The Maine Public Utilities Commission has rejected a proposal by Canadian company Enmax to buy the electric utility that serves more than 150,000 customers in Northern Maine.
The proposed sale of Emera Maine, with a long list of conditions, was rejected by the Commission by a vote of 2 to 1.
Chair Phil Bartlett says the proposal, as written, does not do enough to address his concerns about the future risks to ratepayers.
“In my view, as the stipulation is currently drafted, the magnitude of the risk is great enough that I am unable to see where they are outweighed by the benefits.”
Bartlett and Commissioner Bruce Williamson voted against the proposed deal. Commissioner Randall Davis said he could vote for the agreement, with some changes to the stipulations.
“I will not step through the stipulation item by item, instead after considering the stipulation in its totality,” Davis says. “I have concerns I believe can be addressed in the order.”
The deal as proposed is worth $1.3 billion.