Licensed transmission company
Five Nations Energy Inc. ("FNEI") is one of the licensed transmission companies operating in Ontario.
FNEI's operations are overseen and regulated by the Ontario Energy Board ("OEB") and the Independent Electricity System Operator ("IESO"). FNEI must seek the OEB's approval prior to carrying out any major new construction or establishing the transmission rates that it charges. The OEB also monitors FNEI's financial performance and service quality to its customers.
The IESO is responsible for the reliability of the entire transmission system in the province, monitoring and managing the amount of power transmitted over FNEI's system (and the systems of the other three transmitters). The IESO also acts as the financial clearing house for the electricity industry in Ontario, meaning that local distribution companies (like Attawapiskat Power Corporation, Fort Albany Power Corporation, and Kashechewan Power Corporation) forward some of the funds collected from their consumers to the IESO, which then distributes that money to the various generators and transmitters (including FNEI) to pay them for the services they provide.