The proposal to merge municipal electricity utilities Enersource, Horizon Utilities and PowerStream and jointly acquire Hydro One Brampton has now received approval from all shareholders.
Mississauga City Council approved the proposed plan on September 30. The City of Markham became the final shareholder to approve the transaction on November 19. The other shareholders involved include the municipalities of Barrie, Hamilton, St. Catharines, Vaughan and Borealis, a division of the Ontario Municipal Employees Retirement System and a shareholder of Enersource.
Once the agreements are finalized, details 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 Ontario’s second largest local electric distribution company.
Background on the merger is available at: www.enersource.com.