Skyrocketing utility prices prompted Chestermere city council to vote in June to dismantle the city's utility provider and the move officially came to fruition Monday.

A ceremony introduced the City of Chestermere as the utility provider after the City removed Chestermere Utilities Inc., a company that was $35 million in debt. A legal shell/hybrid corporation has been established to hold Chestermere Utilities Inc's debt.

Chestermere Utilities Inc. had been the city's utility provider for nearly five years but, beginning in 2016, residents were alarmed by steep jumps in their utility rates including a 25 per cent bump in waste fees and 15 per cent increase in water rates.

The move paid immediate dividends for Chestermere residents as the City of Chestermere cut rates by eight per cent in July.