Kitchener-Wilmot Hydro, Waterloo North Hydro eyeing potential merger
Posted Oct 1, 2021 03:47:00 PM.
The two hydro utilities in Kitchener and Waterloo, could soon become one.
The proposed merger was announced Friday by the Kitchener Power Corporation and Waterloo North Hydro Holding Corporation, which run Kitchener-Wilmot Hydro and Waterloo North Hydro.
“Like several other local power utilities in communities across Ontario, Kitchener-Wilmot Hydro and Waterloo North Hydro are considering taking the next step in their ongoing collaboration efforts by combining operations to create a larger, local and publicly-owned power utility that will provide reliable service, invest in new technologies, generate cost savings through operational efficiencies and keep local jobs in our communities.” a news release explained.
Since Kitchener, Waterloo, Wellesley, Wilmot and Woolwich are all shareholders, the merger would need approval from the individual councils. It would also need to be rubber stamped by the Ontario Energy Board.
A memorandum of understanding will be presented to those councils for approval next week, but a final decision is not expected until December, following community information sessions.
If the merger goes ahead, it could be the third quarter of 2022 before it receives final approval from the Ontario Energy Board.
Due to to some vacancies not being filled yet, and pending retirements, officials say they do not expect any layoffs at either utility.
More information on the proposed merger at connectinglocalpower.
