CEO and Presidents Appointed for Large New GTHA Utility

We are pleased to share an exciting development as we work to bring together Enersource, Horizon Utilities, Hydro One Brampton and PowerStream to create Ontario’s leading local distribution company. Norm Loberg, MergeCo Transitional Board Chair and current Enersource Board Chair has announced the CEO and Presidents for our new company.

Brian Bentz has been appointed President and CEO (designate) of the MergeCo Holdings Company to be based in Mississauga.

Max Cananzi was appointed as President (designate) of the MergeCo Local Distribution Company to be based in Hamilton.

Peter Gregg was appointed as President (designate) of the MergeCo Innovation, Growth and Corporate Services Company, based in Vaughan.

Paul Tremblay, President and CEO of Hydro One Brampton, will be retiring once MergeCo is officially established. Paul will continue to provide support in a senior advisory role throughout the transition period.

Learn more about the leadership team.

History in the making - MergeCo Signing Ceremony

Why Horizon Utilities is recommending a merger

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What is Being Considered?

A proposal is being developed to bring together four of Ontario's most successful local electricity distribution companies: Horizon Utilities Corporation, Enersource, Hydro One Brampton, and PowerStream.

The purpose of this new partnership would be to use its collective resources – serving almost a million customers in Hamilton and St. Catharines as well as Peel Region, York Region and Simcoe County – to continue delivering low rates, efficient services and innovative technologies for its customers.

The new company being considered would only proceed if customer, shareholder and community benefits exist to do so.

The plan being considered will require the approval of all shareholders and will be subject to regulatory approvals, including by the Ontario Energy Board (OEB).

The City of Hamilton and the City of St. Catharines – Horizon Utilities' shareholders – are expected to vote on the merger this October after reviewing the benefits for customers and their communities. The OEB will subsequently review the deal pending the outcome of all local council votes.

Our proposal keeps the ownership of the new company publicly owned by the municipalities of Hamilton, St. Catharines, Mississauga, Barrie, Markham, and Vaughan, as well as Borealis – part of the Ontario Municipal Employees Retirement System, the pension fund for Ontario's municipal employees. The new company would purchase Hydro One Brampton, which was a municipal utility like the others until 2001.

Our Responsibility to Customers and Municipal Shareholders

Horizon Utilities has a responsibility to address any and all long-term market conditions that either threaten or improve on our ability to execute our core mandates: to ensure the health and welfare of our employees; to deliver safe, reliable electricity to our customers at the lowest-possible price; and to accomplish all of this while providing sustainable dividends to our shareholders.

Horizon Utilities will improve on that ability through joining together with other utilities, as we have done in the past.

Successful Merger History

The previous merger of St. Catharines Hydro and the Hamilton Utilities Corporation 10 years ago helped us keep our rates as low as possible through creating efficiencies – mostly in our administrative costs.

But today, we've squeezed out every efficiency possible.

In order to remain competitive, we must grow the number of customers we serve, thus spreading the cost of administration and other back office operating costs over a larger base. As there is very little opportunity to grow the number of customers in Horizon Utilities' current service territories, we must look further afield.

Giving consideration to joining together with other electricity distributors who are very much like ourselves – municipally focused and operating in the Greater Golden Horseshoe – allows us to achieve this growth and the efficiencies that come with it.

Benefits to Shareholders

Benefits to Customers

Cost of the Status Quo

Time is Right for Joining Together

FAQ - Hamilton

FAQ - St. Catharines

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