A massive merger involving Nova Scotia Power’s parent company, Emera, is raising questions about what the deal will mean for electricity customers in the company’s home province. Emera announced this week it was buying Alberta-based Canadian Utilities Limited in a $14.3 billion deal with ATCO, the Calgary-based parent company of Canadian Utilities. Emera CEO Scott Balfour said the deal has been in the works with ATCO CEO Nancy Southern for more than a year, and when the deal is final, it will create a $72-billion Canadian energy “powerhouse” with close to six million customers. Balfour says the combined company will spend $32 billion on capital investment projects across the expanded operations by 2030. Balfour told CTV News $500 million annually will be directed to improving energy infrastructure here in Nova Scotia which has always been the plan. When asked if the merger could help make electricity more affordable for Nova Scotians, Balfour said that’s not directly why they sought the deal but said it can bring some financial advantages by making the overall company stronger, but he didn’t promise lower rates. “We can we can take advantage of new technologies, innovations, that can be helpful,” said Balfour. “The more we can do things that reduces the cost of capital for Nova Scotia Power is helpful. And by creating a stronger platform at the Emera level behind Nova Scotia Power, those things can contribute.” The $32 billion in spending will be spread across Emera’s Canadian utility companies in Nova Scotia, Alberta, their American company in Tampa Bay and others international operations. Balfour emphasized that the deal doesn’t impact operations in Nova Scotia and confirmed the company headquarters will remain in Halifax, where the company was founded. “We’ve been proud to call Nova Scotia home,” said Balfour. “We’re excited that we’re creating a Canadian champion right here in Halifax.” The merger still requires approval from all company shareholders and approvals from the courts and industry regulators, which Emera believes will be approved, early in the new year. For more Nova Scotia news, visit our dedicated provincial page
