Chair’s Message

Empowering Our Community

patrick mcneil headshot

When Veridian Corporation and Whitby Hydro Energy Corporation joined forces in April of 2019 to form Elexicon Corporation, nobody imagined that less than a year later we would all be grappling with a global pandemic.

The Board of Directors is extremely proud of how the leadership and staff at both of its subsidiaries, Elexicon Energy and Elexicon Group, successfully pivoted their operations to protect the health and safety of employees while working to meet their customers’ needs and continuing to realize the anticipated benefits of the merger for its municipal shareholders: the Town of Whitby, the City of Pickering, the Town of Ajax, the Municipality of Clarington and the City of Belleville.

Transformational Success Story

Since Elexicon Corporation was launched, the Boards of Directors of Elexicon Corporation, Elexicon Energy and Elexicon Group and their respective management teams have continued to work closely together to not only ensure the anticipated merger synergies are being achieved but the necessary groundwork is also being done to position the subsidiaries to achieve their strategic objectives to the benefit of both customers and the Corporation.

We are especially proud of the Corporation’s performance in 2020 given the challenges COVID-19 has posed to us all. Elexicon’s employees really stepped up to the challenges. They quickly adapted to new ways of working keeping each other safe and healthy and adjusted programs to maintain our financial footing. Our results for the period January 1 to December 31, 2020 were strong, with net income of $12.5 million and capital investments of $46.1 million.

Dominion Bond Rating Service assigned a rating of “A” with a stable trend to Elexicon. Municipal shareholders benefit from distributions of Elexicon’s earnings through annual dividends. For the twelve months ended December 31, 2020, Elexicon recorded dividends paid or payable to shareholders of $11.29 million.

These results highlight the strength of our leadership teams and employees to navigate multiple challenges while maintaining financial prudence and responsibility on behalf of our shareholder communities and customers.

Supporting our Community and Embracing Sustainability

Without a doubt, the world is a different place than it was a year ago. The crisis has highlighted that how we create value is just as critical as the results we achieve. In 2020, Elexicon invested $350,000 to support local not-for-profit organizations and a variety of worthy causes that contribute to community well-being. In 2021, we will continue to respond to other challenges that persist in our industry, primarily an historic and revolutionary transformation in the energy and utilities sector driven by another crisis; climate change. Through both our companies, Elexicon Energy and Elexicon Group we have the ability to be a force for good and help our municipalities, businesses and communities embrace a carbon neutral world through electrification. The Board of Directors and management of both companies have used this past year to reflect and start developing a roadmap to achieve these goals and harness new and disruptive technologies to improve our environment, economies, and communities to drive sustainability while also adhering to evolving energy policies and regulations.

In a year like no other I would like to sincerely thank the members of the Elexicon Corporation, Elexicon Energy and Elexicon Group Boards of Directors for their resilience, graciousness and commitment to good governance. And to the employees of Elexicon for their resilience, tenacity and hard work as we continue to drive towards a better future.

Patrick McNeil Elexicon Corporation Board Chair
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