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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Emera Inc (PK) | USOTC:EMRAF | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.16 | 0.43% | 37.27 | 18.61 | 56.03 | 37.30 | 37.24 | 37.27 | 3,192 | 22:00:01 |
From Jan 2020 to Jan 2025
Nevada utility company NV Energy (NVE) said Thursday it has agreed to sell its California distribution and generation assets to a new utility called California Pacific Electric Co. for $116 million in cash.
The sale, between NV Energy unit Sierra Pacific Power and California Pacific Electric Co., or Calpeco, involves about 47,000 California customers in the Lake Tahoe area, includes a premium on the book value of utility assets and capital that will be determined when the transaction closes, expected in 2010.
Analysts said the sale is a good move for Las Vegas-based NV Energy and could boost its share price.
"We view the sale as a net positive for NVE as it removes the need to deal with another state regulator and allows the company to focus on its core operations in Nevada," JP Morgan analyst Andrew Smith said in a note to clients.
Calpeco is jointly owned by Algonquin Power Income Fund and Emera Inc (EMRAF).
Shares of NV Energy were recently trading five cents lower at $9.63 apiece.
-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; cassandra.sweet@dowjones.com
(Mark Peters in New York contributed to this report.)
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