Shared: Major Simcoe County, York Region electricity distributor Alectra is about to get bigger
Alectra appears charged up to grow again.
The utility company that handles electricity distribution for several Simcoe County and York Region communities — and is already the second largest municipally-owned distribution company in North America — is close to acquiring Guelph Hydro Electric Systems. A tentative agreement has been circulating among shareholders for review since last month.
Barrie, which owns 8.78 per cent of Alectra, endorsed the deal Dec. 18.
The company says the acquisition will save customers about .5 to .6 per cent annually, on average, over the next 20 years. Over the next decade, the merger should achieve net aggregate savings of $18 to $26.6 million. About $4.3 million will be saved annually after that.