Canada's Budget 2009 - A shade of green

Posted on January 29, 2009

Jeffrey Elliott

The increasingly anemic Canadian economy was administered a boost in the form of an unprecedented stimulus package announced in the federal government's Budget 2009 released on January 27, 2009. The budget contains a number of programmes and incentives to promote "green" projects and the development of clean technologies and renewable energy.  While the exact details are still to be provided, the "green" budget highlights are as follows.

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Major utility shareholders must seek approval

Posted on January 29, 2009

Patrick Duffy

Due to a recent Ontario Energy Board ruling, any shareholder holding more than 20% of the shares of an electricity distributor in Ontario must now seek leave from the Board before it can increase its shareholdings in the distributor.

The ruling arose from an application by the Town of Essex (Essex) to acquire all of the outstanding shares of E.L.K. Energy Inc. (ELK). Essex already held 38% of the shares of ELK, which it had acquired as part of a previous amalgamation that was not subject to Board scrutiny. Prior to a hearing on the merits of the application, Essex requested the Board rule that the transaction did not require leave from the Board under subsection 86(2) of the Ontario Energy Board Act, 1998. 

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