Algonquin Power Fund, Emera to buy California utility


CSA Z462 Arc Flash Training – Electrical Safety Compliance Course

Our customized live online or in‑person group training can be delivered to your staff at your location.

  • Live Online
  • 6 hours Instructor-led
  • Group Training Available
Regular Price:
$249
Coupon Price:
$199
Reserve Your Seat Today
Algonquin Power Income Fund and Emera Inc. agreed to buy the California electric utility of NevadaÂ’s NV Energy Inc. for $116 million in cash to gain a foothold for developing renewable power generation in the state.

A 50-50 joint venture, Calpeco, will acquire a 12-megawatt generator and power lines that supply 47,000 homes and businesses, Oakville, Ontario-based Algonquin said in a statement. The deal is expected to close in 2010, subject to state and federal approvals. Emera is based in Halifax, Nova Scotia.

California has set the most ambitious goals in the U.S. to cut heat-trapping emissions from power plants and to add electricity generated from renewable energy such as wind and solar. Algonquin owns 53 power plants in the U.S. and Canada, mostly driven by water, wood waste or landfill gas.

Separately, Emera, owner of electric utilities in Nova Scotia and Maine, said it will acquire 9.9 percent of Algonquin when the California deal closes, with an option to buy another 5 percent stake.

Algonquin rose 13 percent, or 33 cents, to $2.83 on Toronto Stock Exchange. Emera gained 30 cents to $20.11. Las Vegas-based NV Energy fell 3 cents to $9.65 in New York Stock Exchange composite trading.

The California utility may expand as it serves a growing area near Lake Tahoe, the buyers said. All current employees will be offered jobs, they said.

NV Energy changed its name from Sierra Pacific Resources Inc. in September, saying it would concentrate on power generation and supply in Nevada.

Related News

Washington AG Leads Legal Challenge Against Trump’s Energy Emergency

Washington-Led Lawsuit Against Energy Emergency challenges President Trump's executive order, citing state rights, environmental reviews,…
View more

IEC reaches settlement on Palestinian electricity debt

IEC-PETL Electricity Agreement streamlines grid management, debt settlement, and bank guarantees, shifting power supply, transmission,…
View more

Romania moves to terminate talks with Chinese partner in nuke project

Romania Ends CGN Cernavoda Nuclear Deal, as Nuclearelectrica moves to terminate negotiations on reactors 3…
View more

Russian Strikes Threaten Ukraine's Power Grid

Ukraine Power Grid Attacks intensify as missile and drone strikes hit substations and power plants,…
View more

China's electric power woes cast clouds on U.S. solar's near-term future

China Power Rationing disrupts the solar supply chain as coal shortages, price controls, and dual-control…
View more

Ottawa won't oppose halt to Site C work pending treaty rights challenge

Site C Dam Injunction signals Ottawa's neutrality while B.C. reviews a hydroelectric dam project on…
View more

Sign Up for Electricity Forum’s Newsletter

Stay informed with our FREE Newsletter — get the latest news, breakthrough technologies, and expert insights, delivered straight to your inbox.

Electricity Today T&D Magazine Subscribe for FREE

Stay informed with the latest T&D policies and technologies.
  • Timely insights from industry experts
  • Practical solutions T&D engineers
  • Free access to every issue

Download the 2026 Electrical Training Catalog

Explore 50+ live, expert-led electrical training courses –

  • Interactive
  • Flexible
  • CEU-cerified