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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Emera Maine is sold to the Western Canadian company for $ 959 million – Business – Bangor Daily News – BDN Maine

Emera Maine is sold to the Western Canadian company for $ 959 million – Business – Bangor Daily News – BDN Maine



Emera Inc. said Monday it has reached a final agreement to sell its interest in Emera Maine to ENMAX Corp. for $ 959 million.

ENMAX is a tool that generates and distributes electricity and other services to customers in Alberta, Canada.

[Emera Maine customers’ average monthly rate could rise $5.75]

During a press conference in Emera Maine's Operations Center in Hampden, representatives of both Emera and ENMAX said they did not expect the electric rates paid by Mainers or the total number of employees employed by Emera Maine to change as result of the sale.

"I would like to reiterate that we are committed to the customers and society here in Maine," said Gianna Manes, Executive Director and CEO of ENMAX, Monday. "The selling price is beyond the prices set for Emera Maine, will continue to be set by [Public] the Utilities Commission of Maine, and our expectation is that none of the activities we are talking about today regarding ownership change will have any impact on customer service at all. "

However, at the beginning of March, Emera Maine announced that it was seeking approval from the Maine regulatory authorities to increase the rate of distribution, one of five rates on the customer's electricity bill.

This request, which is still in progress despite the announced sale, may result in a customer spending an average of 500 kilowatt-hours of electricity to see a $ 5.75 increase, Michael Herrin, Emera Maine's president and CEO, said the news meeting.

[What’s in store for Emera Maine after parent company sells Rumford plant]

In the recent financial statements, Emera's parent said it plans to sell assets that did not perform well.

On November 26, Emera announced that it would sell its three natural gas-fired production plants in New England, including Rumford Power, to a subsidiary of The Carlyle Group, an investment company. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2019. At that time, it did not say what it would do with Emera Maine.

BDN author Lori Valigra contributed to this report. 19659011]

Correction: An earlier version of this report mistakenly stated that ENMAX is a listed company.


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