Mayor Jeromy Farkas says enmax should expand to run the city’s troubled water utility and consider divesting its U. S. asset Versant Power. Farkas made the remarks on March 11 (ET), urging council to examine valuation, governance and a business case to fund water repairs. He framed the proposal as maintaining city control while probing whether parts of the corporation should be reorganized or sold.
Enmax and Versant sale debate
The mayor reiterated his long-standing unease with the city-owned utility’s ownership of Versant Power and pressed for a sober evaluation of options. enmax is Calgary’s wholly owned utility and currently holds the Versant unit; Farkas said that structure requires fresh scrutiny to determine whether assets should remain bundled. He said he has been opposed to enmax ownership of the Maine regulated utility since his time as a councillor, warning of ‘scope creep’ and noting ‘It’s very difficult to serve two masters’ when balancing different rate bases and jurisdictions.
Farkas stopped short of calling for an immediate sale, saying he is not actively pushing a divestment but wants council to demand valuation work, value-for-money analysis and a clear business case before any transaction proceeds. The public record shows the Versant unit was purchased from Emera for $1. 8 billion and that enmax provided $15 million to support a nonprofit campaign tied to a political movement in Maine. Alexandra Frison, director of communications and community impact at enmax, said ‘There has been no discussion at the Board level regarding divesting Versant. ‘ Frison’s statement leaves the enmax board posture unchanged for now as councillors consider options.
Immediate reactions
Ward 10 Councillor Andre Chabot, City of Calgary, pushed back on the idea of a quick sale, calling the regulated U. S. assets a highly profitable portion of the utility’s holdings and warning against underestimating their earning potential. Chabot said the prospect of U. S. earnings returning to Calgary complicates any rush to sell and counseled caution. Mayor Farkas reiterated the city must retain control while asking pointed questions about how enmax’s assets are structured and whether parts should be held directly by the municipality.
The Bearspaw independent review panel recommended independent, expert management and oversight of the water system; Farkas committed to adopting those recommendations in full, including spinning the water utility into a wholly owned subsidiary similar to how enmax is structured. That recommendation is now central to debates about governance, oversight and who should run future capital projects for water infrastructure.
What’s next
Farkas said he is open to conversations about whether all of enmax’s assets should remain under the utility or be moved into direct city ownership, and he urged council to pursue formal valuation and governance reviews before any sale or restructuring. Officials will likely press for briefing documents and business cases from enmax leadership and possibly request independent valuation work to quantify the role Versant could play in funding water repairs. Expect public briefings, council questions and a measured evaluation of options in the coming weeks, with the city watching enmax’s role closely as it balances infrastructure needs and asset stewardship.
For now, the council debate centers on reconciling the recommendations of the Bearspaw panel with the financial reality of Calgary’s asset base and on ensuring enmax’s place in a broader municipal strategy to fix the water system.
