Alectra Inc. has decided to sell its 50 per cent ownership of Collus PowerStream to the Town of Collingwood.
The sale brings an end to the partnership that began in August 2012 between the town and Alectra’s predecessor utility, PowerStream.
Alectra’s decision to sell was made after the energy company received a “buy-sell” notice from the town on October 23, 2017.
The company said after careful consideration it decided that the prudent course of action was to relinquish its shares in the utility that serves approximately 18,000 customers located in Collingwood, Stayner, Creemore and Thornbury.
“For more than five years, Alectra, and its predecessor PowerStream, enjoyed helping to serve customers residing or owning a business in the communities served by Collus PowerStream,” said Norm Loberg, Board Chair of Alectra Inc.
The Town of Collingwood annouced Thursday that Alberta-based EPCOR will become the new electricity provider, purchasing 100% of the utility from the town.
An application will now be made to the Ontario Energy Board to approve the transaction which could take anywhere between three months and a year.
In the meantime, the town will host a public information session sometime in the next few weeks to provide further details of the agreement. Representatives from EPCOR are expected to make a presentation, sharing their objectives and vision for the company and its ratepayers.
Residents are assured that electricity distribution rates are set, and will continue to be set by the Ontario Energy Board, the town said in a press release.
