Bangor Hydro Electric Company (BHEC) of Maine, US has announced that it has moved into the binding bid stage of its asset divestiture auction.

BHEC in consultation with its advisor Reed Consulting Group, has prepared a short list of bidders for this stage. Short-listed bidders will be invited to conduct due diligence on the assets offered for sale, prior to submission of hearing final bids.

BHEC said that its divestiture process remains on schedule. It also stated that bids from short-listed bidders will be received in August with financial closing scheduled for the first quarter of 1999.

Bangor Hydro Electric Company is the second largest electric utility in the state of Maine. The company serves a population of about 192,000 in an area encompassing approximately 5200 square miles in eastern and east coastal Maine.