HALIFAX, Nova Scotia--(BUSINESS WIRE)--
A solicitation process has been initiated for energy to be bundled with
transmission capacity on Emera Inc.’s proposed Atlantic Link submarine
electricity transmission project for the delivery of clean energy into
the ISO-New England market.
Atlantic Link is a proposed approximately 350-mile submarine
high-voltage direct current (HVdc) electric transmission line that will
deliver 900 megawatts of clean energy from a new DC converter station to
be constructed at Coleson Cove, New Brunswick, to a new converter
station to be constructed at one of two proposed landing sites in
Massachusetts. Emera intends that the Atlantic Link will be in-service
by the end of 2022. The Atlantic Link is 100% owned by Emera. NB Power
holds an option to participate in the Atlantic Link as a minority
investor. The project web site is www.atlanticlink.com.
Stakeholder and permitting activities for Atlantic Link are under way.
Energy transmitted on the proposed transmission line will be bundled
with transmission services provided by the Atlantic Link and will be
advanced by Emera in response to a clean energy request for proposals
(RFP) expected in early 2017 from the Commonwealth of Massachusetts.
Energy Solicitation Process
Power Advisory LLC has been engaged as an independent administrator and
will provide assurance to proponents and the Federal Energy Regulatory
Commission (FERC) as to the fairness and transparency of activities
related to the Atlantic Link energy solicitation.
As part of development of the Atlantic Link, the solicitation process
being announced today is intended to result in the selection of energy
sources to be bundled with transmission service on the line, for offer
into the Massachusetts RFP. Until April 12, 2017, Power Advisory LLC
will receive proposals from qualified parties willing to offer energy
for purposes of establishing a bundled offer into the Massachusetts RFP.
Interested parties can register by visiting the Atlantic Link Energy
Solicitation web site at www.atlanticlink.com/sol
and submit a non-binding Notice of Intention to Submit a Proposal Form
to Power Advisory LLC no later than January 20, 2017. Upon registration,
qualified parties will be able to access information about the energy
solicitation including a description of the Atlantic Link project and
its approach to providing access to the New England market for
non-emitting electricity generation.
Power Advisory LLC and Emera will jointly host a participant conference
for qualified parties on January 25, 2017. Qualified parties can
participate in-person, at a location to be confirmed in Halifax, Nova
Scotia, or via WebEx.
Proposals will be evaluated and ranked based on the following
considerations: offered price for sale of energy; evaluated cost of
energy to the Atlantic Link terminus in New Brunswick, cost to firm the
energy offered, maximization of the utilization of the transmission
capability of the Atlantic Link, firmness of energy, energy source and
resource mix, the proponent’s capacity to deliver the energy offer,
financial capability and relevant experience, the proponent’s plans for
community engagement and environmental approval plan, and the likelihood
of successful execution of an Indigenous People’s declaration and plan.
Any changes to the project or the form or requirements of the energy
solicitation process will be posted at the Atlantic Link energy
solicitation web site (www.atlanticlink.com/sol).
About Atlantic Link
Atlantic Link is a proposed 900-megawatt submarine high-voltage direct
current (HVdc) electric transmission line that will deliver clean energy
from a new converter station to be constructed at Coleson Cove, New
Brunswick to a new converter station at one of two potential landing
points in southern Massachusetts. The transmission line will be
primarily under water, and approximately 560 kilometres (350 miles) in
length. The Atlantic Link is 100% owned by Emera. NB Power holds an
option to participate in the Atlantic Link as a minority investor. The
project is being developed in response to an expected 2017 solicitation
for up to 9.45 terawatt hours (approximately 1,200 megawatts) of hydro
and/or wind energy mandated by the Commonwealth of Massachusetts. The
project is proposed to be in-service by the end of 2022.
Forward Looking Information
This news release contains forward-looking information within the
meaning of applicable securities laws. By its nature, forward-looking
information requires Emera to make assumptions and is subject to
inherent risks and uncertainties. These statements reflect Emera
management’s current beliefs and are based on information currently
available to Emera management. There is a risk that predictions,
forecasts, conclusions and projections that constitute forward-looking
information will not prove to be accurate, that Emera’s assumptions may
not be correct and that actual results may differ materially from such
forward-looking information. Additional detailed information about these
assumptions, risks and uncertainties is included in Emera’s securities
regulatory filings, including under the heading “Business Risks and Risk
Management” in Emera’s annual Management’s Discussion and Analysis, and
under the heading “Principal Risks and Uncertainties” in the notes to
Emera’s annual and interim financial statements, which can be found on
SEDAR at www.sedar.com.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company
headquartered in Halifax, Nova Scotia with approximately CDN$28 billion
in assets and 2015 pro-forma revenues of CDN$6.3 billion. The company
invests in electricity generation, transmission and distribution, gas
transmission and distribution, and utility energy services with a
strategic focus on transformation from high carbon to low carbon energy
sources. Emera has investments throughout North America, and in four
Caribbean countries. Emera continues to target having 75-85% of its
adjusted earnings come from rate-regulated businesses. Emera’s common
and preferred shares are listed on the Toronto Stock Exchange and trade
respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C,
EMA.PR.E, and EMA.PR.F. Depositary receipts representing common shares
of Emera are listed on the Barbados Stock Exchange under the symbol
EMABDR. Additional Information can be accessed at www.emera.com
or at www.sedar.com.
About Power Advisory LLC
Power Advisory LLC specializes in electricity market analysis and
strategy, power procurement, policy development, regulatory and
litigation support, market design and project feasibility assessment.
The company has experience advising generators, investors, transmitters,
distributors, regulators, and governments on a wide range of issues in
the North American electricity sector – with particular emphasis on the
Northeast U.S., and Canada. Power Advisory staff have served as
independent evaluator/administrator in over ten different RFPs for power
supplies.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170111006102/en/
Emera Inc.
Media inquiries
Dina Seely, 902-428-6951
dina.seely@emera.com
or
Emera
Inc. – Atlantic Link project information
Gerald Weseen, 857-288-9505
gerald.weseen@emera.com
or
Power
Advisory LLC – Energy Solicitation administrator
John Dalton,
978-369-2465
jdalton@poweradvisoryllc.com
Source: Emera Inc.