Town of Cobourg Holdings Inc. (Holdco) is pleased to release its 2019 annual report to the community and audited financial statements.
In 2019, the company made significant investments into infrastructure to ensure safe and reliable services for its more than 10,300 customers. “We completed significant capital work to ensure we continue to exceed drinking water quality management standards for the province of Ontario, and improved grid reliability to reduce the frequency and duration of electrical power interruptions,” said Dereck Paul, President and CEO of Holdco. “The Strathy Road water tower was relined inside and painted outside with the Town of Cobourg logo visible from the 401 and we invested in technology to help locate and reconnect power quickly in the event of power outages.”
Lakefront Utilities is the only utility in the province that ranked within the top 10 for residential rates, operating cost per customer, average number of power interruptions, and average duration of power outages. “Our residential rates are the seventh lowest in the province and our reliability consistently exceeds industry standards,” said Paul. “According to the most recent data available, Lakefront customers have the power on more than 99 per cent of the time, and we achieved the second lowest rate in Ontario for the average number of minutes power is off in a year.”
Lakefront also launched a new customer portal to help customers better manage their utility bills and usage. The easy-to-navigate portal allows customers to receive and pay bills online, view account activity, and compare usage day to day, or even year over year. Studies have shown that customers using Lakefront’s digital suite of tools to manage their accounts are able to reduce their on peak demand by up to 15 per cent and thereby save money and reduce their carbon footprint.
Lakefront’s 2019 customer satisfaction score was 81 per cent, representing a five per cent improvement over the last survey in 2017. “As a locally owned company we are proud of our accomplishments,” said Paul. “These results are a testament of the hard work and effort that staff give every day to the continued improvement of our utility and the betterment of our community.”
To view the report visit www.lakefrontutilities.com/financial.