Maine PUC Approves ENMAX Acquisition of Emera Maine
The Maine Public Utilities Commission, during deliberations Tuesday, approved the acquisition of Emera Maine by ENMAX Corp.
The approval by the MPUC comes after a settlement was reached with ENMAX, Emera Maine, the Maine Office of Public Advocate and other interested parties. This clears the way for the $1.3 billion acquisition to close within the next week.
Even though the Emera name will change, the utility will remain a stand-alone Maine company with operational decisions made at the local level. The new owner, ENMAX, will be making significant investments in the state to support Emera Maine in providing safe, reliable service.
The negotiated settlement includes these 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.
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 during the evolving COVID-19 crisis.