Maine PUC approves ENMAX purchase of Emera Maine
The Maine Public Utilities Commission approved ENMAX Corp.’s acquisition of Emera Maine, a utility that serves the Bangor region.
The $1.3 billion acquisition is expected to close next week.
While Emera Maine’s name will change, it will remain a stand-alone Maine company with operational decisions made at the local level. ENMAX, based in Calgary, Alberta, Canada, will make significant investments in the company to maintain and improve service.
“Today is an exciting step for our company,” Emera Maine President and Chief Operating Officer Mike Herrin said. “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.”
As part of the negotiated settlement, customers will receive $8.1 million in rate credits, $5 million in electric rate relief specifically targeted to customers who are eligible for assistance from the Low-Income Home Energy Assistance Program, a freeze on distribution rate increases until October 2021, and implementation of Emera Maine reliability and customer service quality, and enhanced commitment to community investment across the Emera Maine.
This transaction will not impact employment levels at Emera Maine. With the evolving COVID-19 response, Emera Maine continues to place priority on efforts to ensure the health and safety of employees and the continuity of reliable service to customers.
