PORTLAND, Maine (AP) – Maine’s supreme court has rejected a Public Utilities Commission decision allowing a merger between the Canadian utility Emera and renewable energy company First Wind.
The court ruled Tuesday that the PUC misinterpreted state law aimed at limiting the financial relationships between transmission and distribution companies like Emera, which owns the former Maine Public Service and Bangor Hydro companies, and power generation companies like the Boston-based First Wind.
State regulators must now re-examine the merger in which officials said Nova Scotia-based Emera invested more than $300 million to have a 49 percent stake in First Wind’s Northeast project portfolio.
Maine’s electric deregulation law required CMP and Bangor Hydro to sell off power generation assets. State law also restricts their involvement in power generation through affiliates.