The Town of Collingwood and EPCOR, along with Mark Rodger, the municipality’s legal counsel at BLG, will host a Public Information Session on Thursday, November 23, at 7:00 p.m.
at the third floor of the Collingwood Public Library and Municipal Offices, to discuss the recent hydro share sale.
The Public Information Session will provide further details of the agreement. Representatives from EPCOR will 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 (OEB).
The Town’s RFP process solicited proposals from a wide range of potentially interested parties with a view to maximizing the value of the Town’s remaining investment in Collingwood PowerStream Utility Services Corp. Given the terms of the existing Unanimous Shareholders Agreement (USA) with PowerStream, the Town had very limited options regarding how it may monetize its remaining 50% investment in the local electricity distribution company and must adhere to the requirements set out in the USA.
On October 23, 2017, Council decided to sell its remaining stake in the utility, and issued a buy/sell offer to Alectra. On November 9, the Town of Collingwood received confirmation that Alectra Utilities has decided to sell their stake in Collus PowerStream to the municipality. EPCOR will become the sole owner, purchasing 100% of the utility from the Town.
“Having received a decision from Alectra, we are now able to proceed with the hydro utility sale to EPCOR,” said Collingwood Mayor Sandra Cooper. “We look forward to working collaboratively with EPCOR through this transition and Council is excited to have a new corporate partner in our community.”
“EPCOR is thrilled to have this opportunity to become a member of Collingwood’s business community,” said Steve Stanley, Senior Vice President, EPCOR Commercial Services. “We have appreciated the cooperation provided by the Town and Collus PowerStream staff, and we are eager to grow our relationship with the employees, and the community, beginning with the upcoming public information session.”
An application will now be made to the Ontario Energy Board to approve the transaction. This process could take anywhere from three months up to one year.
For more information on the hydro sale process, or to view the full presentation given at the Special Council meeting, please visit our website at www.collingwood.ca/Hydro.