The sale of Collingwood’s Collus Power Stream to EPCOR Utilities was approved on Thursday by the Ontario Energy Board.
Collingwood town council voted in favour of selling its share of the electric utility in October 2017.
According to a press release from the town of Collingwood, the deal includes a rate decrease for residential customers for five years and job security for employees along with a $150,000 contribution towards the Waterfront Master Plan, which is one of the community’s biggest priorities.
As part of the sale, the town will receive between $12.5 million and $13 million.
The utility serves approximately 18,000 customers in Collingwood, Stayner, Creemore, and Thornbury.