PUC approves power utilities merger
State regulators have approved the acquisition of northern Maine power utility Maine & Maritimes Corp. by Canadian operator Emera Inc.
The Maine Public Utilities Commission yesterday approved a settlement agreement under which Emera, the Nova Scotia-based parent company of Bangor Hydro Electric, will buy Maine & Maritimes, parent company of Presque Isle's Maine Public Service, ruling unanimously that the deal is in ratepayers' best interests. Commission Chair Jack Cashman said in a press release that the acquisition will save Maine Public Service between $725,000 and $940,000 a year. MPS has also agreed not to ask for a rate increase until 2012 or recover transaction costs from ratepayers, and will be subject to service quality requirements. Maine & Maritimes' shareholders in late July approved the deal, which calls for Emera to buy all outstanding shares of MAM's common stock for $45 per share in cash, for a total value of $108 million.
Maine's third-largest transmission and distribution utility, MPS serves about 36,000 customers in Aroostook County and a small portion of Penobscot County. Bangor Hydro is the state's second-largest utility, with more than 117,000 customers in six counties.
Most Recent
Most Recent
Comments