Emera
Encyclopedia
Emera Incorporated is a Halifax
, Nova Scotia
based energy and services company with 570,000 customers.
It operates three utility subsidiaries:
It also operates an energy investment company, Emera Energy, and the utility service contractor, Emera Utility Services.
Emera was created out of the privatization
of the provincial Crown corporation Nova Scotia Power Incorporated (NSPI) in 1991. In 1999, NSPI was reorganized with the creation of Nova Scotia Power Holdings Inc. NSPI became a wholly owned subsidiary of NSPHI, which began publicly trading on the Toronto Stock Exchange
that year. In an effort to focus on growth outside the province of Nova Scotia, NSPHI was renamed Emera Incorporated in 2000. In 2001, Emera purchased Bangor Hydro Electric Company.
Through its Emera Energy division, Emera owns Brunswick Pipeline
, a company which is currently planning construction of a natural gas
pipeline across southern New Brunswick
, and 12.9% of the Maritimes and Northeast Pipeline, a natural gas transport company in the Maritimes
and northern New England
.
In 2007, Emera acquired from American private equity fund manager The Caribbean Basin Power Fund (CBPF) a 19% percent interest in St. Lucia Electricity Services Limited (Lucelec).
The company announced in 2010 an intent to acquire a 38% stake in Light & Power Holdings
. The company serves as the lone power utility on the island of Barbados
. The stake was previously held by Canadian International Power Company Ltd. (CIP), a subsidiary of United States based Leucadia National Corporation
. Under the deal, the Barbados utility plans to sell its stake in Barbados' telecommunications market by spinning off its minority shareholding of TeleBarbados
and sub Caribbean fiber-optic cables
to Leucadia. Leucadia then relinquished its 38 percent stake in Light and Power to Emera. In 2010 Emera announced it would seek to acquire the remaining outstanding shares of Barbados Light and Power and on December 20, 2010 the Barbados Stock Exchange
approved the terms of a further shares purchase by Emera. The deal offer is expected to last until January 14, 2011.
The company announced on November 18, 2010 that it will invest $1.8-billion in the Lower Churchill Project
in exchange for 20% of the 800-megawatts of capacity from Muskrat Falls
Halifax Regional Municipality, Nova Scotia
Halifax Regional Municipality is the capital of the province of Nova Scotia, Canada. The Regional Municipality had a 2006 census population of 372,679, while the metropolitan area had a 2010 estimated population of 403,188, and the urban area of Halifax had a population of 282,924...
, Nova Scotia
Nova Scotia
Nova Scotia is one of Canada's three Maritime provinces and is the most populous province in Atlantic Canada. The name of the province is Latin for "New Scotland," but "Nova Scotia" is the recognized, English-language name of the province. The provincial capital is Halifax. Nova Scotia is the...
based energy and services company with 570,000 customers.
It operates three utility subsidiaries:
- Nova Scotia PowerNova Scotia PowerNova Scotia Power Inc. is a power generating and delivery company in Nova Scotia. It is privately owned by Emera and regulated by the provincial government via the Nova Scotia Utility and Review Board .-History:...
- Bangor Hydro Electric Company
- Saint Lucia Electricity Services Limited (Lucelec)
It also operates an energy investment company, Emera Energy, and the utility service contractor, Emera Utility Services.
Emera was created out of the privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of the provincial Crown corporation Nova Scotia Power Incorporated (NSPI) in 1991. In 1999, NSPI was reorganized with the creation of Nova Scotia Power Holdings Inc. NSPI became a wholly owned subsidiary of NSPHI, which began publicly trading on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
that year. In an effort to focus on growth outside the province of Nova Scotia, NSPHI was renamed Emera Incorporated in 2000. In 2001, Emera purchased Bangor Hydro Electric Company.
Through its Emera Energy division, Emera owns Brunswick Pipeline
Brunswick Pipeline
The Brunswick Pipeline is a natural gas transmission pipeline in the Canadian province of New Brunswick.It runs from the Canaport liquified natural gas receiving and regasification terminal at Red Head to Woodland, Maine in the United States where it connects to the Maritimes & Northeast Pipeline...
, a company which is currently planning construction of a natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
pipeline across southern New Brunswick
New Brunswick
New Brunswick is one of Canada's three Maritime provinces and is the only province in the federation that is constitutionally bilingual . The provincial capital is Fredericton and Saint John is the most populous city. Greater Moncton is the largest Census Metropolitan Area...
, and 12.9% of the Maritimes and Northeast Pipeline, a natural gas transport company in the Maritimes
Maritimes
The Maritime provinces, also called the Maritimes or the Canadian Maritimes, is a region of Eastern Canada consisting of three provinces, New Brunswick, Nova Scotia, and Prince Edward Island. On the Atlantic coast, the Maritimes are a subregion of Atlantic Canada, which also includes the...
and northern New England
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
.
In 2007, Emera acquired from American private equity fund manager The Caribbean Basin Power Fund (CBPF) a 19% percent interest in St. Lucia Electricity Services Limited (Lucelec).
The company announced in 2010 an intent to acquire a 38% stake in Light & Power Holdings
Barbados Light and Power Company
The Barbados Light & Power Company Limited is a wholly owned subsidiary of Light & Power Holdings and currently the sole electricity utility provider in the country of Barbados...
. The company serves as the lone power utility on the island of Barbados
Barbados
Barbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint...
. The stake was previously held by Canadian International Power Company Ltd. (CIP), a subsidiary of United States based Leucadia National Corporation
Leucadia National
Leucadia National Corporation is a holding company that, through its subsidiaries, engages in mining & drilling services, telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses with a market cap of about $8.0 billion as of June 15, 2011. ...
. Under the deal, the Barbados utility plans to sell its stake in Barbados' telecommunications market by spinning off its minority shareholding of TeleBarbados
TeleBarbados
TeleBarbados Inc. is a recent start-up telecommunications company in the country of Barbados.Started as one of the first competitors in the new liberalised telecommunications market of Barbados, TeleBarbados is reforming itself to be a major competitor of the long time monopolistic incumbent...
and sub Caribbean fiber-optic cables
Antilles Crossing
Antilles Crossing is an underwater 20 gigabit per second fiber optics ring network connecting several countries in the Caribbean Sea.It was built by TeleBarbados, and is one of the newer important network connections to the Internet for Caribbean countries in the Windward and Leeward Islands...
to Leucadia. Leucadia then relinquished its 38 percent stake in Light and Power to Emera. In 2010 Emera announced it would seek to acquire the remaining outstanding shares of Barbados Light and Power and on December 20, 2010 the Barbados Stock Exchange
Barbados Stock Exchange
The Barbados Stock Exchange or BSE is Barbados' main stock exchange. Its headquarters are in the capital-city Bridgetown.The Barbados Stock Exchange is among the four major regional Caribbean stock exchanges. The other three being the exchanges of Jamaica, the Eastern Caribbean, and Trinidad and...
approved the terms of a further shares purchase by Emera. The deal offer is expected to last until January 14, 2011.
The company announced on November 18, 2010 that it will invest $1.8-billion in the Lower Churchill Project
Lower Churchill Project
The Lower Churchill Project is a planned hydroelectric project in Labrador, Canada, to develop the remaining 35 per cent of the Churchill River that has not already been developed by the Churchill Falls Generating Station...
in exchange for 20% of the 800-megawatts of capacity from Muskrat Falls
Muskrat Falls
Muskrat Falls is a natural 15 metre waterfall located on the lower Churchill River about 25 kilometers west of Happy Valley-Goose Bay, Labrador....