A Canadian energy “powerhouse” is in the making following the announcement of a merger between Halifax-based Emera Inc. and Calgary-based Canadian Utilities. The new entity, valued at $72 billion, is set to become one of the largest utilities in North America, positioning itself to capitalize on the growing demand for power.
Atco Ltd., the controlling shareholder of Canadian Utilities, is shifting its focus to defense, housing, and infrastructure development in response to evolving government priorities. The merger proposal was initiated by Emera’s CEO, Scott Balfour, and was welcomed by Nancy Southern, Atco’s chief executive, who emphasized the need for a strong Canadian energy company to drive growth.
The combined company, operating under the Emera brand, will maintain its headquarters in Halifax with offices in Calgary and Edmonton. The post-merger entity is expected to serve six million customers across Canada, the United States, Mexico, the Caribbean, and Australia.
With plans to invest $32 billion in capital through 2030, Emera foresees a significant presence in Florida and Alberta, key growth regions in North America. Southern will lead the refocused Atco while also co-chairing Emera’s board, ensuring a seamless transition and strategic alignment post-merger.
The deal, valued at $14.3 billion, will see Emera acquiring all outstanding shares of Canadian Utilities. Shareholders of Emera, Canadian Utilities, and Atco are scheduled to vote on the transaction in early 2023, subject to regulatory approvals in multiple jurisdictions. The move is aimed at creating a robust utility player equipped to meet the evolving energy landscape and infrastructure demands.
