Maine Utility Buyer Says It Won’t Need to Borrow Full Cost
BANGOR, Maine (AP) — The Canadian company that plans to buy a Maine utility company says it will not have to borrow the full $959 million to complete the deal.
Calgary, Alberta-based ENMAX previously announced plans to fully finance the purchase of Maine's second largest electric utility, Emera Maine, through debt. This raised concerns from state regulators over the companies' ability to invest in the Emera network without raising rates and cutting jobs.
Larry Holloway, a consultant hired by the state, says Emera has a low performance in avoiding consumer interruptions and has not appeared to make improvements a priority.
The CEO of ENMAX, Gianna Manes, says that her company has some cash it can put toward the purchase, but did not go into detail of the exact amount or its source.