Proposed Ontario utility merger approved by all shareholders

TORONTO, ON - - A proposal to merge municipal electricity utilities Enersource, Horizon Utilities and PowerStream and jointly acquire Hydro One Brampton has now received approval from all shareholders.

The City of Markham in mid-November became the final shareholder to approve the transaction, subject to having certain agreements in place. The other six shareholders involved in the transaction include the municipalities of Barrie, Hamilton, Mississauga, St. Catharines and Vaughan and Borealis, a division of the Ontario Municipal Employees Retirement System and a shareholder of Enersource.

“The merger is a win-win for customers and shareholders,” said merger spokesman John Crean. “By generating cost savings through significant economies of scale, the merger will reduce the rising cost of electricity for customers and improve returns for municipal shareholders – monies that can be invested back into communities. By maintaining competitive local distribution rates, the communities also remain attractive to new investment, which benefits all municipal taxpayers and electricity ratepayers.”

Once the agreements are finalized, details of the transaction will be forwarded to the Ontario Energy Board for regulatory approval, a process that is expected to take several months.

When the transaction is completed, the new utility will deliver electricity and related services to more than 900,000 residential and commercial customers in the Greater Golden Horseshoe area, making it OntarioÂ’s second largest local electric distribution company.

Related News

trump-vision-of-us-energy-dominance-faces-real-world-constraints

Trump's Vision of U.S. Energy Dominance Faces Real-World Constraints

WASHINGTON DC - Former President Donald Trump has consistently advocated for “energy dominance” as a cornerstone of his energy policy. In his vision, the United States would leverage its abundant natural resources to achieve energy self-sufficiency, flood global markets with cheap energy, and undercut competitors like Russia and OPEC nations. However, while the rhetoric resonates with many Americans, particularly those in energy-producing states, the pursuit of energy dominance faces significant real-world challenges that could limit its feasibility and impact.

The Energy Dominance Vision

Trump’s energy dominance strategy revolves around deregulation, increased domestic production of oil and gas, and the rollback…

READ MORE
bruce power plant

Operating record for Bruce Power as Covid-19 support Council announced

READ MORE

watts bar ngs

Power industry may ask staff to live on site as Coronavirus outbreak worsens

READ MORE

denmark wind turbines

Europe Stores Electricity in Natural Gas Pipes

READ MORE

$550 Million in Clean Energy Funding to Benefit More than 250 Million Americans

READ MORE