Shareholders Approve Merger of Enersource, Horizon Utilities and PowerStream, Plus Acquisition of Hydro One Brampton

Power Stream Shareholders

A proposal to merge municipal electricity utilities Enersource, Horizon Utilities and PowerStream and jointly acquire Hydro One Brampton has now received approval from all shareholders.The seven shareholders involved in the transaction include the municipalities of Barrie, Hamilton, Markham, Mississauga, St. Catharines and Vaughan and Borealis, a division of the Ontario Municipal Employees Retirement System and a shareholder of Enersource.

(L-R) Jeff Lehman, PowerStream Board member and Mayor, City of Barrie; Frank Scarpitti, PowerStream Board Vice-Chair and Mayor of the City of Markham; Maurizio Bevilacqua, PowerStream Board Chair and Mayor of the City of Vaughan at a November 17 press conference

“The merger is a win-win for customers and shareholders,” says merger spokesman John Crean. “By generating cost savings through significant economies of scale, the merger will reduce the rising cost of electricity for customers and improve returns for municipal shareholders — monies that can be invested back into communities. By maintaining competitive local distribution rates, the communities also remain attractive to new investment, which benefits all municipal taxpayers and electricity ratepayers.”

Once the agreements are finalized, details of the transaction will be forwarded to the Ontario Energy Board for regulatory approval, a process that is expected to take several months.

When the transaction is completed, the new utility will deliver electricity and related services to more than 900,000 residential and commercial customers in the Greater Golden Horseshoe area, making it Ontario’s second largest local electric distribution company.

Related Articles


Latest Articles


Changing Scene

  • Mattr Completes Acquisition of AmerCable, Establishing US Wire and Cable Manufacturing Footprint

    Mattr Completes Acquisition of AmerCable, Establishing US Wire and Cable Manufacturing Footprint

    January 10, 2025 Mattr Corp. has announced that it has closed its previously announced acquisition of AmerCable Incorporated [see press release], which now forms part of Mattr’s Connection Technologies reporting segment. Under the terms of the transaction, Mattr has acquired all of the outstanding shares of AmerCable from Nexans USA Inc. for a purchase price… Read More…

  • Ontario Launches New Energy Efficiency Programs

    Ontario Launches New Energy Efficiency Programs

    January 10, 2025 The Ontario government is launching new energy efficiency programs, including the new Home Renovation Savings Program. The programs are part of a new $10.9 billion, 12-year investment in energy efficiency. The new Home Renovation Savings Program will launch on January 28, 2025, and offer rebates of up to 30 per cent for home energy… Read More…

  • The Government of Yukon Pauses the Affordable Heat Pump Program Due to High Demand

    The Government of Yukon Pauses the Affordable Heat Pump Program Due to High Demand

    January 9, 2025 The Affordable Heat Pump Program (AHPP) is fully subscribed through 2025, with 84 households receiving heat pumps through the program since the program launched on December 19, 2024. The rapid uptake of the program exceeded expectations, demonstrating Yukoners’ interest in switching to more efficient electric heating sources that result in lower utility… Read More…

  • Jesse Spring of Primary Engineering and Construction Named EHRC 2024 Leader of the Year

    Jesse Spring of Primary Engineering and Construction Named EHRC 2024 Leader of the Year

    January 6, 2025 Electricity Human Resources Canada (EHRC) is thrilled to announce Jesse Spring, CEO of Primary Engineering and Construction, as the recipient of the 2024 Leader of the Year Award. EHRC proudly recognizes Jesse for his leadership, which is built on excellence and powering growth. Jesse’s journey with Primary began in 2008 as an… Read More…