Business
Irving Oil sells Bayside Power to Emera
HALIFAX, June 26 /CNW/ - Irving Oil and Emera Inc. (EMA-TSX) announced today that Emera will purc...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, June 26 /CNW/ - Irving Oil and Emera Inc. (EMA-TSX) announced\ntoday that Emera will purchase Irving Oil's interests in Bayside Power LP.\nBayside Power LP is a 260 MW gas-fired combined cycle power plant located in\nSaint John, New Brunswick which was built in 1999. Bayside is a key supplier\nof energy in NB and also a supplier of energy in the US Northeast market for\nparts of the year.\n\n\n"We look forward to our second investment in the New Brunswick energy\nsector," said Chris Huskilson, President and Chief Executive Officer of Emera\nInc. "We have had an existing relationship with Irving Oil at this plant for a\nnumber of years and we anticipate other opportunities will result from this\nacquisition and our growing relationship with Irving Oil."\n\n\nThe Bayside plant complements Emera's operations in the region which\ninclude electricity generation, transmission and distribution, natural gas\ntransmission and natural gas marketing.\n\n\n"We're very pleased to have reached this agreement with Emera," said\nKenneth Irving of Irving Oil. "This was an opportunity to deepen our\nrelationship with Emera and facilitate additional investment by another energy\nplayer in New Brunswick. Most importantly, our agreement creates a new\nopportunity for our two companies to work together to explore additional\nenergy hub investments."\n\n\nThe transaction is subject to the Canadian Competition Act and other\nregulatory approvals, which are estimated to take approximately 60 days. The\ntransaction will be accretive to Emera within the first year.\n\n\nAbout Emera\n\n\nEmera Inc. (EMA-TSX) is an energy and services company with $5.3 billion\nin assets. Electricity is Emera's core business. The company has two\nwholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc.\nand Bangor Hydro-Electric Company, which together serve 600,000 customers.\nEmera also owns 19% of St. Lucia Electricity Services Limited, which serves\nmore than 50,000 customers on the Caribbean island of St. Lucia and 25% of\nGrand Bahama Power Company which serves 19,000 customers on the Caribbean\nisland of Grand Bahama. In addition to its electric utility investments, Emera\nowns the Brunswick Pipeline, a 145 km gas pipeline in New Brunswick; Emera\nEnergy Services, a physical natural gas and ...