The proposed merger would create a six-million-customer energy company while spinning ATCO’s non-utility businesses into a separate public firm.
The Canadian
Business
October 8, 2026
4 min read
Emera and Canadian Utilities have agreed to combine in a transaction the companies value at roughly $72 billion, creating a larger Canadian-controlled utility with operations across Canada, the United States, the Caribbean and Australia. The proposal is structured as a merger of equals and remains subject to shareholder and regulatory approvals.
The combined company would retain the Emera name and its public-company headquarters in Halifax. It would serve about six million customers and hold an estimated $45 billion rate base. Emera shareholders are expected to own about 60 per cent of the enlarged business, with Canadian Utilities shareholders holding the remainder.
At the same time, ATCO plans to separate its structures, logistics, housing, defence and investment operations into a new publicly traded company carrying the ATCO name. Existing ATCO shareholders would receive 0.865 Emera shares and one share of the new ATCO for each ATCO share, according to the companies’ announcement.
Management is presenting scale as a way to finance grid expansion, transmission and energy-security projects. The combined utility has outlined a $32-billion capital plan through 2030 and expects annual rate-base growth of seven to eight per cent. Those forecasts are corporate estimates, not guaranteed outcomes.
For customers and regulators, the central test will be whether a larger balance sheet produces reliable investment without weakening oversight or increasing costs. The deal is substantial, but its public value will ultimately be measured through rates, service and the quality of infrastructure delivered after the corporate structure changes.
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