A merger between Guelph Hydro and Alectra has been approved.

As of Jan. 1, the city will have 4.63 per cent ownership in Alectra and a permanent seat on its board of directors.

Dividends earned in the deal will be invested in infrastructure, programs and services.

Customers will not be affected by service changes or higher costs, the Ontario Energy Board said.

At least 70 jobs will be affected from the merger.

About half of those people will be offered jobs elsewhere, with the remainder comprising of voluntary departures, retirement and attrition.