COLLINGWOOD, Ontario, Sept. 04, 2018 (GLOBE NEWSWIRE) -- A wholly owned Ontario subsidiary of EPCOR Utilities Inc. (EPCOR) has received Ontario Energy Board approval to complete the purchase of Collus PowerStream Corp., an electricity distributor to more than 17,000 residential, commercial and industrial customers in Collingwood, Stayner, Creemore and Thornbury in southwestern Ontario.
Subject to the satisfaction of other customary closing conditions, EPCOR’s subsidiary will acquire 100% of the issued and outstanding shares of Collingwood PowerStream Utility Corp. (Holdco), which owns Collus PowerStream. Currently, Holdco is jointly owned by the Town of Collingwood and Alectra Utilities Corporation (Alectra). On the closing date, the Town will acquire Alectra’s shares in Holdco and then sell 100% of the shares in Holdco to EPCOR’s subsidiary. Completion of the acquisition is expected to occur on October 1, 2018.
“Today’s announcement marks another critical step towards EPCOR’s first electricity distribution business acquisition in Ontario. We are excited to become a part of these communities, and look forward to delivering the high level of customer service they are accustomed to,” said Stuart Lee, EPCOR President & CEO.
Collus PowerStream will be EPCOR’s second acquisition in Ontario, following the acquisition of the assets and operations of Natural Resource Gas Limited in the Aylmer region in November 2017.
“EPCOR is a trusted operator with more than 125 years of experience providing safe and reliable electricity service, and supporting the communities where it operates. We are pleased to welcome EPCOR to our community,” said Collus PowerStream Vice-President of Operations, Larry Irwin.
For more information, please contact:
Tim le Riche
External Communications Specialist
780-969-8238, 780-721-2013 (cell)
tleriche@epcor.com
About EPCOR Utilities Inc.
EPCOR, through its subsidiaries, builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, sanitary and stormwater systems, and infrastructure in Canada and the United States. The company also provides electricity, natural gas and water products and services to residential and commercial customers. EPCOR, headquartered in Edmonton, is an Alberta Top 70 employer. EPCOR’s website address is www.epcor.com.
Certain information in this media release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target" and "expect" or similar words suggest future outcomes. The purpose of forward-looking information is to provide investors with management's assessment of future plans and possible outcomes and may not be appropriate for other purposes. Forward looking information in this media release includes, or is related to, but is not limited to expectations regarding the completion of the acquisition of an electricity distribution company in Ontario and the timing thereof. These statements involve certain assumptions, inherent risks and uncertainties, including but not limited to EPCOR’s assessment of government and regulatory environments in which it operates. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements. These statements speak only as of the date of this media release and, except as required by law, EPCOR disclaims any intention and assumes no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.