The Consumers' Waterheater Income Fund
TSX : CWI.UN

The Consumers' Waterheater Income Fund

October 18, 2010 21:11 ET

The Consumers' Waterheater Income Fund Announces Effective Date of the Energy Consumer Protection Act and Regulations Regarding Sub-Metering

Regulations Published

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2010) - The Consumers' Waterheater Income Fund ("Fund") (TSX:CWI.UN) today announced that the Government of Ontario has published regulations (the "Regulations") under the Energy Consumer Protection Act, 2010 (the "Act") and the Residential Tenancies Act, 2006 (the "RTA") regarding suite sub-metering. The Act and Regulations (the "Legislation") will come into force January 1, 2011. The Fund's subsidiaries, Stratacon Inc. and EnerCare Connections Inc., through the sub-metering working group, provided comments on the draft Legislation. The Legislation permits individual suite sub-metering in apartment buildings, condominium complexes and commercial buildings in Ontario. Among other things, the Legislation:

  • amends the RTA to permit sub-metering, subject to first providing tenants with required information and subject to receiving consent from a sitting tenant;

  • confirms the right of sub-metering providers to shut off the distribution of electricity for non-payment, subject to prescribed conditions and exceptions;

  • provides the Ontario Energy Board ("OEB") with oversight over security deposit policies and rates chargeable by sub-metering providers and imposes licensing requirements on sub-metering providers; however, the Regulations do not currently provide for fee regulation by the OEB;

  • requires the installation of suite meters in "new" residential buildings (except in new social and subsidized affordable housing projects);

  • sets information, rent reduction and refrigerator efficiency requirements;

  • disallows suite metering of electric heat in residential rental buildings, except in respect of currently installed sub-meters, subject to certain conditions; and

  • transitions existing suite meter arrangements and existing licenses of sub-meter providers into the new regime.

Stratacon and EnerCare Connections are of the view that the Legislation provides a clear path for suite sub-metering in Ontario. The Legislation should help both landlords and tenants participate in the culture of conservation through the utilization of sub-metering services.

About The Consumers' Waterheater Income Fund

The Fund owns a portfolio of approximately 1.3 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon Inc. and EnerCare Connections Inc., leading sub-metering companies, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.

Additional information regarding the Fund, including its current Annual Information Form, is available on SEDAR at www.sedar.com.

Contact Information

  • The Consumers' Waterheater Income Fund
    Chris Cawston
    CFO
    1.905.695.7793 or 1.800.781.2943
    ccawston@cwif.ca