Emera Maine net income up slightly in 2016
Emera (TSX: EMA), the Halifax, Nova Scotia parent company of Emera Maine, reported net income for the fourth quarter ended Dec.31 was $70 million, compared to $192 million in the fourth quarter of 2015.
Reported net income for the year was $227 million, compared with net income of $397 million in 2015.
Emera Maine, which delivers electricity to customers in Hancock, Piscataquis, Washington, Aroostook and Penobscot counties, reported net income of $11 million in Q4 2016, compared to $5 million for the same period in 2015. Its net income for the year was $47 million compared to $45 million for 2015.
Chris Huskilson, president and CEO of Emera Inc., cited the acquisition of TECO Energy as one of the highlights of what he called a “transformational year” for the company.
“Specifically, the TECO Energy acquisition diversifies our geographic and regulatory profiles and provides us with a new strategic growth platform,” he said of the completed acquisition of the Tampa, Fla., energy company that owns three core businesses: Tampa Electric, a regulated utility serving more than 725,000 customers; Peoples Gas System serving more than 365,000 natural gas customers in Florida; and New Mexico Gas Co., a natural gas distributor that is the largest utility in New Mexico with more than 515,000 customers.
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