PowerStream is merging with three other utilities and it could result in some savings on hydro bills.
Enersource, Horizon Utilities, PowerStream will merge to create Alectra. They will then purchase Hydro One Brampton.
The new utility will be the second largest municipally-owned electric utility in North America. It will serve 15 communities including Alliston, Aurora, Barrie, Bradford, Penetanguishene and Tottenham.
Officials say this merger is expected to save customers an average of $40 a year on their bills over the next 10 years.
Barrie's mayor says it's going to benefit customers in other ways too, since the larger company will have more resources at its disposal.
"We know mergers work and this merger will deliver savings as well to our customers. We still have local numbers, local offices our operation centre here at Patterson Road will continue to here in Barrie so people should get the same service, and hopefully better,” says Mayor Jeff Lehman.
If all the paperwork goes through, customers in the affected areas will notice their new Alectra bills next month.
“We're doing everything we can because we know how much pressure people are under to pay their power bills.”
