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Hydro One商业合并将如何影响万锦市民
Hydro One merger deal may affect Markham residents

当大部分安省省民都在忙于关注Hydro One出售案和应对最近的IPO(首次公开募股)时, Hydro One Brampton出售计划正在悄然推进。

While most Ontarians are pre-occupied with the sale of Hydro One and dealing with the latest IPO, the proposed sale of Hydro One Brampton is silently coming through our backdoors. 

 
与公诸于众的IPO计划不同的是,上述商业合并交易是由一小群市府政客拍板决定,并不会向安省省民公开。

Unlike the IPO which is open to the public, the deal for the Merger above is to be determined by a small group of municipal politicians and not publicized to Ontarians. 

 
在2015年11月19日,万锦市议会将代表该市居民作出一项重要决定。他们将就本地电力分销商与其他电力分销公司进行合并,并一同“纳入”一个大规模实体的计划进行投票表决。
On Nov 19, 2015 the City Council of Markham will be making an important decision on behalf of its residents. They will be voting for a merger of their Electricity Distributor with others and be “absorbed” by a much larger entity.
 
万锦市民应该关注这一交易,并于当晚七点前往市政厅了解投票结果,因为相关决定将会对他们的每月电费账单产生直接影响。如果新公司日后运营不善,居民将为此付出沉重代价。

Residents should be concerned about this deal and get over to City Hall that evening at 7:00pm because the decision will have a direct impact on their monthly electricity bill. It can end up costing more to them if this new Company is not operating successfully afterwards. 

 
主要电力分销公司的合并将分两个步骤完成。首先,属于万锦市以及其他一些市府的三家电力分销公司Enersource Corp., PowerStream Inc. 和Horizon Utilities Corp将进行合并,合并后的新公司将为近100万消费者提供服务。

This merger of major power distribution companies is to be accomplished in 2 steps. First, there will be a merger of 3 power distribution companies owed by several municipalities including Markham. This merger of Enersource Corp., PowerStream Inc. and Horizon Utilities Corp will be serving about one million customers. 

 
第二步涉及合并后的新公司以$6.07亿元向安省政府收购Hydro One Brampton(只有15万用户)。据报道,安省政府最终将会放弃股权换取现金以用于资助基础设施开支计划,而不是持有包括Hydro One Brampton在内的合并实体的股权。

The second step will involve the Merged Company buying out Hydro One Brampton (with only 150,000 customers) from the Province of Ontario for $607 million. It was reported that the Ontario government would end up divesting its stake in exchange for cash to be used for the infrastructure spending plan, rather than a stake in the merged entity involving Hydro One Brampton. 

 
让我们来看看这会对万锦市民及纳税人产生何种影响。首先,Powerstream公司34%所有权将会转化为新合并公司16%的所有权。

Let us look at how this will affect Markham residents and ratepayers. To start off, 34% ownership of Powerstream is about to transform into a 16% ownership of the final Merger.

 
万锦市要为此付出多少代价?各合伙人将向新合并公司注入$1.83亿元总股本,并会因此背负上$4.24亿元新债务。实际上一些市府可以从该交易中获得现金,但万锦市却要为自己注资$4300万元。这意味着相关资金将会上交省府,而债务却下放至万锦市府。

How much will it cost Markham? The partners will inject a total equity of $183 million, and take out new debt of $424 million. Some municipalities actually receive cash as a result of the deal, but Markham will inject $43million as our share. This means capital to the Province and downloading of debt to the City of Markham.

 
在背负上$4300万元额外债务后,如果若干年后不出大问题,据乐观预想,居民每月电费账单每年减少$24-30元。

After incurring the extra debt of $43million, an optimistic upside decrease in monthly Hydro bills of $24-30 per year may be realized if all goes well after a number of years.

 
 
新合并公司理应通过协同合作节省开支。但是想要做到这一点,仅靠工作人员和设施的简单合并远远不够。所有合伙人用于管理用户和票据的不同企业软件系统必需进行统一,相关数据也需要进行迁移和整合。一些IT公司和咨询公司仅从这一项业务中就可以赚到数千万元,并且无法保证圆满成功。

Synergy is supposed to save money for the new merger. However, this involves more than the simple consolidation of staff and facilities. Different enterprise software systems to manage client and invoices from all the partners will have to be unified. Data need to be transferred and integrated. Some IT and consulting companies will make tens of millions off this one activity alone and total success is never guaranteed. 

 
那我们是否能通过该合并交易减少维修车辆、维修人员以及相关设备的数量呢?鉴于业务覆盖的区域范围以及用户的定期维护和应急服务需求,我的答案是否定的。

Can we even reduce the number of repair trucks, repair staff and equipment through this merger? Given the geographic coverage required to satisfy and service the clients in periodic maintenance and Emergencies, I don’t think so.

 
万锦市在十年后是否能从这项交易中获得高回报 ?我们是不是最好不要参与该项目?答案显而易见,这是一项回报预期较低的高风险投资。

So will Markham be getting ahead with this deal a decade later?  Are we better off not to jump on the bandwagon? The answer is plain to see – this is a high risk venture with a low prospect for returns. 

 
整个合并计划似乎已经成为一项政治任务。但市府政客应该坚持无党派政治。无论他们属于哪个党派,都需要时刻提醒自己不应让其政党意愿超越居民福祉。当选市议员理应造福居民,而不是为执政省府服务。这是一项商业决策而非政治决策。市议员必须坚守良知尽己所能为居民服务。一仆不能侍二主。

The entire merger project appears to be a political task. Municipal politicians should be practicing non-partisan politics. Regardless of their political party affiliations, they need to be reminded not to put their political party’s wishes ahead of the residents’ welfare. Councillors are elected to look after residents and not that of the provincial government in power. This is a business decision and not a political one. Council members must stick to their conscience and do their job working for the residents. No one can serve two masters.
 

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