BANGOR, Maine (AP) - Emera Maine’s parent company plans to pay for new projects by selling some of its businesses.
The Bangor Daily News reports executives have shed little light on the future of Maine’s utility as it sees lower earnings than expected this year.
Emera Inc. in late November announced it would sell its three New England natural gas-fired generation plants, including Rumford Power. The transaction could close in early 2019.
Emera Inc. executives said getting equity financing for new projects was too costly.
Emera’s CFO Gregory Blunden said he’s hopeful Emera Maine will end 2018 with flat or slightly higher earnings than in 2017. Emera blamed losses on lower rates and decreased revenue from stranded costs.
Emera Maine has asked for a 12 percent distribution rate increase, but regulators approved 5.3 percent.
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Information from: Bangor Daily News, http://www.bangordailynews.com
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