The Ontario Energy Board is giving the green light to the sale of Collus PowerStream.
Collingwood Council voted to sell the Town's stake (which is 50 percent) in the utility to EPCOR Utilities last October.
The Town announced in a news release that the OEB approved the sale yesterday (THU).
The deal would see the Town receive between $12.5 Million and $13 Million
Terms of the sale include a rate decrease for residential customers over a 5-year period, a 25-year lease of the property and operations centre, jobs and location guarantees for Collus PowerStream employees, and a contribution of $150,000 by EPCOR towards the Town's waterfront master plan.
The Town says the transition should be a smooth one and is looking forward to having EPCOR in the community.