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Investment Highlights

These investment highlights are provided for additional context with respect to the impact of the transaction
on ENMAX Corporation financial results.


Item Data
Size of rate base
  • Approximately USD$700M in 2018, representing ~50% of ENMAX's regulated rate base
  • Emera Maine's 2018 mid-year rate base consists of:
    • Transmission: 57%
    • Distribution: 43%
  • ENMAX's 2018 mid-year rate base consists of:
    • Transmission: 26%
    • Distribution: 74%

Emera Maine regulatory compact

  • Weighted average authorized ROE of 10.24% in 2018
    • Transmission:
      • Bangor Hydro District: 11.09%
      • Maine Public District: 9.60%
    • Distribution: 9.35%
  • Debt/equity ratio in capital structure:
    • Transmission: 42/58
    • Distribution: 49/51
Annual capital program
  • Emera Maine capital expenditures of USD$70M to USD$80M/year
  • ENMAX capital expenditures of CAD$350M to CAD$450M/year
Emera Maine standalone annual earnings
  • 2018 earnings of USD$34M in 2018
Financing of transaction
  • 100% debt-financed
  • Combination of private notes and bank credit facilities

ENMAX earnings and cash flow accretion

  • Transaction is immediately accretive to earnings and cash flow
    • EBITDA will increase by approximately 30% over our base business over the next five years
    • Earnings (including financing and transaction costs) will increase by approximately 20% over our base business over the next five years
  • Total assets will increase by almost 35% upon transaction close

ENMAX earnings quality

  • Regulated and non-commodity portion of total Corporate EBITDA will increase to over 70%


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All customers are free to purchase natural gas services from the default supply provider or from a retailer of their choice and to purchase electricity services from the regulated rate provider or from a retailer of their choice. The delivery of natural gas and electricity to you is not affected by your choice. If you change who you purchase natural gas services or electricity services from, you will continue receiving natural gas and electricity from the distribution company in your service area. For a current list of retailers you may choose from, visit www.ucahelps.gov.ab.ca or call 310-4822 (toll free in Alberta).

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