Emera, the Halifax-based parent company of Nova Scotia Power, is set to buy Canadian Utilities Limited, an ATCO owned utility company based in Alberta, in a deal valued around $14.3 billon. Emera calls it the “largest merger in Canadian history,” and will create a “Canadian powerhouse utility” company with six million customers. The company says it will maintain its headquarters in Halifax with Emera CEO Scott Balfour serving as CEO of the combined companies. Canadian Utilities will keep its operations headquarters in Calgary and Edmonton. Balfour says the deal will give the company greater financial firepower and the ability to attract more investments as energy demand grows across its expanded footprint, that includes operations in Florida and international markets like Barbados. “This merger creates a Canadian utility and energy infrastructure powerhouse with the scale, financial capacity and expertise to invest in the systems our customers will rely on for decades,” said Balfour in a news release. “As demand rises from electrification trends and major infrastructure development, the combined company will be better positioned to help meet growing energy needs and power Canada’s growth ambitions.” Emera suggests the deal will give it greater financial strength and more capacity to attract and make investments. But affordable energy advocate Chris Benjamin says the company made no mention of what the merger might mean for ratepayers in Nova Scotia. “It may be just a feeling, but it feels sometimes like we’re the afterthought of a very large corporation,” said Benjamin, who is co-chair with the Affordable Energy Coalition of Nova Scotia and senior energy coordinator with the Ecology Action Centre. Benjamin says Emera should spell out exactly what benefits Nova Scotians can expect from the merger, especially when it comes to energy affordability and reliability. “There’s nothing about a corporate merger that makes me think, ‘Oh, the prices will go down,’” said Benjamin. “It’s only going to go up and for various reasons, whether how much of a factor the merger will be, I have no idea.” Premier Tim Houston, who is also the energy minister, said he expects the merger to benefit the province and ratepayers based on what he sees as the company growing “stronger.” Shareholders for all companies involved will still need to vote on the merger, which will require court and regulatory approvals as well, but Emera expects the deal to close sometime next year. “For the combined entity, it’s more access to innovation, more access to capital,” said Houston. “All those things should ultimately help ratepayers. So we’re excited to see how this unfolds.” For more Nova Scotia news, visit our dedicated provincial page
