Approximately 70%–80% of their future investment is going into Florida. This is a strategic shift away from the more difficult regulatory environment in Atlantic Canada.
You are buying a company that is successfully selling off lower-growth assets (New Mexico, Labrador) to double down on the highest-growth utility market in North America (Florida).
I own Fortis as a regulated utility and I'm perfectly happy with that. They're a bit more established and not going through such a "transformation" I guess you could say in relation to Emera. However, if Emera executes, there's certainly some upside here.
And by the way, when I say upside, I mean utility level upside. These companies will be market outperformers during particular environments (lower rate environments, primarily) but over the long-term, they're more reasonable return, low beta plays.