Proposed Ontario utility merger approved by all shareholders

subscribe

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

tagenergy-launches-france-largest-battery-storage-platform

TagEnergy Launches France’s Largest Battery Storage Platform

PARIS - In a significant leap toward enhancing France’s renewable energy infrastructure, TagEnergy has officially launched the country's largest battery storage platform. This cutting-edge project is set to revolutionize the way France manages its electricity grid by providing much-needed flexibility, stability, and resilience, particularly as the country ramps up its use of renewable energy sources.

The new battery storage platform, with a total capacity of several hundred megawatts, will play a crucial role in facilitating the country's transition to a greener, more sustainable energy future. It marks a significant step forward in addressing one of the most pressing challenges of…

READ MORE
Puerto Rico power workers

Electricity restored to 75 percent of customers in Puerto Rico

READ MORE

epa rules

EPA: New pollution limits proposed for US coal, gas power plants reflect "urgency" of climate crisis

READ MORE

Brazil tax strategy to bring down fuel, electricity prices seen having limited effects

READ MORE

oyster creek nuclear plant

Cost of US nuclear generation at ten-year low

READ MORE