory note interest payments to Mississippi Mills.

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Mississippi River Power Corp. is the generation side of the former Almonte Hydro. The Corporation of the Town of Mississippi Mills owns 100% of the shares in MRPC.

Mississippi River Power Corp. owns and operates a 4.6 Megawatt Generating Station in Almonte, Ontario. This station was built in 2008-09 and came online on April 9, 2010.

 

"Mississippi River Power Corp. is committed to generating clean, reliable power, while continually improving efficiency, providing a reasonable return to the shareholder and remaining a good corporate citizen."

 

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