With a little searching, Versant was CAD$73 million net profit in 2022 per Microsoft Word - 2022 YE FS - March 8 (enmax.com). CMP had net profit of $132 million in 2021 per CMP 2021 Q3 Notes (q4cdn.com). Call it $185 million total profits annually for both.

Some back of the envelope math. Based on the LEI report on Pine Tree Power's website, it appears the cost to buy out Versant and CMP will be $3.5 billion. At the 3% they say they'll get on the loan, that's $11.3 million every month for a simple 50-year loan repayment, or $135.6 million every year. That leaves $49.4 million of extra profit; more if AVANGRID/Iberdrola and Enmax have debt from their acquisitions.

So, if you do the math there's profit in this acquisition. And that was a super simplified calculation not taking into account anything related to interest, inflation, etc.

Per the LEI report they indicate that electricity rates would initially be higher but would then stabilize and break even in 9 years; then reduce forever after that.

Thanks for the exercise as it made me dive deeper into this, but I believe you're 100% wrong. It will not take 200 years before a profit is seen.