The Ontario Energy Board has approved the sale of Collus PowerStream to EPCOR Utilities.
In a press release issued by the town of Collingwood on Thursday, the town announced the sale had been approved.
In October, Collingwood Council voted to sell its 50 per cent stake in Collus PowerStream, the local distribution company. PowerStream is currently owned by the Town of Collingwood and Alectra, formerly PowerStream.
According to the release, the terms of the sale include:
- a distribution rate decrease for residential customers for five 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.
- A payment to the town of between $12.5 million and $13 million
According to the release, the town sold 50 per cent of its Collus PowerStream shares in 2012 for $8 million.
“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 interest of Collingwood, its taxpayers and ratepayers,” the release reads.
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