Agreement provides significant economic
benefits to New Mexico
communities, customers
HALIFAX, NS and TAMPA, FL, April 11,
2016 /PRNewswire/ - Emera Inc. ("Emera") (TSX: EMA) and TECO
Energy, Inc. ("TECO Energy") (NYSE: TE) today filed with the New
Mexico Public Regulation Commission ("NMPRC") an unopposed
Stipulation Agreement ("Stipulation") reflecting a settlement
("Settlement") reached with intervening parties in the acquisition
case currently pending before the NMPRC for approval of Emera's
proposed acquisition of TECO Energy and the indirect acquisition of
New Mexico Gas Co.
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"The parties have worked together to develop a Settlement that
provides significant benefits to New Mexico Gas Co. customers and
to communities across New Mexico,"
said Chris Huskilson, President and
CEO of Emera Inc. "We thank all the parties involved for their
diligence over the last several months, and we look forward to
working through the important remaining steps in the New Mexico regulatory process."
In the Stipulation, the parties state that they believe the
Settlement is in the public interest and have recommended approval
to the NMPRC. Amongst other elements, the Stipulation lays out
a number of Emera's commitments including to honour the commitments
made by TECO in the 2014 acquisition case, invest in the expansion
of the natural gas system to underserved communities and the
Mexican border, and provide resources to support certain economic
growth projects and programs.
The Stipulation filed with the NMPRC can be found at
https://www.nmgco.com/regulatory_filings.aspx or on the NMPRC's
website at www.nmprc.state.nm.us (Case No. 15-00327-UT). The
Stipulation is subject to review and approval by the NMPRC. The
NMPRC hearing to consider the acquisition is scheduled to begin on
May 23, 2016.
The Settlement is another key milestone toward approval of
Emera's acquisition of TECO Energy. The acquisition received TECO
Energy shareholder approval in December
2015, approval from the Federal Energy Regulatory Commission
in January 2016, the expiration of
Hart-Scott-Rodino waiting period in February
2016 and CFIUS clearance in March
2016. The closing of the acquisition remains subject to
certain other regulatory and government approvals, including
approval by the NMPRC and the satisfaction of customary closing
conditions. The TECO Energy acquisition remains on track to close
in mid-2016.
About TECO Energy, Inc.
TECO Energy Inc. (NYSE: TE) is an energy-related holding company
with regulated electric and gas utilities in Florida and New
Mexico. Tampa Electric serves nearly 725,000 customers in
West Central Florida; Peoples Gas serves nearly 365,000 customers
across Florida; and New Mexico Gas
Co. serves more than 515,000 customers across New Mexico.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services
company headquartered in Halifax, Nova
Scotia with approximately $12
billion in assets and 2015 revenues of $2.79 billion. The company invests in electricity
generation, transmission and distribution, as well as gas
transmission and utility energy services with a strategic focus on
transformation from high carbon to low carbon energy sources. Emera
has investments throughout northeastern North America, and in four Caribbean countries. Emera continues to target
having 75-85% of its adjusted earnings come from rate-regulated
businesses. Emera common and preferred shares are listed on the
Toronto Stock Exchange and trade respectively under the symbol EMA,
EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F and the
instalment receipts are listed and trade under the symbol EMA.IR.
Depositary receipts representing common shares of Emera are listed
on the Barbados Stock Exchange under the symbol EMABDR. Additional
Information can be accessed at www.emera.com or at
www.sedar.com.
Forward Looking Information
This news release contains forward-looking information within
the meaning of applicable securities laws with respect to, among
other things, the completion of the acquisition of TECO Energy.
Important factors that could cause actual performance and
results to differ materially from those indicated by any such
forward-looking statements include risks and uncertainties relating
to the following: (i) the risk that TECO Energy and Emera may be
unable to obtain governmental and regulatory approvals required for
the proposed acquisition; (ii) the risk that other conditions to
the closing of the proposed acquisition may not be satisfied; and
(iii) the timing to consummate the acquisition. There can be no
assurance that the proposed acquisition will be completed, or if it
is completed, that it will close within the anticipated time
period. These factors should be considered carefully, and undue
reliance should not be placed on the forward-looking statements. By
its nature, forward-looking information requires the use of
assumptions and is subject to inherent risks and uncertainties.
These statements reflect Emera's and TECO Energy's current beliefs
and are based on information currently available to them. There is
risk that predictions, forecasts, conclusions and projections that
constitute forward-looking information will not prove to be
accurate, that the assumptions may not be correct and that actual
results may differ materially from such forward-looking
information. Additional detailed information about these
assumptions, risks and uncertainties is included in (i) Emera's
securities regulatory filings, including under the heading
"Business Risks and Risk Management" in Emera's annual Management
Discussion and Analysis, and under the heading "Principal Risks and
Uncertainties" in the notes to Emera's annual and interim financial
statements which can be found on SEDAR at www.sedar.com and (ii)
under the heading "Risk Factors" in TECO Energy's Annual Report on
Form 10-K for the year ended December 31,
2015, as updated in subsequent filings with the U.S.
Securities and Exchange Commission. Except as required by law,
Emera and TECO Energy disclaim any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE EMERA INC.