State regulators approved the sale of the dominant electric utility in eastern and northern Maine to a Canadian company on Tuesday following a negotiated settlement that is expected to save customers over $30 million.
The Maine Public Utilities Commission approved the acquisition of Emera Maine by the Canadian utility company Enmax Corp., a wholly owned subsidiary of the city of of Calgary, Alberta.
The regulatory approval comes after a settlement was reached among Enmax, Emera Maine, the Maine Office of Public Advocate and other parties. The $1.3 billion acquisition is expected to close within the next week.
The settlement includes rate credits for customers totaling $8.1 million and a freeze on distribution rate increases until October 2021, which is expected to save customers up to $30 million.
Also included is an additional $5 million in electric rate relief targeted to customers who are eligible for assistance from the Low-Income Home Energy Assistance Program.
Enmax also agreed to upgrade grid reliability and customer service as part of the deal.
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