A Maine regulatory commission has rejected a proposal from a Canadian company to buy one of the most important utilities in the state.

ENMAX of Calgary, Alberta, wants to buy Emera Maine from its Nova Scotia-based parent company for about $1 billion. The Maine Public Utilities Commission voted 2 to 1 against the proposal on Thursday.

Emera has more than 150,000 customers and serves the northern and eastern parts of Maine.

The Bangor Daily News reports the commission cited risks to ratepayers, one of which was whether the purchase would make system upgrades less likely.

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