HALIFAX, Nova Scotia & TAMPA, Fla.--(BUSINESS WIRE)--
Emera Inc. (“Emera”) (TSX: EMA) and TECO Energy, Inc. (“TECO Energy”)
(NYSE: TE) today announced that the New Mexico Public Regulation
Commission (“NMPRC”) Hearing Examiner has issued an order moving the
hearing date for Emera’s acquisition of TECO Energy and the indirect
acquisition of New Mexico Gas Company from May 23, 2016 to May 2, 2016.
An unopposed Settlement Agreement was filed on April 11, 2016 and along
with the filing, the parties also requested the hearing date be moved to
early May. A more detailed schedule is available on NMPRC’s website at www.nmprc.state.nm.us
(Case No. 15-00327-UT).
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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.
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Emera:
Investor Relations:
Scott LaFleur, 902-428-6375
scott.lafleur@emera.com
or
Media:
Neera
Ritcey, 902-222-2683
neera.ritcey@emera.com
or
TECO
Energy:
Investor Relations:
Mark Kane, 813-228-1772
mmkane@tecoenergy.com
or
Media:
Cherie
Jacobs, 813-228-4945
cljacobs@tecoenergy.com
or
New
Mexico Gas Company:
Media:
Teala Kail, 505-363-9983
TFKail@tecoenergy.com
Source: Emera Inc.