The time is right to merge for two main reasons.
First, the provincial government recently created a new set of policies to foster a business environment where consolidation of local utilities is more attractive. As well, the Ontario Energy Board now allows merging utilities to maintain the financial gains they earn through efficiencies for several years longer than was the case before.
In other words, the policy framework is purposefully starting a wave of utility consolidation across the province. We plan to be ahead of that wave by taking local leadership.
Second, we know from our extensive experience that consolidating utilities together generates significant benefits for our customers and shareholders. In fact, we are continuing to follow the strategic direction that our shareholders – the City of St. Catharines and the City of Hamilton – approved ten years ago.
So we’re building now on our track record of success to continue to drive efficiencies and increase dividends from joining utilities.