Bangor Hydro Announces First Phase of Company Restructuring.Business/Technology Editors BANGOR, Maine--(BUSINESS WIRE)--March 27, 2002 Bangor Hydro-Electric today announced to employees the first phase of its planned restructuring. The restructuring is part of the Company's efforts to develop a long-term strategy, which includes a commitment to provide stable rates for customers for the next six years. "We are re-focusing the company around its core strengths in the areas of transmission and distribution and we are committed to maintaining and improving services for customers," says Carroll Lee, President and COO of Bangor Hydro. "We are working with employees to minimize the restructuring's impact, where possible, by exploring options with other subsidiaries, and by using early retirement and severance packages A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
Key to the restructuring is the formation of two streamlined business units: T&D Asset Management and Business Services. T&D Asset Management is focused on all aspects of transmission and distribution planning, engineering and operations, including construction and maintenance. Business Services provides all of the support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for the company, including customer services, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , information technology and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . The restructuring also includes a new focus on Bangor Line Company, a non-regulated subsidiary of Bangor Hydro. Bangor Line will become a transmission and distribution services firm available to provide design, engineering, outside electrical and line work and meter reading for Bangor Hydro-Electric and other companies. Bangor Line offers a way to provide flexibility for the regulated Bangor Hydro to adapt quickly to changes in its business environment and reduces the negative impact of employee job loss by creating more than fifty jobs. "It is expected that Bangor Line will become an active and successful business by offering competitively priced T&D services, delivered by highly skilled professionals," says Mr. Lee. "Some employees who currently work for Bangor Hydro will have an opportunity to bring their skills and expertise to this company." As part of the restructuring, an Early Retirement Plan was offered this week. 71 of Bangor Hydro's 425 employees are eligible to take advantage of this offer. Further details of the restructuring are still being developed and will be communicated with employees as plans are finalized. In February Bangor Hydro and Emera Executives met with the Maine Public Utilities Commission to begin discussions toward an Alternate Rate Plan (ARP) that would see Bangor Hydro freeze its distribution rates for six years, effective January, 2002. The resulting revenue shortfall of about $6.4 million annually necessitates a reduction in operating costs operating costs npl → gastos mpl operacionales of about 20%, requiring this significant restructuring within the Company. About Bangor Hydro Bangor Hydro (www.bhe.com) is an electric utility wholly owned by Emera Inc. Bangor Hydro serves a population of 192,000 in an area encompassing 5,275 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. in eastern and east coastal Maine. Bangor Hydro is a member of the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Power Pool and is interconnected with other New England utilities to the south and with the New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. Power Corp. to the north. Visit Bangor Hydro at http://www.bhe.com. About Emera Inc. Emera Inc. (EMA-TSE) is a diversified energy and services company, with 550,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro provides electricity transmission and distribution service to 110,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. In addition, Emera Energy incorporates Emera's business development activities, and manages its growing gas infrastructure investment portfolio, including Emera Fuels, which delivers bunker oil, diesel fuel and light fuel oil throughout the Maritimes; a 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. natural gas to markets in Maritime Canada and the northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; and an 8.4% interest in the Sable Offshore Energy Project
The Sable Offshore Energy Project (SOEP) is a consortium based in the Halifax Regional Municipality which is attempting to locate and produce natural gas found near Sable Island on the edge offshore platforms and sub-sea field gathering lines. Visit Emera on the web at www.Emera.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion