Essex to receive $21.9 million in E.L.K. Energy sale

CTV News file photo.

The Town of Essex has officially sold all of its shares in E.L.K. Energy Inc. and E.L.K. Energy Solutions.

It says this is one of the ‘most significant financial transactions’ in its history. The town is expected to get around $21.9 million.

“This marks an important milestone for the Town of Essex,” said Mayor Sherry Bondy.

“Council made the decision to pursue the sale after careful consideration of what would deliver the greatest long-term value for our community. The successful completion of this transaction allows us to invest in today’s priorities while creating a lasting financial benefit that will support Essex residents for generations.”

A strategic review process of E.L.K. Energy Inc. started in 2022, looking at how the town could best maximize its investment, while continuing reliable utilities for customers.

The sale was then approved, giving the shares to ENWIN Utilities, in March 2025. It was closed on Nov. 28, 2025.

Essex council has set approximately $6.9 million of the sale aside for priority capital projects, which will include the new sports field development, Fire Station 3, and the Town Hall expansion.

The remaining $15 million will be put into the E.L.K Legacy Reserve as a long-term municipal investment.

“Rather than spending the remaining proceeds on one-time projects, the town will retain the principal investment and use annual investment income to help fund future infrastructure renewal, reduce future tax pressures, and reinvest into the portfolio to further strengthen financial stability,” a news release read.

The annual investment income is estimated to be around $600,000. This is how it is planned to be used:

• 70 per cent will go towards core infrastructure replacement through the town’s Asset Management Plan
• 10 per cent will go towards new core capital projects
• 20 per cent will be reinvested to grow the fund over time

Annual reports will go to council to update on the performance of the investment portfolio.