HAMILTON, ON, Sept. 25, 2014 /CNW/ - Hamilton Utilities Corporation ("HUC") is expanding its district energy services throughout the downtown core with the purchase of the City's District Cooling Energy Assets. The plant was acquired by HUC's wholly owned subsidiary; HCE Energy Inc.
"This acquisition is fully aligned with our strategy to deliver a wide range of district energy solutions throughout the City of Hamilton. HCE Energy Inc. will now provide centralized cooling and heating to Hamilton Place, Hamilton Convention Centre, the Art Gallery of Hamilton, City Hall and a number of other landmark downtown locations," said Dennis Jewitt, President & CEO of HUC.
HCE Energy Inc. currently provides only heating services to the above named buildings and now by combining heating with cooling it will help achieve superior economies of scale.
District Energy is the distribution of heating and cooling from a central plant through underground piping. It is the most economical and environmentally responsible solution to provide heating and cooling to large buildings in dense urban settings. Not only does this approach lower ongoing operating costs and shrink the carbon footprint, it also eliminates the customer's need to finance conventional heating and cooling equipment. HCE Energy Inc. is actively expanding its district energy network to serve as many buildings as possible throughout downtown Hamilton.
"The sale of the City's District Cooling Energy Assets to HUC now consolidates the delivery of district energy services into one single source supplier which will result in overall economic and environmental benefits to the City of Hamilton as both a customer and a shareholder," said Geoff Lupton, the City's Director of Energy, Fleet & Traffic.
"This is great news for everyone involved because it creates one face for district energy and achieves economies of scale that will lower the costs for future customers," said Jewitt.
City council approved the sale of the City's District Cooling Energy Assets to HCE Energy Inc. at its September 24th meeting. The transaction is expected to close by the end of 2014.
About Hamilton Utilities Corporation
HUC is an infrastructure-based business with assets in electricity distribution (Horizon Utilities, serving Hamilton and St. Catharines), district energy systems based on cogeneration and geothermal technologies, as well as the operation of biogas generating plants through its subsidiary, HCE Energy Inc.
The corporation is aligned with the City of Hamilton's Vision 2020 initiative of a strong, healthy and vibrant city, by promoting local solutions to environmental and development challenges through responsible stewardship, protection of natural resources, and the integration of its citizens into a sustainable social infrastructure.
Image with caption: "Hamilton Utilities Corporation (CNW Group/Hamilton Utilities Corporation)". Image available at: http://photos.newswire.ca/images/download/20140925_C3122_PHOTO_EN_6012.jpg
Image with caption: "HCE Energy Inc. (CNW Group/Hamilton Utilities Corporation)". Image available at: http://photos.newswire.ca/images/download/20140925_C3122_PHOTO_EN_6013.jpg
SOURCE: Hamilton Utilities Corporation
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