St. Thomas Energy Inc. has applied to the Ontario Energy Board for approval to amalgamate with its parent, Ascent Group Inc. to form STE Amalco. Entegrus Inc. has applied to the Ontario Energy Board for leave to acquire the shares of STE Amalco in exchange for shares of Entegrus Inc., and to amalgamate STE Amalco with Entegrus Powerlines Inc. The amalgamated company will be called Entegrus Powerlines Inc. The applicants have also asked to transfer St. Thomas Energy Inc.’s current rate orders to the new company and to cancel St. Thomas Energy Inc.’s electricity distribution licence.
The applicants say that ratepayers will not pay the costs or any premiums for the proposed acquisition of STE Amalco and subsequent amalgamation. The applicants also say that electricity rates for customers of each of St. Thomas Energy Inc. and Entegrus Powerlines Inc. will remain separate for eight years from the date the transactions are completed.