Brian Bentz, the CEO of municipal utility PowerStream, has been appointed President and CEO (designate) of the new, much larger utility to be created by the merger of four existing Ontario electricity distributors. The merger of Enersource, Horizon Utilities and PowerStream, and the planned purchase of Hydro One Brampton has been underway for more than a year and has been authorized in principle by the government of Ontario.
Norm Loberg, Chair of the Transitional Committee announced on July 26 that Brian Bentz was appointed as President and CEO (designate) of the MergeCo Holdings Company, Max Cananzi was appointed as President (designate) of the MergeCo Local Distribution Company to be based in Hamilton, and Peter Gregg was appointed as President (designate) of the MergeCo Innovation, Growth and Corporate Services Company, to be based in Vaughan.
The Transitional Committee represents shareholder representatives of the cities of Barrie, Hamilton, Markham, Mississauga, St. Catharines and Vaughan, and Borealis, an investment management arm of the Ontario Municipal Employees Retirement System.
The name “Mergeco” is temporary, pending the development of a new corporate identity. The new agency will be one of the largest electricity distributors in the province.