Mississauga City Council has appointed Mayor Bonnie Crombie to the Transitional Committee and Board of a new utility. MergeCo is the temporary name for the company developed to bring together four of Ontario’s electricity distribution companies: Enersource, Horizon Utilities Corporation, PowerStream and Hydro One Brampton. It will be governed by a Board of Directors based on proportional representation of all shareholders and will provide governance and oversight of the new company.
“I am honoured to have been selected by my Council colleagues to serve on the boards of this new organization and will use these new positions to defend the best interest of Mississauga residents and local businesses and to be accountable to our City’s ratepayers,” Mayor Crombie said.
“Working alongside other board members, we will ensure that the families of Ontario’s third largest city, Mississauga, will receive cost savings, new efficiencies, and improved customer service, along with safer, reliable and clean electricity,” Mayor Crombie added.
Mississauga City Council approved the proposed utility merger in September, 2015. The other shareholders involved include the municipalities of Barrie, Hamilton, Markham, St. Catharines, Vaughan and Borealis, a division of the Ontario Municipal Employees Retirement System and a shareholder of Enersource. The merger will be finalized later this year after it receives approval from the Ontario Energy Board.
When the transaction is completed, the new utility will deliver electricity, conservation programs 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.
Background on the merger is available at: enersource.com.