Versant Power to provide $8M in rate relief for customers
COURTESY / VERSANT POWER
The state's second-largest electric utility, Versant Power, will provide $8 million in distribution rate relief for customers over a four-month period.
Electricity customers of Versant Power, formerly Emera Maine, will receive more than $8 million in distribution rate relief over a four-month period beginning Sept. 1.
The rate relief comes under terms of Calgary, Alberta-based energy company ENMAX Corp.’s $1.3 billion acquisition of Emera Maine, the state’s second-largest electric utility, according to a news release.
The deal was approved by the Maine Public Utilities Commission on March 17 and closed a week later.
A typical Versant residential customer, using 500 kilowatt-hours per month, will see a decrease of more than $8 per month on the household electricity bill, the release said. Commercial customers will see the portion of their electricity bills for distribution costs decrease at least 17%, depending on rate class. Industrial customers will receive a share of funds in the form of a one-time payment.
Versant also will allocate funds to associated consumer-owned utilities, including Eastern Maine Electric Cooperative and Van Buren Power & Light, for those utilities to distribute to their customers.
Versant delivers electricity to more than 159,000 residential, commercial and industrial customers across 10,400 square miles in five counties in eastern and northern Maine.
Emera Maine was formed in 2010 from the merger of Bangor Hydro and Maine Public Service Co., both of which were subsidiaries of Emera Inc., a Halifax, Nova Scotia-based utility holding company with 2018 revenues of $6.5 billion CAD.
The name change from Emera to Versant was required under terms of the company’s sale to ENMAX.
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