Kitchener-Wilmot Hydro Inc. and Waterloo North Hydro Inc., two of the three main hydro providers in Waterloo Region, have completed their merger.
“Enova Power remains locally owned, which means its people understand the unique needs of our rapidly growing community,” Waterloo Mayor Dave Jaworsky stated.
“Not only is this essential in ensuring that the solutions they provide solve the real-world energy challenges our residents and businesses face, but it also ensures that the energy dollars we spend are reinvested in our community.”
The pair have joined forces to form Enova Power Corp. which is partially owned by the City of Kitchener (53.4 per cent), the City of Waterloo (30.8 per cent), the Township of Woolwich (8.5 per cent), the Township of Wilmot (4.5 per cent), and the Township of Wellesley (2.8 per cent).
The newly-formed corporation becomes the seventh-largest in Ontario, with a customer base of 157,000 residences and businesses.
“This merger is a natural fit. Our teams have been collaborating for several years on projects that benefit our customers and communities, and by finally joining as one, we can reduce barriers and deliver cost and operational efficiencies while moving electricity distribution in Kitchener, Waterloo and the Townships forward to the next chapter,” Enova Power Corp. Co-CEO Jerry Van Ooteghem stated.
The region’s other power company, Energy Plus, which served Cambridge and North Dumfries, completed a merger with Brantford Hydro in March to form GrandBridge Energy.