Purchase proposal for TC Light & Power
A Canadian utility company is showing interest in buying Traverse City Light & Power.
A consultant for Algonquin Power and Utilities Corporation recently contacted a member of the TC Light & Power board, and said they were interested.
TC Light & Power's Executive Director isn't surprised. He says other utilities likely see TCLP as a good investment.
"In my understanding, the types of utilities they look to acquire, it's a very well-run utility," Timothy Arends said. "It has zero debt, and it's just a financially stable business."
Timothy Arends says TCLP was not putting itself out there as a utility for sale, and it's not unusual for unsolicted offers to come in from time to time.
Algonquin Power will present their proposal to the TCLP board and the Traverse City Commission on August 25TH.