The close notice landed. The utility still runs in Albuquerque
Emera (TSX: EMA, NYSE: EMA) said August 12 the sale of New Mexico Gas Company to Bernhard Capital Partners has closed. That is last week's paper, and it is a close, not an agreement. The sale was announced August 5, 2024. The New Mexico Public Regulation Commission gave final approval on July 30. Emera's July 30 note put aggregate transaction value at about US$1.25 billion and after-tax net proceeds at US$650 million to US$700 million, to be used for regulated-utility investment and holding-company debt. Do not write the high end of that range as cash already counted in the second-quarter print.
New Mexico Gas is the state's largest regulated gas utility. Emera said it holds more than 19,300 kilometres, or about 12,000 miles, of pipe and serves more than 553,000 customers. Bernhard's same-day note said more than 750 employees stay, the Albuquerque headquarters stays, and the name stays. Intervenors had argued Bernhard lacked a utility operating record. The July 30 order said operating management is not being replaced by an untested set of managers.
Second-quarter numbers are a different file
Emera reported second-quarter results on August 7, before the close. Adjusted EPS was $0.69. Reported EPS was $0.34. First-half customer capex was more than $1.7 billion against a $4 billion annual plan. The company said it is still aiming for adjusted EPS growth above the 5 to 7 percent annual target in 2026. Grand Bahama Power closed May 1. That sale and New Mexico Gas were the last named pieces of the portfolio-optimization slide. They are not Nova Scotia Power rate-base additions.
Neutral read
EMA is on the listed utilities list. Banks were skipped. The August 12 close and the US$650 million to US$700 million proceeds range are the facts. Write this as a U.S. gas-utility exit, not as a Canadian gas-demand story. Watch how much of the cheque actually pays down holdco debt, whether 2026 adjusted EPS still clears the 5 to 7 percent band after the sale, and what is left in the regulated book once New Mexico is gone.