Plans to merge Waterloo Region energy companies in the works
City leaders in Kitchener and Waterloo both agree: a merger of Kitchener-Wilmot Hydro and Waterloo North Hydro is a good idea.
The two councils both voted unanimously Monday night to bring the two energy companies together, but there are still a number of steps to go before it could become a reality.
“We have what appears to be a win-win for the utility, for the customers and the constituents,” said Waterloo councilor Jeff Henry.
The proposal would create a larger local and publically-owned power utility, with the combined company serving the municipalities of Kitchener, Waterloo, Wellesley, Wilmot, and Woolwich.
Company officials say the size of the merger would help keep rates competitive and stable.
It is also projected that municipalities will receive an increase in dividends and interest on their investment in the ten-year period following the merger.
“You hear stories about electrical grid problems elsewhere in the world, and this will help us strengthen and sustain our electrical grid as we grow,” said Kitchener councilor Scott Davey.
After a memorandum of understanding for the merger is approved by all five councils, including the three Waterloo Region townships, they’ll collect public input before seeking final approval from the Ontario Energy Board.
The goal is to get the deal done sometime in 2022.
CTVNews.ca Top Stories
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests about relationship with Prince Harry
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Boy Scouts of America is rebranding. Here's why they're now named Scouting America
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
New Canadian study could be a lifesaver for thousands suffering from CTE
A first-of-its-kind Canadian research study is working towards a major medical breakthrough for a brain disorder, believed to be caused by repeated head injuries, that can only be detected after death.
Rape, terror and death at sea: How a boat carrying Rohingya children, women and men capsized
In March, Indonesian officials and local fishermen rescued 75 people from the overturned hull of a boat off the coast of Indonesia. Until now, little was known about why the boat capsized.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
For their protection, immigrants critical of China and India call for speedy passage of Canada's foreign interference legislation
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.