Elexicon Annual Reports

Our performance in 2021 reflected our core strength in our local distribution company, Elexicon Energy, as well as our competitive advantage through our innovative energy solutions provider Elexicon Group.

Our varied geographic regions, opportunities presented by new development growth across our service territories, and diversified portfolio of energy solutions generated a net income of $16.9M for the period of January 1 to December 31, 2021. Our municipal shareholders benefited from distributions of earnings through annual dividends of $11.4M – with revenues supporting the shareholder communities we service.  Providing this type of certainty and solid performance is with thanks to our talented team of close to 260 employees who continue to exhibit their resilience and commitment during these turbulent times.

As a relatively recently formed corporation, the Board developed its first strategic narrative in 2021, working in tandem with the Boards and Management teams of our two subsidiaries. Together, we have the unprecedented opportunity to empower our customers and communities through energy innovation for a cleaner, better future. With this purpose serving as our guiding light, we will explore economic and investment opportunities, and work closely with our government and energy stakeholders to forge the right partnerships that drive growth and increase shareholder value.

We have already made good progress on this front with Elexicon Energy launching Canada’s first pre-planned residential micro grid community in Pickering, working with partners like Opus One Solutions and Marshall Homes, and with Elexicon Group forging a new joint venture with WYSE Metering and EVSTART™ to advance our electric vehicle infrastructure solutions division.

There were also many important changes to the composition of our Board and Management teams at both Elexicon Energy and Elexicon Group.  It was with a heavy heart that we said goodbye to Director, and Pickering City Councillor Ian Cumming. He was a well-respected member of our Board and community and will be missed. At the same time, we welcomed Pickering City Councillor Kevin Ashe.

The Board also focused its efforts on succession planning with both subsidiaries welcoming new leadership. Indrani Butany-DeSouza joined Elexicon Energy as its new President and Chief Executive Officer (CEO) in September and Craig Ballard as the new President and CEO of Elexicon Group in January. Their fresh perspectives provide the dynamic leadership the Corporation requires to drive new pathways and meet the growing and changing demands and expectations of customers, regulators, government, communities and shareholders.  Their approach to Diversity, Equity and Inclusion, Indigenous Relations and Corporate Environmental and Social Responsibility will be an important area of focus in 2022.

I am especially proud of our commitment to supporting the most vulnerable in our communities.  Elexicon Corporation’s Corporate Giving Program provided $350,000 to local charities in 2021, including frontline workers who continue to help those impacted by the global pandemic.  These collective actions reveal much about the character of the people that make up our great organization, and one that I will miss with 2021 being my last full year serving as Board Chair.  I want to express my gratitude to each Director, Management and Employee – you inspire, delight and energize.  Your drive to empower others in our community is a true testament to the spirit of Elexicon – thank you for giving me the opportunity to serve and I look forward to champion your continued success.

Patrick McNeil
Elexicon Corporation
Board Chair