Hamilton Renewable Power Inc. Board Meeting

Hamilton Renewable Power Inc.'s board reviewed 2025 financial results showing a $522,000 net operating loss and confirmed there will be no dividend to the City of Hamilton in 2026. The board also reviewed declining performance at the Woodward and Glenbrook facilities, endorsed a renewable natural gas direction for Woodward, and approved transition planning measures for Glenbrook and HRP's corporate structure.

Topics Discussed

1. FINANCIAL RESULTS AND CITY PAYMENTS

HRP reported a $522,000 net loss in 2025, compared with a $393,000 loss in 2024. Total 2025 revenue was reported at slightly below $2 million, down 5% from 2024. The audited financial statements were completed by KPMG with no required adjustments. Treasurer Duncan Robertson told the board, "As a result, there will be no dividend issued to the city of Hamilton in 2026." Meeting materials also said HRP has provided $24 million in cumulative financial benefits since inception through dividends, salary recovery and methane sales, including $767,000 in 2025 from methane sales and salary recovery.

2. WOODWARD FACILITY PERFORMANCE AND RNG DIRECTION

The board reviewed performance issues at the Woodward co-generation facility. Utilization fell to 77% in 2025 from 87% in 2024, with runtime dropping below 50% in July, August and December due to coolant leak repairs, a power failure and engine wiring issues. From January to April 2026, production was down 23% year over year.

The board advanced a renewable natural gas (RNG) pathway rather than continuing with combined heat and power as the long-term strategy. A presentation from GHD said, "As a result, the recommendation before the board today is to proceed with the RNG strategy and advance the project into the next phase, including 30% design development and refined capital costing." Materials presented to the board said the RNG facility would give the city and HRP multiple future utilization options, including selling RNG or using it internally to offset city gas consumption. The board also heard that a Green Municipal Fund grant of about $140,000 would cover up to half the feasibility study cost.

3. GLENBROOK OPERATIONS AND TRANSITION PLANNING

The board reviewed declining output and ongoing losses at the Glenbrook landfill gas-to-energy facility. Production from January to April 2026 was down 16% year over year, and a cable theft caused a full plant outage from Feb. 9 to 16. Materials presented said the facility has been posting annual operating losses of about $300,000 because of declining methane gas volumes.

Senior vice-president Yanni Samata said the recommendation was not an immediate shutdown of gas management operations: "We're not suggesting shutting down the code generation operation at Glen Brook. We're suggesting to change the model that we're currently operating HRP in the current governance and operating model. It's not sustainable and we don't expect to be sustainable." Board materials also emphasized that the city of Hamilton remains required to collect, manage, and destroy landfill gas regardless of whether cogeneration operations continue. As a result, this is not a decision between managing and not managing landfill gas, but rather a decision between different compliant approaches to methane destruction.

4. CONTRACTS, MAINTENANCE AND ELECTRICITY SALES

The board discussed the expiry of the IESO electricity sales contract on July 9, 2026 and the approved move to a net-metering arrangement so electricity generated at Woodward would offset on-site consumption at the wastewater treatment plant rather than being sold. Councillor Alex Wilson said of the timing, "We hope that there's not going to be a gap. Uh but I can't be 100% sure."

The board also approved negotiating a new five-year maintenance agreement with Toromont CAT to support overhaul work on existing CHP equipment during the transition period.

5. TRANSITIONAL FUNDING AND GOVERNANCE

The board considered transitional funding and corporate restructuring options for HRP. Materials said the city is seeking approval for up to $1.5 million in forgivable loans to support continued operations during transition. Councillor Alex Wilson said the proposed change reflects HRP's financial outlook: "So really this is looking at a more transparent lens in that we don't have perceivable or foreseeable profitability or ability to repay." He added that the forgivable loan would shift transition risk to the sole shareholder and help cover losses over the next three years, potentially through a windup scenario.

The board also discussed external tax advice on possible asset transfers. Angela Story, director of waste management, said, "What we learned was the lawyer said there could be capital gains. So there could be a range of dollars that we might need to pay to take ownership of that equipment."

Motions

• 2025 Audited Financial Statements — passed
• Woodward Wastewater Treatment Plant Biogas Utilization Strategy / Technical Memorandum 2 — passed
• Green Municipal Fund Grant Approval for Woodward Biogas to RNG Feasibility Study — passed
• Authorization to Negotiate a Five-Year Maintenance Agreement with Toromont CAT — passed
• Glenbrook Facility Planned Winddown and Transition Strategy — passed
• Transitional Funding / Forgivable Loan Strategy for HRP Inc. — passed
• Appointment of Duncan Robertson as Treasurer for Hamilton Renewable Power Incorporated — passed

Attendees

• Craig Cassar (Chair, HRPI Board)
• Yanni Samata (Senior Vice President, HRP Inc.)
• Duncan Robertson (Treasurer, HRP Inc.)
• Councillor Maureen Wilson
• Councillor Mark Tadeson
• Councillor Esther Pauls