Synergy North says it’s in good financial shape.
The electrical utility operates both in Kenora and Thunder Bay.
Acting president and CEO Andrew Covello their revenues remain strong.
“At the end of last year, revenue was in the neighborhood of $28 million,” Covello said in his presentation to Kenora city council on Tuesday night.
“So, as you can see, a steady growth from roughly $26 million in 2019 to $28 million in 2023.”
Covello adds Synergy North carried out about $16 million in capital upgrades last year, including new poles and transformers for both Kenora and Thunder Bay.
“We’re ramping up. Part of this is our asset management plan and our distribution system plan to ensure that your system stays robust, and we can provide a reliable source of electricity for customers in Kenora and in Thunder Bay.”
Covello adds that the demand for electricity will continue to increase, with the most recent estimates showing consumption going up 130 percent over 10 years, in part because of more electrical vehicles and a reduction on the reliance on fossil fuels.
