The Ontario Energy Board says the sale of Collus PowerStream to Edmonton-based EPCOR met its “no harm” test as it approved the sale Thursday. The Town will receive between $12.5M and $13M from the sale of their 50% shares.
Included in the deal is a $150,000 donation toward the Town’s Waterfront Master Plan, a 1 per cent distribution rate decrease and rate freeze for residential customers for 5 years, job and location guarantees for Collus PowerStream employees and a 25-year lease of the Collus PowerStream property and operations centre from the Town.
2012 sale still cloaked in controversy
In 2012, the Town received $8M for 50 per cent of its Collus PowerStream shares. That deal is still ripe with controversy though. Deputy Mayor Brian Saunderson moved a motion in February of this year that called for a judicial inquiry into that 2012 sale.
A judge is now looking into what happened leading up to the sale, what fees were paid in relation to the sale, delegation of authority by council and the allocation of funds to new recreation facilities.
Public information session from 2017