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.’s office has re-located from 28 Mill St to 12B Mill St (the end unit closest to Farm St. in the Heritage Mall.
Almonte Public Utilities Commission (PUC) purchased 28 Mill Street in 1940, from Sterling Bank. The vault from the bank remains today. When the electricity industry was deregulated in the late 1990s, the Public Utilities Commission was split into two companies (generation and distribution). Ownership of the office building was transferred from the old PUC to the Municipality, and Mississippi River Power Corp. has rented space in the building since 2000.
While we’re sad to leave the old space, the new office meets our needs well and overlooks Metcalfe Park and the Brian J. Gallagher Generating Station.
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.