Elexicon Energy, Ontario’s fourth-largest electricity distributor, is getting a $62 million boost from four of its municipal shareholders in a move aimed at strengthening the local power grid and preparing for rapid community growth.
Whitby, Clarington, Belleville, and Ajax — who collectively own 72.1 per cent of Elexicon — signed a memorandum of understanding committing to the new equity injection. The decision comes just months after Ajax and Pickering wrapped up a review of a potential share sale, ultimately choosing to hold onto their stakes in the utility.
Elexicon CEO Amanda Klein called the investment a “key building block” for the company’s future. “The equity investment enables us to increase the capacity and capabilities of our grid in order to keep pace with growth and better serve customers in all of our communities,” she said.
For Whitby, which owns 32 per cent of Elexicon, the investment ensures a stronger voice in local energy planning. CAO Matt Gaskell said it will help build infrastructure needed to support major projects, including 18,000 new homes and the new Whitby Sports Complex.
Clarington Mayor Adrian Foster said his council chose to convert debt into equity, reaffirming the town’s commitment to “publicly owned infrastructure” and ensuring Elexicon is positioned to expand as the population grows.
Elexicon, which serves nearly 200,000 customers across Durham Region, Brock Township, Port Hope, and Gravenhurst, paid out more than $6 million in dividends last year. The new funds will go toward grid upgrades and long-term reliability, ensuring residents continue to receive safe, sustainable electricity service.