Old News Archive

Bangor Hydro and Maine Public Service File for Approval to Merge

November 30, 2012 - TRC - By Susan E. Faloon, Communications Supervisor

Bangor Hydro and Maine Public Service File for Approval to Merge

Bangor, ME —Bangor Hydro and Maine Public Service made a regulatory filing late Thursday with the Maine Public Utilities Commission to legally become one company. Bangor Hydro’s parent company Emera, Inc. acquired Maine Public Service in December 2010 and the two companies have been aligning operations since that time.

“The two utilities are operating under one management structure and have consolidated many functions, resulting in savings so far of about $2.5 million on an annual basis,” said Karen Holyoke, VP of Legal and Corporate Affairs. “We believe the merger will optimize safe, reliable and efficient operations well into the future and will continue to allow us to keep rates lower than they would have been absent the merger.” Neither Maine Public nor Bangor Hydro has filed to raise distribution rates since 2006 and 2007 respectively.

“We believe the merger of Bangor Hydro and Maine Public Service is in the best interest of each utility and our customers,” Holyoke said.

The filing requests approval by the MPUC, which will likely take until next summer to complete. Approval by the Federal Energy Regulatory Commission is also required and will be requested by the utilities shortly.

Bangor Hydro Electric Company and Maine Public Service are regulated electricity transmission and distribution utilities wholly-owned by Emera Inc. Halifax, NS (EMA-TSX. Bangor Hydro serves 117,000 customers in an area encompassing 5,275 square miles in eastern and east coastal Maine, and is a member of the New England Power Pool and is interconnected with other New England utilities to the south and with the New Brunswick Power Corp. to the north. Maine Public Service serves approximately 36,000 electricity customer accounts in Northern Maine. To learn more visit our websites at www.bangorhydro.com and www.mainepublicservice.com. Emera Inc. is an energy and services company with $7.4 billion in assets and 2011 revenues of $2.1 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services.

Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has interests throughout northeastern North America, in three Caribbean countries. More than 80% of the company's earnings come from regulated investments. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, and EMA.PR.C.

NOTE - This article reflects the views of the author and not necessarily those of the TRC Alliance Team.