OEB approves sale of Collus PowerStream
30 August 2018 – The Ontario Energy Board announced today that it has approved the sale of Collus PowerStream to EPCOR Utilities.
In October 2017, Collingwood Council voted to sell its 50% stake in Collus PowerStream, the local distribution company, owned by the Town of Collingwood and Alectra (formerly PowerStream).
The Town of Collingwood is pleased that a decision has been made, and looks forward to welcoming EPCOR to our community. It is anticipated that the transition will be a smooth one, as EPCOR has spent a great deal of time since October in Collingwood, getting to know our community and the Collus PowerStream staff.
Terms of the sale include:
- a distribution rate decrease for residential customers for 5 years
- a 25-year lease of the Collus PowerStream property and operations centre from the Town
- job and location guarantees for Collus PowerStream employees
- a contribution of $150,000 towards the Waterfront Master Plan, one of the community’s biggest priorities, as identified in the Community Based Strategic Plan
The Town will receive between $12.5M and $13M from the sale of their 50% shares. In 2012, the Town received $8M for 50% of its Collus PowerStream shares. The municipality is confident that the purchase price and terms established by the Town maximizes the value of the shares, and is in the best interests of Collingwood, its taxpayers and ratepayers.
For more information, contact:
705-445-1030 Ext. 3293