Cornerstone Hydro Electric Concepts
CHEC Members receive value of $255,544 annually
May 24, 2018
Valuation of CHEC increases to $255,544 according to 2017 Valuation
May 24, 2018 Barrie, Ontario – Cornerstone Hydro Electric Concepts (CHEC) is pleased to announce the updated annual valuation of the Association has been valued at $255,544 per LDC based on 2017 data. The valuation model created by BDO Canada allows for updating to reflect current Association activities and changing value. The valuation calculated using the 2017 data represents an increase of $21,544 per LDC over the valuation for 2016.
“The increased valuation is an indication of the complexity of our business,” said John Walsh, CEO of Rideau St. Lawrence Distribution and the Chair of the CHEC Board of Directors. “The Association is doing more for its members all the time and that is shown here.”
The valuation model is based on factors such as group advocacy, avoided hours of work by LDC staff, the value of the shared document library, savings through group buys and RFPs, membership fees, pass through charges, time invested per LDC, and changes in consultant charges and use. Two significant changes that occurred in 2017 were the addition of Grimsby Power and Tillsonburg Hydro to the Association, bringing the total number of member LDCs to seventeen, and an increase in depth to the services already offered.
“This represents a significant recognition of the benefit delivered to our members and provides a tool to quantify the benefits they receive through participation in the organization,” said John Sherin, CHEC President.
The model will be used to inform growth going forward and to evaluate initiatives as the Association explores new ways to support its members. Several initiatives in 2018 are expected to further enhance the value and support members receive as they adapt to the changing industry and become the energy companies of the future.
CHEC is a collaborative association for 17 small Local Distribution Companies in Ontario. By sharing experience, knowledge and resources CHEC helps its members remain as active members of their communities, deliver value to their shareholders, prepare for the energy future, and provide safe, efficient, and cost effective electricity distribution to their customers. The current members of CHEC are Centre Wellington Hydro Ltd., Collus PowerStream, Grimsby Power, InnPower, Lakefront Utilities Inc., Lakeland Power Distribution Ltd., Midland Power Utility Corp., Niagara–on- the- Lake Hydro, Orangeville Hydro Ltd., Orillia Power Corp., Ottawa River Power Corporation, Renfrew Hydro Inc., Rideau St. Lawrence Distribution Inc., Tillsonburg Hydro, Wasaga Distribution Inc., Wellington North Power Inc., and West Coast Huron Energy Inc.