On Tuesday, March 4th, 2014 the Maine Supreme Judicial Court
issued its decision in the Houlton Water Company et al. v. Public
Utilities Commission case. That case involved an appeal of the April
2012 decision of the Maine Public Utilities Commission (“Commission”)
which approved the investment by Emera Inc. in its joint venture with
First Wind Holdings, LLC and its increased ownership share of Algonquin
Power & Utilities Corp. (the “Transactions”).
A copy of the decision can be found on the Court’s website at: http://www.courts.state.me.us/opinions_orders/supreme/lawcourt/2014/14me38ho.pdf
.
In its decision, the Court agreed with Emera’s position that Maine’s Electric
Industry Restructuring Act (“Act”) does not include a blanket
prohibition against a company owning both transmission-and-distribution
utilities and electricity generators. The Court disagreed with the
Commission’s interpretation of section 3204(5) of the Act and therefore
set aside the Commission’s original approval of the Transactions and
sent the matter back to the Commission for redetermination.
Emera’s view is that the Transactions are not prohibited by the Act;
whether in the context of the Commission’s original interpretation or
the Court’s interpretation in its decision.
Emera CEO, Chris Huskilson, said “Emera looks forward to participating
in the Commission’s process for redetermination of this matter and
remains committed to investing in Maine.”
Forward Looking Information
This news release contains forward-looking information with respect to
Emera. By its nature, forward-looking information requires Emera to make
assumptions and is subject to inherent risks and uncertainties. There is
significant risk that predictions, forecasts, conclusions and
projections that constitute forward-looking information will not prove
to be accurate, that Emera’s assumptions may not be correct and that
actual results may differ materially from such forward-looking
information. Detailed information about these assumptions, risks and
uncertainties is included in Emera’s securities regulatory filings,
which can be found on SEDAR at www.sedar.com.
About Emera
Emera Inc. is an energy and services company with $8.88 billion in
assets and 2013 revenues of $2.2 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 investments
throughout northeastern North America, and in four Caribbean countries.
Approximately 90% of the company's reported net income in 2013 came 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., EMA.PR.C., and EMA.PR.E. Additional information can be
accessed at emera.com, or on sedar.com.
Copyright Business Wire 2014