Newmarket-Tay Power is changing its billing and providing refunds to customers who paid security deposits.
The company said it is in the process of refunding all security deposits previously taken to manage credit risk from newer customers. Representatives presented plans to change billing at an annual general meeting to town council June 20.
Newmarket-Tay president and CEO Ysni Semsedini said the company has required the deposits until customers had a good payment history, but has decided to change course and will not collect them anymore.
“We think that will help residents, of course, where we know where money can be tight for people,” Semsedini said.
The company previously had millions in such deposits, but Semsedini said it is now down to $25,000, which they are working on refunding.
The utility presented an overview of its past year and future plans to council. Semsedini said they also intend to revamp their bills before the end of the year.
“We’ll be more customer-focused, more friendly for customers to understand how much power it is they have used, what their cost is,” he said, adding they will also be making improvements to their online portal in the coming months.
Water billing has been an issue for some residents upset by sudden spikes.
Infrastructure was also a focal point for the presentation. Semsedini said with major projects coming with Metrolinx and on Yonge Street, there is $40 million in the capital in the works, in addition to the $40 million in the five-year capital plan for the company.
Envi Network, a municipally owned internet service provider and NT Power subsidiary, also presented to the council. President Gianni Creta said they have built 30 kilometres of fibre optic cable to date, with further expansion to come on Yonge from Davis Drive to Green Lane and Davis from Yonge to Harry Walker Parkway.
Major John Taylor said the “aggressive” build will have positive community outcomes.
“Quality of infrastructure gets better. We’re improving those capital assets at a faster pace and probably needed to,” he said, adding that the assets' value will also increase with the investment.
Council committee of the whole voted to approve the reports and NT Power’s financial statements.
