PUC approves sale of Emera Maine
The Public Utilities Commission on Tuesday approved the $1.3 billion acquisition of Emera Maine, the state’s second-largest electric utility, by energy company ENMAX Corp., of Calgary, Alberta.
The approval paves the way for the purchase to close within the next week, Emera Maine said in a news release.
Emera Maine was formed in 2010 from the merger of Bangor Hydro and Maine Public Service Co., both of which were subsidiaries of Emera Inc., a Halifax, Nova Scotia-based utility holding company with 2018 revenues of $6.5 billion CAD.
In March 2019, Emera Inc. said it planned to sell its interest in Emera Maine to ENMAX for $959 million in shares and $341 million in assumed debt. ENMAX had revenues of $2.4 billion CAD in 2018.
But the deal ran into some opposition.
“This is a deal that has huge implications for Maine,” state Rep. Seth Berry, D-Bowdoinham, told Mainebiz at the time. “I am deeply concerned about the increasingly distant ownership and control of our electric utilities. The basic question is: Who controls Maine power?”
The proposed acquisition was subject to federal approvals and the PUC's green light. In Tuesday’s news release, Emera said that after negotiations before the PUC, the deal now offers protections for Maine consumers, including customer rate credits of $8.1 million, an additional $5 million in electric rate relief for low-income customers, and a distribution rate freeze expected to save customers up to $30 million over the next year or so.
Emera Maine currently delivers electricity to more than 159,000 residential, commercial and industrial customers across 10,400 square miles in five counties in eastern and northern Maine.
“Today is an exciting step for our company,” said Mike Herrin, Emera Maine president and COO. “Emera Maine and ENMAX share a commitment to safety, service, reliability and community. I’m proud of the Emera Maine team and we look forward to continuing our commitment to safely deliver for our customers.”
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