PowerStream Inc.

PowerStream Inc.

September 15, 2010 14:50 ET

Future Looking Bright for New PowerStream Business

Utility Showcases its Solar Energy Generation Initiative at Breakfast Event in Barrie

BARRIE, ONTARIO--(Marketwire - Sept. 15, 2010) - 

Editors Note: There is a photo associated with this press release.

PowerStream showcased its new solar energy generation business at a breakfast event held today at the company's North Operations Centre by providing those in attendance with an overview of the various opportunities, the results achieved to date and a look at a new graphic image that will represent the business going forward.

The utility, whose core business is the distribution of electricity to more than 325,000 customers in York Region and Simcoe County, is taking advantage of Ontario's new Green Energy and Green Economy Act (GEGEA) by earning revenue as an owner, installer and operator of rooftop solar photovoltaic (PV) energy generation systems through lease arrangements with commercial, industrial and institutional building owners on a province-wide basis.

This event marked the first time PowerStream has had an opportunity to highlight its initial venture into renewable energy generation since the company launched the new business earlier this year.

According to Peter Meffe, Chair of PowerStream's Board of Directors, the utility is now in a position to ramp up the operation of its new business, which has already secured lease agreements that will result in the generation of nearly seven megawatts (MW) of electricity.

"This is an amazing opportunity for building owners. They will not only gain additional revenue from having an annual guaranteed income through lease arrangements for their under-utilized roofs but will also be able to demonstrate to their customers, communities and other key stakeholders that they are committed to being leaders in environmental sustainability," Meffe said.

Meffe also was involved in the unveiling of a graphic image PowerStream will use to represent its involvement in the solar generation business. The image compromises the PowerStream corporate logo followed by the word "solar" in yellow which is highlighted by a blue line above and below it.

"Our research showed clearly that PowerStream and its corporate logo has tremendous brand equity within our service territory. The logo is highly recognizable and PowerStream commands a great deal of trust," Meffe explained. "Therefore we developed this graphic representation to leverage and complement PowerStream's corporate profile and logo without compromising the brand's integrity."

Meffe was joined on stage for the unveiling of the graphic image by Lynn Strachan, City of Barrie Councillor and member of PowerStream's Board of Directors, his worship Frank Scarpitti, Town of Markham Mayor and Vice Chair of PowerStream, Joyce Frustaglio, City of Vaughan Regional Councillor and PowerStream Board member, Brian Bentz, PowerStream President and CEO and Millan Bolkovic, PowerStream EVP, Renewable Generation and Conservation.

The opportunity for PowerStream to establish a solar energy generation business was a direct result of the Ontario Government passing of the GEGEA in May 2009, allowing local electricity distribution companies to build and own renewable generation facilities. The Ontario Government's intent through the GEGEA was to promote a green economy and to foster the growth of renewable energy projects, including electricity generation from renewable sources such as solar, wind, water and biomass.

PowerStream also encourages the installation of solar PV panels because they can easily be integrated into new or existing buildings, may qualify the business for Leadership in Energy & Environmental Design (LEED®) credits, do not produce polluting air emissions, can strengthen the provincial electricity grid, contributes to the overall reduction of fossil fuel generation in Ontario and is beneficial to public health and the environment.

About PowerStream Inc.

PowerStream is the second largest municipally-owned electricity distribution company in Ontario, providing service to more than 325,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. The communities served include Alliston, Aurora, Barrie, Beeton, Bradford West Gwillimbury, Markham, Penetanguishene, Richmond Hill, Thornton, Tottenham and Vaughan. PowerStream is an incorporated entity, jointly owned by the City of Barrie, the City of Vaughan and the Town of Markham.

NOTE: To view the photo associated with this release, please visit the following link - http://www.marketwire.com/library/20100915-power800.jpg

Contact Information

  • Media Contact:
    Eric Fagen
    Director, Corporate Communications
    Office Phone: 905-532-4522
    Media Line (24/7): 905-532-4400