SOURCE: PowerStream Inc.

PowerStream

November 17, 2014 16:03 ET

PowerStream Signs Multi-Year Conservation Agreement

First Ontario Utility On Board With Ministry of Energy's "Conservation First" Framework

VAUGHAN, ON--(Marketwired - November 17, 2014) - After more than 10 years of successfully delivering conservation programs within its service territory, PowerStream has once again demonstrated its leadership and commitment to this business area by becoming Ontario's first distribution company to sign on to the Ministry of Energy's "Conservation First" framework for 2015-2020.

Under the new six-year framework, announced early in 2014 by Bob Chiarelli, Minister of Energy, Ontario's distribution companies are responsible for achieving a combined target of 7,000 gigawatt-hours (GWh) of energy savings by 2020. This represents approximately a five per cent reduction in provincial electricity consumption compared to current levels. PowerStream's agreement, which was signed on November 13, 2014, calls for the utility to achieve a 535 GWh reduction for its service territory.

Although the new target is a significant increase from what had been previously set for the current framework, PowerStream remains committed to providing its customers with the tools and information they need to best manage and reduce their electricity consumption. The company will continue to leverage its strengths in program design, collaborative delivery and innovative pilots. 

PowerStream will also be working with other distribution companies and the Ontario Power Authority-Independent Electricity System Operator to help transform its current Business Refrigeration Incentives Program into a provincial offering. Furthermore, the company is implementing several innovative smart home pilots funded by the Ministry of Energy's Smart Grid Fund, such as Advantage Power Pricing. If successful, these pilots could also be rolled out across Ontario for the benefit of all electricity consumers in the province.

 QUOTES

  • "Individuals, businesses, institutions and organizations across Ontario can take pride in the conservation savings we've achieved to date using current, evolving and exiting conservation programs. With the assistance of proven innovative distribution companies like PowerStream, we look forward to working together to accomplish even more for Ontario's clean, sustainable energy future," said Bob Chiarelli, Minister of Energy.
  • "PowerStream is committed to helping the Ontario Government achieve its vision for conservation by developing and offering a full range of programs for all customer groups," said Maurizio Bevilacqua, PowerStream Board Chair and Mayor for the City of Vaughan. "It is consistent with our vision statement and we have history of innovation and success related to this area of our business."

BACKGROUND

  • Gigawatt-hour (GWh) is a unit of energy representing one billion (1,000,000,000) watt hours and is equivalent to one million kilowatt-hours
  • Under Ontario's 2011-2014 conservation framework, PowerStream was allocated an energy-savings target of 407 GWh (cumulative over four years). Based on internal tracking of results, PowerStream met its target this past summer and is on track to achieve approximately 110% by the end of 2014.

ABOUT POWERSTREAM

PowerStream is a community-owned energy company that provides power and related services to more than 370,000 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.

LET'S CONNECT!

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