ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--
Today Emera Inc. and Nalcor Energy, along with the Governments of Nova
Scotia and Newfoundland & Labrador completed and signed formal
agreements for the development and transmission of hydroelectric power
from Muskrat Falls. These agreements reflect the core principles
established in the Term Sheet announced in November of 2010.
The agreements were signed in St. John’s today by Chris Huskilson,
President and CEO, Emera Inc., Ed Martin, President and CEO of Nalcor
Energy, the Honorable Minister Jerome Kennedy, Minister of Natural
Resources, Newfoundland and Labrador, and the Honourable Charlie Parker,
Nova Scotia’s Minister of Energy.
The ratification of these agreements will set the stage for legislative
and regulatory approvals in both provinces, as well as final approval by
Emera Inc.’s board of directors.
“Emera is fully engaged in helping transform Atlantic Canada into an
energy powerhouse with an electricity system that is more robust,
flexible and better connected,” stated Chris Huskilson, President and
CEO, Emera Inc. “Today’s announcement sets the stage for the development
of a new source and route for clean, renewable and reliable energy that
will help stabilize energy costs, improve the environment and provide
economic benefits for the entire region.”
This regional energy initiative has also received the support of the
Federal government through a memorandum of agreement on a federal loan
guarantee which will reduce the cost of financing these projects and
lower the costs to Nova Scotia ratepayers.
"By developing Lower Churchill and connecting it to wider markets, we
are creating good jobs, growing the Atlantic economy and ensuring a
cleaner energy future for ourselves, our children and grandchildren,"
said Nova Scotia Minister of Energy Charlie Parker. "This development is
an important component in ensuring Nova Scotia meets federal coal
reduction regulations, as well as our province's greenhouse gas emission
targets. Perhaps most importantly though, it will help stabilize
electricity rates for Nova Scotians and their families. This is indeed a
game-changing opportunity for the Atlantic region, and part of the
approach that makes Canada an energy superpower."
Emera and Nalcor formalized 13 agreements spanning 50 years related to
the development of Muskrat Falls, the Labrador-Island Transmission Link
and Maritime Link.
The purpose of the agreements is to formalize the transactions that were
previously agreed to and set out in the Term Sheet by the parties. Six
of the agreements reflect the commitment by Emera to develop the
Maritime Link electrically connecting Newfoundland and Labrador to Nova
Scotia, and to provide transmission rights in Nova Scotia. Four
agreements relate to transmission rights for Nalcor in the Maritimes and
New England and Emera’s investment in the Labrador-Island Transmission
Link, which will span from Muskrat Falls, across the Strait of Belle
Isle, to Soldiers Pond on the Avalon Peninsula. Three related agreements
were also completed.
Additional information about the formal agreements signed between Emera
and Nalcor are available in the backgrounder and they will be posted
online at www.emeraNL.com
or www.nalcorenergy.com.
About Emera Inc.
Emera Inc. is an energy and services company with $7.0 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 and in
California. 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 symbol EMA, EMA.PR.A and
EMA.PR.C. Additional Information can be accessed at www.emera.com,
www.sedar.com,
or on www.sec.gov.
Emera Inc.
Sasha Irving
Communications, Emera Inc.
Cell:
902-229-5104
Sasha.Irving@emera.com
or
Nova
Scotia Department of Energy
Tracy Barron
Communications Advisor
Office:
902-424-1757
Cell: 902-497-3414
Barrontb@gov.ns.ca
Source: Emera Inc.