Halifax's Emera sells ME power assets to Calgary's Enmax for $1.8B

Marco Green
March 26, 2019

It bought the Maine Public Service Company in 2010 and merged the operations to form Emera Maine, based in Bangor, which serves 159,000 customers in the northern part of the state.

Emera Inc. has signed a deal to sell its operations in ME to Calgary's Enmax Corp.in a deal valued at $1.8 billion, including debt.

Enmax has electricity, natural gas, renewable energy and other energy services, with 669,000 customers across Alberta. "The sale price sits outside the rates that are set for Emera Maine, will continue to be set by the [Public] Utilities Commission of Maine, and our expectation is that none of the activities that we're talking about today in terms of ownership change will have any effect on customer rates whatsoever".

The sale of the ME utility remains subject to regulatory approvals at the state and federal levels.

Winning state approval might not be automatic.

"I'd like to just reiterate that we are committed to the customers and the community here in Maine", Gianna Manes, president and CEO of ENMAX, said Monday.

"Growing Enmax creates greater value for our shareholder, the city of Calgary, and by extension, all Calgarians", the company said in a press release, pointing out it that it has returned dividends to the city annually since 1988.

Enmax pledged to maintain reliable service in ME after the sale goes through.

Officials with Emera Maine announced Monday morning they are selling the business.

Emera Inc. previously had signaled that it wanted to sell assets that weren't performing well and announced the sale of three gas-fired plants in New England in November.

Other reports by Click Lancashire

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