Horizon Utilities Merger is Signed
Today St. Catharines joined with Barrie, Markham, Vaughan, Mississauga and Hamilton to proceed with the merger of Hydro One Brampton with PowerStream Inc., Enersource and Horizon Utilities Corporation.
St. Catharines City Council has approved this merger because they care about lowering costs for customers and increasing returns for our city.
Today was a historic moment and fits with the city’s strategic plan built on the four pillars of sustainability — economic, social, cultural and environmental.
This merger hits all the marks – such as dividends coming back to the city and allowing us to reinvest in culture. It also hits the environmental pillar by being sensitive to climate change – exploring alternative energy and looking at different forms of energy.
As a result of the merger, St. Catharines customers can expect 5.9% lower average annual rates throughout the entire 25-year forecast period, and 8% lower rates after the first 10 years.
The average St. Catharines homeowner will save approximately $40 annually on their utility bills, with commercial customers saving even more.
St. Catharines families and businesses will receive the same or better service that we have come to enjoy from Horizon Utilities – and the service centre located in St. Catharines will remain.
St. Catharines City Council strongly believe that this will allow St. Catharines to be better positioned to foster innovation and growth.