HALIFAX, Nova Scotia--(BUSINESS WIRE)--
Emera Inc. (EMA: TSX) is pleased to announce sanction of the Maritime
Link, an energy transmission project that will link the provinces of
Newfoundland and Labrador and Nova Scotia for the very first time. When
completed, The Maritime Link will supply affordable, reliable and
renewable energy to Nova Scotians.
The Sanction Agreement entered into today will enable Emera and Nalcor
to move forward with the project on terms that are consistent with the
Federal Loan Guarantee announced on November 30, 2012. The Federal Loan
Guarantee provides a direct benefit to Nova Scotia electricity customers
by lowering Emera’s borrowing costs for the project. This will save more
than one hundred million dollars in financing costs over the 35-year
period, all of which will be passed on directly to customers.
“Today’s announcement underscores our confidence in the benefits of this
truly regional and transformative project,” said Chris Huskilson,
President and CEO, Emera Inc. “Emera firmly believes that this project
is the best and lowest cost option for Nova Scotia, and that it will be
an important component in meeting the province’s clean energy needs for
generations to come.”
Recovery of costs on the Maritime Link project from NS customers remains
subject to regulatory approval in Nova Scotia. The project partners have
committed to ensure that the Maritime Link is built under the terms of
The Sanction Agreement. These terms include:
-
Agreement on a mechanism for dealing with adjustments to rate of ROE
-
Settlement mechanism for payment on the 80/20 true up
-
Agreement on the conditions under which Emera’s investment in the
Labrador Island Transmission Link is assured
-
Agreement on cost sharing of the Federal guarantee payment
A copy of the early sanction agreement will be available online this
evening at www.emeraNL.com
“Today’s agreement to sanction the project preserves the benefits of the
Federal Loan Guarantee for Nova Scotians while upholding the role of the
regulator in Nova Scotia,” said Mr. Huskilson. “Emera is applying to the
UARB for a full review of the Maritime Link project to ensure Nova
Scotia electricity customers receive the lowest-cost option for
long-term renewable energy. We look forward to filing our complete
application with the UARB next month and fully explaining the benefits
of this project to customers in Nova Scotia.”
Forward Looking Information
This news release contains
forward looking information. Actual future results may differ
materially. Additional information related to Emera, including the
company’s Annual Information Form, can be found on SEDAR at www.sedar.com.
Teleconference Call
The company will be hosting a
teleconference at 12:00 pm Atlantic time on Tuesday, December 18, 2012
(11:00 amToronto/Montreal/New York; 10:00 amWinnipeg; 8:00 amVancouver) to discuss early sanction of the Maritime Link.
Analysts and other interested parties wanting to participate in the call
should dial 1-866-225-0198 (in Toronto 416-340-8061) at least 10 minutes
prior to the start of the call. No pass code is required. The
teleconference will be recorded. If you are unable to join the
teleconference live, you can dial for playback, toll-free at
1-800-408-3053 (in Toronto 905-694-9451), access code 6247187 #
(available until midnight, Tuesday, January 1, 2013). The teleconference
will also be web cast live at emera.com
and available for playback for one year.
About Emera Inc.
Emera Inc. is an energy and services
company with $7.4 billion in assets and 2011 revenues of $2.1 billion.
The company invests in electricity generation, transmission and
distribution, as well as gas transmission and utility energy services.
Emera's strategy is focused on the transformation of the electricity
industry to cleaner generation and the delivery of that clean energy to
market. Emera has interests throughout northeastern North America, in
three Caribbean countries. More than 80% of the company's earnings come
from regulated investments. Emera common and preferred shares are listed
on the Toronto Stock Exchange and trade respectively under the symbols
EMA, EMA.PR.A, and EMA.PR.C. Additional information can be accessed at www.emera.com
or at www.sedar.com.
Emera Inc.
Media Contact:
Sasha Irving,
902-229-5104
Director Corporate Communications
Sasha.Irving@emera.com
or
Analyst
Contact:
Jill MacDonald, CA, (902) 428-6486
Manager,
Investor Relations
Source: Emera Inc.