ORONO- On Monday night, the Public Utilities Commission opened the floor to the public for comment on the proposed acquisition of Emera Maine by, Canadian owned, ENMAX.
Emera Maine and ENMAX representatives said they are hopeful they can finalize the sale of Emera to ENMAX by the end of this year.
“ENMAX has been interested in growing and expanding its utility business in North America for some time now,” said Sarah Stevens, a spokesperson for ENMAX.
So far, the companies have received five of six regulatory approvals needed from the state’s Public Utilities Commission before the transaction can be finalized.
On Monday, the PUC hosted a public hearing about the acquisition.
“It’s a great opportunity for customers to talk about any concerns they may have, questions they may have, we’re here to listen,” said Mike Herrin, Emera’s chief operating officer.
Only two people were present to give testimony at the public hearing.
Representatives from Emera and ENMAX said they didn’t advertise the hearing and that it was the responsibility of the PUC to do so.
“My largest concern in this acquisition as proposed is the purchase price and the debt amount ENMAX would carry,” said State Representative Nicole Grohoski, representing Ellsworth and Trenton. “It appears ENMAX is willing to pay far beyond the value of Emera Maine’s assets.“
However, Stevens said they have a plan to pay for the $1.3 billion acquisition.
“The transaction will be financed largely from debt and the other portion will be cash from operations from other areas of ENMAX’s business,” she said.
Both company’s representatives emphasized that rates will not be going up and there will be no changes to jobs.