Barrie Hydro merger a done deal
BARRIE, ONTARIO - An agreement to merge the electric utilities that provide power to three southern Ontario cities has been completed.
The merger of Barrie Hydro Distribution Inc. and PowerStream Inc. creates the second-largest electrical distribution company in Ontario.
The new entity, called PowerStream Barrie Hydro Distribution, will serve some 310,000 homes and businesses in the cities of Barrie, Markham and Vaughan.
The merger follows nearly two years of discussions between PowerStream and Barrie Hydro as part of their growth strategies.
Merger negotiations began in April 2008.
Hydro One is Ontario's largest electricity distributor, serving about 1.3 million rural and urban customers.
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The announcement, which was made in a news release on Saturday, comes after the Ontario government suspended the normal “time-of-use” billing system on March 24.
The government moved all customers onto the lowest winter rate in response to the pandemic as emergency measures meant more people would be at home during the middle of the day when electricity costs are the highest.
Now, the government has…
