Council/Orillia Power Shareholder Meeting Preview
By John Swartz
Orillia council has a special meeting Tuesday, September 1, at 2 p.m.. Also occurring at the same time is the annual shareholder meeting of the Orillia Power Generation Corp. The City is the only shareholder.
The main feature of the annual report is distributing dividends, which the City will receive $1.05 Million for the 2025 fiscal year.
That money is a total of two kinds of dividends, a regular dividend of $400K and a special dividend of $650K derived from asset sales proceeds.
The annual meeting also has a report of significant achievements and events of the past year. OPGC added the Smooth Rock Falls hydroelectric station to its array of generating facilities (6 hydro, 7 solar, combined generating capacity is 22.6 Megawatts) adding 9.6 Megawatts to the system. Smooth Rock is midway between Cochrane and Kapuskasing.
The station was bought for $57.0 million, of which $43.49 million was borrowed.
A second project, a partnership between OPGC and the Chippewas of Rama to jointly develop a 24.5 MW solar project, to be known as Gwanaajiwi Giizis Solar, failed to get approval from the Independent Electricity System Operator to sell electricity into the grid. No explanation is given why, but they will keep trying.
Revenue for 2025 was $9.4 million and after operating expense, other expenses and taxes the net profit was $554K.
Revenue was down from 2024 by $1 million because of drought conditions, too much snow for solar generation and loss of transmission during the ice storm.
Council meetings are open to the public or can be watched on the City’s Youtube channel. A link to the meeting was not available at time of publication, but can be found here, when it is posted.
(Images Supplied) Main: Smooth Rock Falls hydroelectric station.
