At right: President and CEO of Veridian Connections Michael Angemeer at Belleville city council, April 9, 2018 (Photo: Mary Thomas/Quinte News)
A proposed merger to increase the size of Belleville’s electrical corporation partnership, Veridian Connections, could increase profits to the city.
Belleville is expected to make a decision soon on whether or not to support the proposed addition of another municipality to the Veridian partnership.
Belleville, Ajax, Clarington, and Pickering have been partners in Veridian Connections for the past 17 years, bringing in $17.4 million in profit to the city of Belleville over those years.
The new proposal is to merge with Whitby Hydro Energy Corporation.
Veridian President and CEO Michael Angemeer told city council recently the merger would mean Belleville’s profit share would go from 13% to 9%, but the increase in the number of customers to 165,000 would increase the profit to $21.9 million for a similar 17-year period.
Belleville plans to hold a public meeting on the issue at its council meeting, April 23.
The issue would then go to another city council meeting for consideration on whether or not to give final approval.
If approved by all partners, the new energy services company could go into effect in 2019.
