Maritime Electric Company

What Maritime Electric Company does

Maritime Electric Company, Limited is a regulated public utility and indirect wholly-owned subsidiary of Fortis Inc., operating as the sole provider of electricity distribution services across Prince Edward Island, Canada. The company serves approximately 86,000 residential, commercial, and industrial customers through a fully integrated system encompassing generation, transmission, and distribution. Its technical infrastructure includes substations, distribution lines, AMI (Advanced Metering Infrastructure) digital meters with wireless two-way communication, the Charlottetown Thermal Generating Station (currently being demolished), and interconnection via four subsea cables to New Brunswick, which supplies the majority of the island's electricity. The company also purchases 100% of wind energy output from PEI Energy Corporation wind farms and offers a Level 2 EV charging network across nine PEI communities.

The company's revenue is generated through regulated electricity sales under a cost-of-service model approved by the Island Regulatory and Appeals Commission (IRAC), with an allowed return on equity of 9.35% and rate increases of approximately 2.6% annually for a benchmark residential customer using 650 kWh/month. Customer-facing digital infrastructure includes the MyPower online portal, a real-time outage map, and a public grid status dashboard. Customer segments span residential customers (the primary segment, where home heating accounts for 62% of annual energy consumption), commercial and business customers, and municipal electrical utility partners through the Maritime Municipal Electric Utility Alliance.

Maritime Electric has set a target to reduce Scope 1 GHG emissions by 55% by 2030 from 2019 levels and supports PEI's net-zero energy target by 2030. In 2024, it filed an application with IRAC for 150 MW of new on-Island dispatchable generation capacity (including a 50 MW combustion turbine, 10 MW battery storage, and 90 MW reciprocating engines) at a preliminary estimated cost of $427 million, to address rapidly growing load. The company was recognized in 2022 by Electricity Canada with a Sustainable Electricity Leader designation and as a top performer in safety.

Name

Maritime Electric Company

Legal name

Maritime Electric Company, Limited

Website

https://maritimeelectric.com

Company type

Private

Founded year

1917

Operating status

Operating

Headcount range

51–100 employees

Short description

Maritime Electric Company is a regulated public utility and indirect wholly-owned subsidiary of Fortis Inc. that serves approximately 86,000 residential, commercial, and industrial customers across Prince Edward Island through an integrated generation, transmission, and distribution system under IRAC regulation.

Ownership category

akta.pro rank

Product category

Electric Utility Distribution

NAICS

Electric Power Generation, Transmission and Distribution (2211), Wind Electric Power Generation (221115), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911)

akta.pro primary industry

Shore Power & Electrification Systems (Cold Ironing, Charging Interfaces) (IMAJAJAM)

Keywords

• Electricity distribution
• Regulated utility services
• Power transmission
• Electricity generation
• Grid infrastructure

Headquarters

HQ city

Charlottetown

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Others

Revenue model

1. Electricity Sales: Maritime Electric generates revenue through the sale of electricity to approximately 86,000 residential, commercial, and industrial customers across Prince Edward Island. The company operates under a cost-of-service regulatory model approved by the Island Regulatory and Appeals Commission (IRAC), where rates are set to recover allowable costs plus a regulated return on equity (9.35%). The company purchases wind energy from PEI Energy Corporation and imports electricity from New Brunswick through subsea cables.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Maritime Electric Company operates a fully integrated electricity utility system providing generation, transmission, and distribution services to approximately 86,000 residential, commercial, and industrial customers across Prince Edward Island. The company purchases wind energy from PEI Energy Corporation and imports electricity from New Brunswick through subsea cables, supplemented by on-island generation, and delivers power through substations, distribution lines, AMI smart meters, and customer-facing digital services including MyPower, an outage map, and grid status monitoring.

Product overview

Maritime Electric Company operates as a fully integrated electricity utility providing generation, transmission, and distribution services to approximately 86,000 customers across Prince Edward Island. The company's product portfolio centers on its core electricity distribution service complemented by customer-facing digital platforms (MyPower portal, AMI smart meters, outage map, grid status dashboard), energy efficiency programs (LED lighting, heat pumps, electric vehicle charging), net metering for renewable energy customers, and various billing options (Equalized Payments Plan, paperless billing). Infrastructure services include underground locates, commercial construction, street light repair, and tree trimming. The company also operates the Charlottetown Thermal Generating Station (undergoing demolition) and has proposed new on-island dispatchable generation capacity. Community programs include the Trees for Life tree-planting initiative and The Shocking Truth electrical safety education program for schools.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Distribution
• AMI Meters
• Net Metering
• Electric Vehicle Charging
• New Service Connect
• Underground Locates
• Commercial Construction
• Street Light Repair
• Tree Trimming

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• PEI Energy CorporationcoreStrategic or Co-development Partner · 5 April 2023Settlement agreement filed with IRAC between Maritime Electric and PEI Energy Corporation regarding the 2023 General Rate Application, establishing rate increases and allowed return on equity of 9.35%.
• PEI Energy CorporationcoreStrategic or Co-development PartnerMaritime Electric purchases 100% of the wind energy produced by PEI Energy Corporation wind farms, including North Cape, Norway, Hermanville/Clear Springs, Eastern Kings, West Cape wind farms. The company also purchases all solar energy from PEI Energy Corporation solar installations. This long-term power purchase agreement is fundamental to achieving 86% non-emitting energy supply.
• Maritime Municipal Electric Utility AllianceminorStrategic or Co-development PartnerMaritime Electric participates in the Maritime Municipal Electric Utility Alliance which received $505,000 in federal funding from the Atlantic Canada Opportunities Agency to upgrade grid infrastructure and promote clean energy across nine utilities in New Brunswick, Nova Scotia, and Prince Edward Island.
• Island Regulatory and Appeals Commission (IRAC)coreOthersIRAC is the regulatory body governing Maritime Electric's operations, rates, and capital projects under the Electric Power Act. All rate increases, generation capacity applications, and major decisions require IRAC approval.
• International Brotherhood of Electrical Workers (IBEW)coreStrategic or Co-development PartnerMaritime Electric reached a ratified labour agreement with IBEW, the union representing electrical workers at the company, ensuring workforce stability and industrial relations.
• Fortis Inc.coreOthersMaritime Electric Company, Limited is an indirect, wholly-owned subsidiary of Fortis Inc., a major North American utility company. Fortis provides corporate ownership and governance oversight.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• NB Power: NB Power is the vertically integrated Crown corporation utility for New Brunswick and is Maritime Electric's exclusive off-island energy supplier via four subsea cables. Direct peer in Atlantic Canadian regulated utility operations, with overlapping load, generation mix, and regulatory tradition.
• Nova Scotia Power: Nova Scotia Power is a vertically integrated regulated electric utility serving the entirety of Nova Scotia, also in Atlantic Canada, regulated by the Nova Scotia Utility and Review Board. Operates with the same fully integrated generation, transmission, and distribution model and provides the closest regional analog to Maritime Electric's business in scale and regulatory structure.

Broad incumbents

• Fortis Inc. Fortis Inc. is the parent company of Maritime Electric and one of the largest regulated electric and gas utility holding companies in North America, operating ten regulated utilities across Canada, the US, and the Caribbean. Directly comparable as the parent with near-identical business model elements (cost-of-service regulation, rate base earnings) at much larger scale.
• Hydro One Limited: Hydro One is Ontario's regulated electric transmission and distribution utility, serving as the primary wires operator in the province. Comparable business model in regulated rate-base electric T&D with cost-of-service regulation, though in a different Canadian province.
• Emera Inc. Emera is a Canadian diversified energy and services company, parent of Nova Scotia Power and Tampa Electric, owning and operating regulated electric utilities across North America. Comparable as a Canadian utility holding company adjacent to the Fortis operating model, with similar regulated rate-base earnings exposure.
• EPCOR Utilities Inc. EPCOR is a Canadian municipally-owned utility operating regulated electric distribution, transmission, and water services across Alberta and southwestern Ontario/US. Comparable as a North American regulated electric utility with similar customer-base composition (residential and commercial) and AMI deployment.
• Hydro-Québec: Hydro-Québec is the Canadian provincially-owned vertically integrated electric utility and one of the largest in North America. Comparable as a fully integrated Canadian regulated electric utility with generation, transmission, and distribution, though at vastly greater scale and primarily hydroelectric mix.
• ATCO Electric: ATCO Electric, part of the Canadian Utilities group, operates regulated electric distribution and transmission franchises across Alberta and other Canadian jurisdictions. Comparable as a regulated Canadian electric utility with similar customer-class structure and renewable integration focus.

Regional players

• Saint John Energy: Saint John Energy is a municipally-owned electric utility serving the City of Saint John, New Brunswick, and is a fellow member of the Maritime Municipal Electric Utility Alliance. Directly comparable as a small Atlantic Canadian municipal-style utility with similar customer-base profile and regulatory environment.
• Belco Bermuda (Bermuda Electric Light Company): Belco is the vertically integrated regulated electric utility serving Bermuda, an island grid with similar structural dependence on imported fuel and isolated generation. Closest analog to Maritime Electric as a small island-grid utility with limited on-island energy security.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/MECLPEI
• Facebookfacebook.com/maritimeelectricpei

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maritime Electric Company