RISKS AND UNCERTAINTIES
also have an effect on the stability and performance of some of EWU's key business partners.
The 2019 year end financial statements include a subsequent event note related to the COVID-19 worldwide pandemic. The economic impact to ENWIN's customers over the longer term horizon beyond 2020 is not yet known.
outlook (Summary)
Subject to the risks and uncertainties discussed above, WCU, through its subsidiaries, will continue to provide efficient, reliable and competitively priced electricity distribution services to customers, and to provide energy and utility expertise.
It is our goal to ensure that customers will continue to benefit from stable, moderate and predictable rate impacts. In the interest of moderating future rate increases to the LDC's customers as fully as possible, WCU remains committed to ongoing innovation, productivity and cost containment.
WCU has continued to pursue expansion in non-regulated areas, including energy and utility services.
In late 2018, in partnership with Tessonics Inc., ENWIN Energy Ltd. incorporated ONtech Rapid Coatings Inc., and holds a 50% ownership in this entity.
ONtech offers solutions for surface treatment and repair, using advanced technology and customized metallic coatings. It is the culmination of a productive, long-term research and development collaboration between
the partners, resulting in innovative technology applications in the electricity and water sectors, but also throughout the broader energy sector, automotive and aeronautic industries.
ONtech offers a technological solution for many potential applications across North America, to help companies reduce maintenance costs and extend the useful life of their assets and reduce related depreciation costs.
This entity will continue to leverage existing assets and expertise to commercialize these new technologies. This is expected to represent a third driver of financial strength in future years, supplementing the core distribution business and existing unregulated services.