PowerStream
| Company type | Public utility |
|---|---|
| Industry | Electric utility |
| Founded | 2004 |
| Defunct | 2017 |
| Fate | Merged to form Alectra |
| Headquarters | Vaughan , Canada |
Area served | Communities north of Toronto and Central Ontario, including Aurora, Barrie, Markham, Richmond Hill, Vaughan |
| Products | Electricity distribution, renewable energy (PowerStream Solar), energy conservation programs |
PowerStream Holdings Incorporated operated as an electric utility provider serving various communities located north of Toronto and throughout Central Ontario, including Aurora, Barrie, Markham, Richmond Hill, Vaughan, among others.
On February 1, 2017, PowerStream combined with Enersource and Horizon Utilities to establish Alectra. Prior to this, it owned a 50% interest in Collus PowerStream, which delivered services to Collingwood and surrounding regions; this stake was transferred to Alectra and subsequently sold back to the Town of Collingwood within the same year.
History
PowerStream was created in 2004 through the consolidation of Markham Hydro, Hydro Vaughan, and Richmond Hill Hydro, entities initially formed under the York Municipal Hydro-Electric Service Act enacted in 1978. The company expanded its footprint by acquiring Aurora Hydro in 2005 and later Barrie Hydro in 2009.
On August 2, 2012, PowerStream purchased a 50% ownership share in Collus Power from the Town of Collingwood, resulting in the entity being renamed Collus PowerStream.
The company’s electricity distribution network primarily delivered power generated by Ontario Power Generation and Bruce Power, transmitted via Hydro One infrastructure. Its system reached a maximum load capacity of 1,972 MW. Additionally, PowerStream managed a renewable energy branch named PowerStream Solar and actively promoted energy conservation programs.
To explore ventures outside regulated utilities, PowerStream established PowerStream Energy Services Inc. on November 1, 2013, reorganizing under the parent company PowerStream Holdings Inc.
Shareholders sanctioned a merger on March 24, 2016, involving Enersource and Horizon Utilities and included the acquisition of assets from Hydro One Brampton formerly owned by the provincial government.
See also
References