Veridian Corp. and Whitby Hydro are seeking approval for a proposed merger.
The yet to be named company will need municipal approvals before going to the Ontario Energy Board for regulatory approval.
The process is expected to take several months.
Adrian Foster, Chair of Veridian’s Board of Directors says this is their best opportunity to deliver cost-effective, reliable energy services and mitigate against future rate increases.
The merger is expected to produce $90 million in savings over the next 17 years and customers can expect rates three per cent lower than as a customer of either utility alone.