The company attempted to open energy markets to competition with its headquarters in Toronto, but that didn’t work out like many had hoped, so a move to the Lone Star State is believed to be the best move despite the fact 500 jobs will be lost in Toronto.
Texas is one of a handful of states to be deregulated which allows for competition among the energy companies, one of the biggest reasons for the move according to company spokeswoman Hilary Marshal.
“We’re a company with a growth strategy built on the need for deregulation,” Marshal said. “We envision that the majority of our growth is going to come from the U.S. where we’re seeing more regions opening up.”
Although its headquarters will be the fourth-largest city in the United States, the company will have a branch in Ontario with about 2,000 people to service water heaters, air conditioning units, heaters and contracts for energy. However, not being deregulated in the energy field has made it more difficult to “compete” for business.
The area “is not open to competition, and it doesn’t look like it’s going to move in a direction where you’re going to have competitive markets, which is a requirement for competition,” Marshal said.