Provides Nova Scotians with the Lowest Cost Long-Term Option for
Clean, Renewable, and Reliable Electricity
HALIFAX, Nova Scotia--(BUSINESS WIRE)--
NSP Maritime Link Inc. (NSPML), an Emera Company and an affiliate of
Nova Scotia Power, today applied to the Nova Scotia Utility and Review
Board (UARB) for approval of the Maritime Link Project at a capital cost
of $1.52 billion. The Project is a 35 year investment equal to 20
percent of the total cost of Phase 1 of the Lower Churchill Projects and
the Maritime Link, in exchange for 20 percent of the electricity
produced from the Muskrat Falls generating station.
The application outlines the entire Maritime Link Project and
demonstrates that it is the lowest cost long-term electricity supply
option for Nova Scotia customers, is consistent with obligations under
the Electricity Act, and meets obligations for Federal GHG emissions
reductions and provincial renewable energy requirements.
The Project – the first electrical transmission connection between
Newfoundland and Labrador and Nova Scotia – will include a new subsea
high-voltage direct current (HVDC) electrical interconnection that can
provide Nova Scotia access to energy from Muskrat Falls in Labrador.
“We must reduce our use of coal and the Maritime Link Project provides
Nova Scotia electricity customers with the lowest cost option over the
long-term to access clean, renewable and reli able energy for
generations to come,” said Nancy Tower, CEO, Emera Newfoundland &
Labrador. “This project will help make Nova Scotia’s electricity
generation cleaner, and provide new opportunities for renewable energy.”
As part of the filing, NSPML is asking the UARB for approval of the
estimated at $1.52 billion, plus a variance of $60 million to allow for
further refinement of the estimated capital cost of the Project.
Given the significance of this project to electricity customers, Nova
Scotia Power as an affiliate of NSPML and as the province’s electrical
utility, will play an active role in the UARB review process, supplying
information, answering questions pertaining to its business and
providing witnesses during the hearing if it is deemed necessary.
The application and a summary document are available for review at http://www.emeranl.com/en/home/regulatory.aspx
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
About Emera Newfoundland & Labrador Holdings Inc. and NSP Maritime
Link Inc.
NSP Maritime Link Inc., is a wholly owned subsidiary of Emera
Newfoundland & Labrador Holdings Inc. (Emera Newfoundland & Labrador),
and is responsible for the financing, design, engineering, construction
and commissioning of the 500-megawatt (MW) Maritime Link Transmission
Project to transmit energy from the Island of Newfoundland to Nova
Scotia. With offices in St. John's, NL, and Halifax, NS, Emera
Newfoundland & Labrador is committed to ensuring that the Maritime Link
provides clean, renewable source of energy for Nova Scotia and beyond.
More information is available at www.emeranl.com.
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.
Corporate Communications, Emera Inc.
Sasha Irving, (902) 428-6685
Director
sasha.irving@emera.com
or
Emera
Newfoundland & Labrador
Jeff Myrick, (709) 727-4754
Senior
Communications Advisor
Jeff.myrick@emera.com
Source: Emera