VAUGHAN, ONTARIO--(Marketwired - May 27, 2014) - As officials and employees get set to mark PowerStream's10-year anniversary on June 1, 2014, they are taking particular pride in how the community-owned energy company's tremendous growth through mergers, acquisitions and strategic partnerships has benefitted its customers.
The company's growth through the consolidation of municipally-owned utilities has created economies of scale and operational efficiencies that have enabled PowerStream to not only provide its customers with additional service offerings such as conservation programs, but has also helped to reduce distribution rates (i.e. the rates charged to operate PowerStream) on several occasions including:
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2006: a decrease in distribution rates varying from 10.5 to 23.5 per cent for customers in Markham, Richmond Hill and Vaughan
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2007: a further decrease in distribution rates for customers in Aurora, Markham, Richmond Hill and Vaughan due to the introduction of common rates across the entire service territory
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2009: an additional decrease in distribution rates for a typical residential customer in York Region of 1.3 per cent and 1.7 percent for typical business customers
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2013: a 16.2 per cent decrease in distribution rates for a typical residential customer in Barrie and Simcoe County
Achieving scale through consolidation has also provided PowerStream with the size required as a utility to test and implement innovative technologies to benefit its customers today and in the future. This includes Smart Grid technologies that enhance reliability and facilitate quicker responses to power outages, using solar generation to provide power through renewable sources, investing in electric vehicle charging research and building a Micro Grid.
Over its 10-year history, PowerStream has given back to the communities it serves on numerous occasions through the company's sponsorship and donations program. The utility has donated a cumulative total of more than $1,000,000 to the United Way organizations in York Region and Simcoe County as well as provided major donations to several area hospitals (Mackenzie Health, Markham Stouffville and Southlake Regional Health Centre) and post-secondary institutions (York University and Georgian College).
The company has earned numerous accolades since it was created in 2004. Most recently, PowerStream was named one of 'Canada's Greenest Employers' and won the Electricity Distributors 'Environmental Excellence Award' for the third time in the past six years. In addition to being named one of 'Greater Toronto's Top Employers' for three consecutive years, PowerStream has also earned a 'Canada Award for Excellence' and been recognized for being one of 'Canada's Safest Employers'.