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In the 1920s, the Associated Gas & Electric Company of New York was busily buying Nova Scotia utilities.
The street lighting question, which has been perturbing the citizens of Bridgetown forso many weeks, is at last settled and the town will install its own lighting system. On 30th December 1966, all of the outstanding shares of Eastern Light & Power Company Limited were purchased by the Nova Scotia Power Commission at a cost of $3,900,000. The deal, announced Friday, June 30th, pays stockholders cash for the nearly 7.4 million shares and warrants.
No proceeds from the sale will be used to reduce Bangor Hydro's debt or electric rates, which are the highest in the state, said David Mann, president and chief executive officer of NS Power. Among the largest benefactors from the sale will be about 120 municipalities in Bangor Hydro's service territory which will share about $21.3 million when they exercise their 825,000 warrants, said Robert S. The municipalities received the warrants in 1998 when Bangor Hydro restructured its contract with Penobscot Energy Recovery Co. Together PERC and the towns initially received 2 million warrants, with about 1.5 million still not exercised. If the towns collectively exercise their warrants, they will be able to purchase the outstanding shares at $7 each regardless of the day's trading price.
A municipal review committee, set up at Eastern Maine Development Corp., is handling the warrants, said Bangor City Manager Ed Barrett.
The city of Bangor holds slightly more than 16 percent of the 825,000 warrants, Landry said. Other major warrant holders include the Mount Desert Island region at 8 percent, Waterville at 7 percent, and Brewer and the Midcoast sewer and water district at about 5 percent each. Major PERC member communities that did not sign on to the original Bangor Hydro agreement and never held warrants are Newport, Ellsworth and Pittsfield, Landry said.
Bangor Hydro, a Maine company that is more than 100 years old, will become a wholly owned subsidiary of NS Power Holdings. Bangor Hydro was mandated to sell its generators under the state's restructuring of the electricity markets. Bangor Hydro did not purchase electricity from Nova Scotia Power to meet its standard offer obligations, Briggs said. Briggs and other corporate officers will continue to run Bangor Hydro, Mann said, and no decision has been made on whether their roles will be expanded within NS Power. NS Power will not be allowed to generate electricity in Maine because of the state's electrical restructuring rules.
With limited options to make money, transmission companies are merging with larger holding firms to bring efficiencies or economies of scale to their operations, and to obtain the capital to extend their interests into other products.
That was the intent of the merger between CMP Group, owners of Central Maine Power Co., and Energy East. The company will not repay the loan by raising rates but through savings arrived at by making the merged operations more efficient, he said.
NS Power has not raised its electric rates in three years, he said, and plans on keeping them at their current level for the next two years.
The company is hoping for a smooth review of its purchase agreement with the Maine Public Utilities Commission, one of many regulatory approvals that are needed for the merger to be completed. Both Briggs and Mann said a precedent had been set by the PUC for the repayment of acquisition premiums in its approval of the $957 million merger between CMP Group and Energy East last December. The PUC agreed to allow recovery of the $400 million CMP acquisition premium through operational savings instead of passing on the savings to ratepayers, said PUC senior analyst Phil Lindley. Lindley said that although the PUC usually follows precedents, it depends on the details of the merger agreement. Bangor Hydro's customers pay the highest rates for power delivery and they pay the highest standard offer price in the state, said Steve Ward, the state's public advocate.


The price is nearly 14 cents per kilowatt hour, while Central Maine Power customers pay almost 12 cents. Ward was in opposition to the CMP-Energy East merger because of how the acquisition costs were going to be recovered.
He said he will be watching how NS Power plans to repay the acquisition premium, and will fight it if it or any other part of the deal is not in the best interest of residential customers, he said.
One person who helped NS Power negotiate the merger with Bangor Hydro was Anthony Buxton, a Portland attorney who was opposed to the deal between CMP and Energy East.
Briggs said Buxton was approached because the Nova Scotia company needed the assistance of a Maine attorney with regulatory experience.
Buxton also is attorney for the Industrial Energy Consumers Group, a coalition of the state's high-volume power users, who could see benefits from the merger through price deals with the holding company. Besides towns and Fidelity Investments, other stockholders will financially benefit from the merger.
Briggs and other corporate officers do not have any options to buy outstanding stock, and will not experience a financial windfall from the deal, according to company proxy statements filed at the SEC.
Briggs and his family own more than 6,000 shares, and Bangor Hydro vice president Carroll Lee owns 1,929 shares.
Mann said the proposed merger is a good fit because of the proximity of the two markets, and a similarity in business practices. Briggs agrees, although he said it's difficult to sell a longtime Maine business to anyone, whether from California, England or Alabama. Bangor Hydro-Electric Company shares trade in the New York Stock Exchange under the symbol BGR. The transaction is subject to a number of approvals, including the approval of Bangor Hydro's shareholders and regulatory approvals from the Maine Public Utilities Commission, the Federal Energy Regulatory Commission, and the Securities and Exchange Commission.
Management, operations and employment at Bangor Hydro will be largely unaffected by the merger.
At the 2000 Annual Meeting, the shareholders of NS Power Holdings Incorporated voted to change the name of the company to Emera Incorporated. Nova Scotia Power Inc.'s parent company has gobbled up the remaining interests in a 20-turbine wind farm in Digby Neck. EAST VALLEY - Over the weekend, there were several reports of resident experiencing power outages in the East Valley and North Central areas of Los Angeles.
On Friday, North Hills and Sun Valley both experienced outages - North Hills for eight hours and Sun Valley for four, due to failed transformer stations. In Van Nuys, residents lost power for more than four hours on Saturday when an area circuit when out. Everything you need to know about Council District 2 from the office of Councilmember Paul Krekorian. Minister of Power and Renewable Energy Ranjith Siyambalapitiya presented facts to parliament on the countrywide black-outs experienced recently. Minister of Power and Renewable Energy, Ranjith Siyambalapitiya stated that they could not supply the Committee Interim Report to President Sirsena. He went on to note that the issue is when the power plant malfunctions, the machinery at the plant cannot be brought back into operation for around three to four days, until the machines cool down. Further, he added that if electricity is provided continuously during such difficult times, it is the view of experts that it is essential to operate thermal power plants with an equal power capacity as the coal power plant. Minister Ranjith Siyambalapitiya noted that while a team of skilled officials has been appointed as an immediate measure, a team of special officials has also been established for systems management. While an operations committee will be appointed to plan all maintenance work and look into the the necessary procedures which could be implemented, it will function under the supervision of a senior additional general manager, taking measures to properly and immediately manage fuel stocks. Initials report said about 1,000 were without power but officials increased the affected grid.


The outage continues and is limited to Pacific Boulevard to Long Beach Boulevard and 14th Street to 7th Street, said SCE. Mayor Robert Garcia also asked residents to be mindful of neighbors, seniors, and children. Beckwith, representing the electric light company, has declined to accept.The town is without lights, except lamps and candles. In exchange, the municipalities guaranteed the amount of waste tonnage they would ship to the plant for use as fuel, said Andrew Landry, an attorney for Bangor Hydro.
Then they can sell them to NS Power at $26.50 after the merger receives the required regulatory approval. Its primary business is Nova Scotia Power, an integrated electricity generator and transmission and distribution company with more than 440,000 customers and $2,900,000,000 Canadian in assets. Under government-mandated deregulation, companies that once made and delivered electricity were told to sell their generators but keep and maintain the transmission lines. He said he believed that any savings realized through increased efficiencies because of the merger should be passed on to customers by lowering rates. He also said there is not a conflict in representing both under the Maine Code of Professionalism for attorneys. LADWP worked to restore the loss and are conducting further investigation to determine the cause.
According to the report, the Ministry has taken short term and long term measures to provide an uninterrupted supply of electricity to the country. Therefore, due to the changes in the power grid the Norochcholai Power Plant is always at risk. In the event hydro power supply is limited, and if the coal power plant is dysfunctional, there could be scarcity of power in the country for around three to four days – which will lead to a possible disruption of power. Public Utility Holding Company Act of 1935, which provided for the regulation of utility holding companies by the Securities and Exchange Commission (SEC).
The difference is $19.50 per share before exercise costs, said Briggs, noting that towns probably will stabilize trash rates with their proceeds. Bangor Hydro will continue to deliver power, which many customers are buying through the utility under state-established standard offer service.
Bangor Hydro now is required to purchase power from outside sources to provide electricity to standard-offer customers in its territory. The company also has a financial interest in the Maritimes and Northeast natural gas pipeline which is being installed through Maine. After the closing of the merger, each of Bangor Hydro's outstanding warrants to purchase common stock will entitle the holder to receive US$26.50 in cash, less the exercise price. Bangor Hydro will operate as a standalone division of NSH, and will be the base for NSH to launch other initiatives in this region. Its wholly-owned operating subsidiary, Nova Scotia Power Inc., is a regulated electric utility that supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Perera has been appointed to look into maintenance work at high importance locations and report within a week. The companies will share best practices learned from their respective utility system operations.
On June 30, 2000, Emera announced it will acquire all of the common shares of Bangor Hydro-Electric Company (BGR on the New York Stock Exchange), a regulated electric transmission and distribution business operating in Maine. The transaction is valued at approximately $305,000,000, and is subject to BGR shareholder, and regulatory, approval.



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