OLDS — Although the Town of Olds is selling Olds Fibre Ltd., operating as O-NET, to Telus Communications Inc., it is not selling Mountain View Power (MVP), Town of Olds' chief administrative officer Brent Williams says.
The Town of Olds will hold a meeting to discuss that sale and enable attendees to provide input into the matter on Nov. 5 at 3 p.m. in town council chambers.
The anticipated closing date for the sale is Nov. 6.
After the plan to sell O-NET was announced, the Albertan asked Williams if Mountain View Power would be included in that sale.
“No, it is a separate entity and will remain with the town,” he wrote in an email.
Years ago, Olds Fibre Ltd (O-NET) and Mountain View Power were both under the wing of the Olds Institute.
In 2021, the Town of Olds forced Olds Fibre Ltd.'s owner, Olds Institute into bankruptcy as part of the Town of Olds' effort to deal with an estimated $18 million worth of debt (a consolidated loan of $14 million and a $4 million line of credit) it was on the hook for as a backer for Olds Fibre.
The entity, including Mountain View Power, became a municipally controlled corporation of which the Town of Olds is the only shareholder.
Mountain View Power (MVP) markets electricity, natural gas and green generated power. Profits generated from sales are invested back into the community through the MVP Community Grant Program.
During council’s organizational meeting on Oct. 26, appointments were made to the Mountain View Power committee, which decides how to allocate profits from MVP.
Ray Cavin, Murray Elliott and Jessica Hammer were appointed to the committee for a two-year term, expiring in late October 2026.
Rochelle Wilson, Raelynn Notley and Scott van de Pypekamp were appointed to the committee for a one-year term, ending at the town’s organizational meeting next October.
