Enersource and IBEW Local 636 enter into new 3-year agreement

MISSISSAUGA, ON, April 9, 2003 — With ratification of a Memorandum of Settlement, Enersource Corporation and its unionized employees represented by the International Brotherhood of Electrical Workers (IBEW) Local 636, entered into a 3 year contract effective April 1, 2003 and expiring on March 31, 2006.

The agreement provides for 3 percent in each of the three years, with a cost of living allowance applicable in the third year.

“We are pleased to achieve this seamless transition of collective agreements and the stability this brings for our employees and the organization in this changing electricity market,” said Gunars Ceksters, President and Chief Executive Officer of Enersource Corporation. “This continues a long and effective relationship with the IBEW and our unionized employees – one which has helped Enersource achieve considerable success in the four areas central to our business: safety; reliability; cost control; and customer service.”

About Enersource

Enersource Corporation’s core electricity distribution business, Enersource Hydro Mississauga, serves 170,000 customers and is one of Ontario’s largest regulated distribution utilities. It is highly regarded as a top performer in service efficiency, safety and system reliability. Enersource Corporation’s growing number of competitive business interests are owned and managed through various affiliated companies.

Its competitive services company, Enersource Hydro Mississauga Services Inc. holds the corporation’s 57% interest in First Source. Other “Services” companies include Enersource Telecom providing advanced high-speed communications to business and public sector users in Mississauga, Enersource Technologies reaching out internationally with specialized engineering, energy products and construction services, and Enersource Utility Solutions applying company expertise directly within the changing utility sector.

Enersource Corporation is 90% owned by the City of Mississauga and 10% by Borealis BPC Energy Corporation, a subsidiary of the Ontario Municipal Employees Retirement System.

In this unique partnership, Enersource Corporation is pursuing various opportunities to further enhance efficiency through business acquisitions, mergers and other partnership opportunities within the Ontario electricity distribution industry. For more about the Enersource family of companies visit: www.enersource.com.

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