Emera

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Emera Incorporated
Type Public
Industry Electric Utilities
Headquarters Halifax, Nova Scotia, Canada
Key people Christopher G. Huskilson (CEO)
Revenue $2.1 billion
Employees 2,194 (2008)[1]
Website www.emera.com

Emera Incorporated (TSX: EMA) is a Halifax, Nova Scotia based energy and services company with 570,000 customers.

It operates three utility subsidiaries:

It also operates an energy investment company, Emera Energy, and the utility service contractor, Emera Utility Services.[2]

Emera was created out of the privatization of the provincial Crown corporation Nova Scotia Power Incorporated (NSPI) in 1991. In 1999, NSPI was reorganized with the creation of Nova Scotia Power Holdings Inc. NSPI became a wholly owned subsidiary of NSPHI, which began publicly trading on the Toronto Stock Exchange that year. In an effort to focus on growth outside the province of Nova Scotia, NSPHI was renamed Emera Incorporated in 2000. In 2001, Emera purchased Bangor Hydro Electric Company.

Through its Emera Energy division, Emera owns Brunswick Pipeline, a company which is currently planning construction of a natural gas pipeline across southern New Brunswick, and 12.9% of the Maritimes and Northeast Pipeline, a natural gas transport company in the Maritimes and northern New England.

In 2007, Emera acquired from American private equity fund manager The Caribbean Basin Power Fund (CBPF) a 19% percent interest in St. Lucia Electricity Services Limited (Lucelec).[3]

The company announced in 2010 an intent to acquire a 38% stake in Light & Power Holdings. The company serves as the lone power utility on the island of Barbados.[4] The stake was previously held by Canadian International Power Company Ltd. (CIP), a subsidiary of United States based Leucadia National Corporation.[5][6] Under the deal, the Barbados utility plans to sell its stake in Barbados' telecommunications market by spinning off its minority shareholding of TeleBarbados and sub Caribbean fiber-optic cables to Leucadia. Leucadia then relinquished its 38 percent stake in Light and Power to Emera.[7] In 2010 Emera announced it would seek to acquire the remaining outstanding shares of Barbados Light and Power and on December 20, 2010 the Barbados Stock Exchange approved the terms of a further shares purchase by Emera. The deal offer is expected to last until January 14, 2011.[8]

The company announced on November 18, 2010 that it will invest $1.8-billion in the Lower Churchill Project in exchange for 20% of the 800-megawatts of capacity from Muskrat Falls [9]

References

  1. ↑ "Company Profile for Emera Incorporated (CA;EMA)". http://zenobank.com/index.php?symbol=CA;EMA&page=quotesearch. Retrieved 2008-10-08.
  2. ↑ http://www.emerautilityservices.com/documents/Emera%20Utility%20Services%20Fact%20Sheet%2020100205.pdf
  3. ↑ "Canadian utility acquires stake in St Lucia electricity company". CaribbeanNetNews. 17 January 2007. http://www.caribbeannetnews.com/cgi-script/csArticles/articles/000051/005185.htm. Retrieved 5 May 2010.
  4. ↑ "Emera to acquire Leucadia's Interest in Light & Power Holdings Ltd.". Business Barbados. 4 May 2010. http://www.businessbarbados.com/?RootSection=38&Section=1&PostID=1768. Retrieved 5 May 2010.
  5. ↑ "Emera to Acquire a 38% Interest in Light & Power Holdings Ltd.". PR Newswire. 3 May 2010. http://www.prnewswire.com/news-releases/emera-to-acquire-a-38-interest-in-light--power-holdings-ltd-92700734.html. Retrieved 5 May 2010.
  6. ↑ "Large stake in Light & Power Holdings changes hands". Barbados Advocate. 5 May 2010. http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=10145. Retrieved 5 May 2010.
  7. ↑ C., S. (4 May 2010). "Power Shift". Barbados Today. http://www.barbadostoday.bb/. Retrieved 5 May 2010. "Leucadia was an investment and trading company with interests in telecommunications, Emera was strictly a electric utility organisation with a different outlook. It means LPH will be pulling the plug on its 25 per cent interest in TeleBarbados with CIP through Leucadia, which previously controlled 75 per cent but will now own it outright. The same will hold in relation to the under-sea fibre optic link between Barbados and several other Eastern Caribbean countries that was being undertaken by TeleBarbados through the subsidiary Antilles Crossing, in which LPH also had a stake. "There was one issue that was related to our investment in telecoms. Leucadia had taken the initiative and is the majority shareholder in the telecom venture, which is TeleBarbados and the undersea fibre cable, and Leucadia will continue to determine the direction whereas we will be focused now on the energy and electric utility business. So effectively we will be not continuing our investment in telecoms," he said."
  8. ↑ Emera Inc. gets the go ahead to acquire BL&P shares
  9. ↑ . http://www.theglobeandmail.com/globe-investor/atlantic-canada-power-deal-reshapes-market/article1804039/.[dead link]

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