SOURCE: PowerStream Inc.

PowerStream Inc.

July 15, 2014 09:57 ET

PowerStream/Collingwood Partnership Paying Dividends

2013 Annual Report Highlights Benefits to Customers, Employees and Shareholders

VAUGHAN, ON--(Marketwired - July 15, 2014) - The first full-year of PowerStream's strategic partnership with the Town of Collingwood in the ownership of a utility that provides power and related services to customers in four Central Ontario communities has proven to be a success, according to Collus PowerStream's recently released 2013 Annual Report.

The 61-page document, presented to the Town of Collingwood's municipal council last week, reported on several areas of the utility's business operations including customer and employee satisfaction, finance, grid operations, delivery of conservation programs and involvement in green energy initiatives.

In addition to a third party review of the strategic partnership which illustrated how the joint ownership had positively impacted Collus PowerSteam's ability to serve its customers, protect its employees and provide positive results to its shareholders, other highlights in the 2013 Annual Report included:

  • Results from a Utility PULSE survey that gave Collus PowerStream an "A" in customer satisfaction.
  • Collus PowerStream significantly exceeding its 2013 conservation targets.
  • First-ever regular cash dividend of $367,000 paid to shareholders.

The complete report is available on Collus PowerStream's website.

QUOTES

  • "We are pleased with what has been achieved in the first year of our strategic partnership with the Town of Collingwood," said Maurizio Bevilacqua, PowerStream Board Chair and Mayor of the City of Vaughan. "In 2013 we were confident that this strong working relationship between our organizations in owning and operating the utility would benefit key stakeholders and these results have exceeded our expectations." 
  • "Successful partnerships are a direct result of having partners that share similar values and are committed to achieving objectives that are mutually beneficial," added Sandra Cooper, Mayor of the Town of Collingwood and Collus PowerStream Board member. "PowerStream has proven to be the perfect partner for our municipality in this particular venture."

BACKGROUND

  • PowerStream and the Town of Collingwood began its strategic partnership in the ownership and operation of Collus PowerStream on August 1, 2012.
  • Collus PowerStream serves customers in the communities of Collingwood, Stayner, Creemore and Thornbury.

ABOUT POWERSTREAM
PowerStream is a community-owned energy company that provides power and related services to more than 365,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. It is jointly owned by the Cities of Barrie, Markham and Vaughan.

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