New name for Collingwood and PowerStream-owned utility unveiled
Completion of joint ownership agreement also celebrated with $50,000 donation to local area hospital
COLLINGWOOD, ON, August 16, 2012 – The Town of Collingwood and PowerStream today celebrated the closing of an agreement the two parties signed in January to form a strategic partnership in the joint ownership of the local electric utility, formerly known as Collus Power, by unveiling a new name and logo for the company. The utility will now be branded as Collus PowerStream.
The celebratory event at Collingwood Town Hall also featured a $50,000 cheque presentation to Collingwood General & Marine Hospital Foundation. The donation was made by Collus PowerStream officials and included proceeds from the Collingwood Mayor’s Annual Golf Challenge Cup.
Under the terms of an agreement, approved by the Ontario Energy Board on July 12, the Town of Collingwood and PowerStream now each own a 50 percent interest inCollus PowerStream. Going forward, PowerStream will also be providing support for several of Collus PowerStream’s operational areas under shared services agreements.
The Town of Collingwood’s selection of PowerStream to be its strategic partner followed a comprehensive request for proposal process in which four proponents submitted responses. PowerStream was chosen based on several considerations including the ability to provide strategic and specialized resources, competitive distribution rates and cost structure, customer experience and satisfaction, community involvement, support for employees and their careers as well as the correct cultural and synergistic fit.
“This is a tremendous day for Collus PowerStream’s customers and the communities it serves,” said Town of Collingwood Mayor, Sandra Cooper. “The closing of this agreement is the culmination of a great deal of hard work by many individuals and we are very pleased with this announcement. Both I and members of council are appreciative of everyone’s efforts to finalize this agreement that will help us be more efficient and cost-effective for customers being served by this new utility.”
“We are pleased to welcome the Town of Collingwood as our partner in delivering utility services to customers in the area,” stated PowerStream Board Chair and City of Markham Mayor, Frank Scarpitti. “The strategic partnership we have forged demonstrates outstanding leadership by both our organizations in developing a framework for collaboration that we believe could easily be adopted by others in our industry.”
PowerStream is the second largest municipally-owned electricity distribution company in Ontario, providing service to more than 355,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario.. The company is jointly owned by the municipalities of Barrie, Markham and Vaughan.
ABOUT THE TOWN OF COLLINGWOOD
The Town of Collingwood is located in the heart of Ontario’s finest four-season destination area. Easy to reach, Collingwood offers a combination of old time charm and history with the best recreation in Southern Ontario. Live, Work and Play!
CATEGORIES – Community
KEYWORDS – PowerStream, Collingwood, Collus, Partnership, Utility