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Ontario Energy Competition Legislation Will Spark New Investment, AEP Resources Says
June 9, 1998•News Release
TORONTO, June 9, 1998 -- Ontario's new Energy Competition Act, designed to introduce competition into Ontario's electricity industry, is "a first step in the right direction" that will spark new investments in the province's energy sector, according to Tom Drolet, managing director of AEP Resources' office in Toronto.
The Energy Competition Act was announced today.
"The timely introduction of competitive forces into Ontario's electricity industry is a win-win situation for all Ontarians," Drolet said. "This is a first step in the right direction, but there is still much work to be completed."
Competition and choice will provide benefits for Ontario consumers that go beyond the potential for lower energy prices, Drolet said.
"Having a choice of electricity suppliers creates a more favorable investment climate for large, energy intensive industries," Drolet said. "This means more investment into the economy, more high-skilled jobs and more innovative energy services and products."
AEP Resources opened its Toronto office in May 1997 to pursue investments in Canada's energy industry.
"AEP Resources is interested in partnering with industry and business in generation and distribution projects, and adding value through our wealth of experience in operations, maintenance, design, engineering and energy management," Drolet said.
AEP Resources, a wholly owned subsidiary of American Electric Power (NYSE: AEP), pursues energy-related domestic and international investment opportunities and projects. The company has offices in Columbus, Ohio; London; Singapore; Toronto; Beijing; and Sydney, Australia.
AEP, a global energy company, is one of the United States' largest investor-owned utilities, providing energy to 3 million customers in Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and West Virginia. AEP has holdings in the United States, the United Kingdom, China and Australia. Wholly owned subsidiaries provide power engineering, energy consulting and energy management services around the world. The company is based in Columbus, Ohio.
On Dec. 22, 1997, AEP announced a definitive merger agreement for a tax-free, stock-for-stock transaction with Central and South West Corp., a public utility holding company based in Dallas.
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