During deliberations Tuesday, the Maine Public Utilities Commission approved the acquisition of Emera Maine by ENMAX Corp.
The regulatory approval comes after a negotiated settlement was reached among ENMAX, Emera Maine, the Maine Office of Public Advocate and other interested parties, clearing the way for the $1.3 billion acquisition to close within the next week.
Although Emera Maine’s name will change, our utility will remain a stand-alone Maine company with operational decisions made at the local level. ENMAX will make significant investments in Maine to support Emera Maine in providing safe, reliable service.
“Today is an exciting step for our company,” said Mike Herrin, Emera Maine President and Chief Operating Officer. “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.”
The negotiated settlement includes the following tangible benefits for electricity customers served by Emera Maine.
- Customer rate credits of $8.1 million.
- An additional $5 million in electric rate relief specifically targeted to customers who are eligible for assistance from the Low-Income Home Energy Assistance Program to be funded by Emera US Holdings Inc., the outgoing shareholder of Emera Maine.
- A freeze on distribution rate increases until October 2021, which is expected to save customers up to $30 million.
- Implementation of significant Emera Maine reliability and customer service quality metrics to ensure improving reliability and service over time.
- An enhanced commitment to community investment across the Emera Maine service territory.
- Employment levels at Emera Maine will not be affected by this transaction.
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 safe, reliable service to customers.
