Maine Supreme Judicial Court Renders Decision on Emera Transactions
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.
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.
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