Today NSP Maritime Link Inc. (NSPML), a subsidiary of Emera
Inc.(TSX:EMA), will file the Maritime Link (ML) Compliance Filing with
the Nova Scotia Utility and Review Board (UARB).
On July 22, 2013, the UARB approved the Maritime Link Project subject to
certain conditions; including an assurance that additional market-priced
energy be made available to Nova Scotians. The ML Compliance Filing
addresses this Market-priced Energy condition through an Energy Access
Agreement between Emera, Nalcor and NS Power.
“After a rigorous review process this past spring, the UARB concluded
that the Maritime Link is the lowest long-term cost energy solution for
Nova Scotia customers, conditional upon market-priced energy being
sourced from Nalcor or some other arrangement that ensures access to
such energy,” stated Chris Huskilson, President and Chief Executive
Officer, Emera Inc. “Today we are providing the Board with the assurance
they were seeking through a commercial agreement reached between Emera,
Nalcor and NS Power to satisfy that condition.”
The ML compliance filing also outlines the other approval conditions
expressed in the UARB decision, and describes NSPML’s compliance with
each condition. The ML Compliance Filing will be subject to UARB
approval.
Emera is continuing to take steps to satisfy applicable conditions
precedent to obtaining the Federal Loan Guarantee required for the
Maritime Link debt financing.
The UARB approval is one of two regulatory processes that the Maritime
Link undertook this year. The Environmental Assessment release was
received on June 21, 2013.
The Maritime Link Project
The Maritime Link is a proposed 500 MW high voltage direct current
(HVdc) transmission line between Nova Scotia and Newfoundland and
Labrador. The Project will include two 180 km subsea cables across the
Cabot Strait, with almost 50 km of overland transmission in Nova Scotia
and close to another 300 km of overland transmission on the island of
Newfoundland. To learn more visit www.emeranl.com.
About Emera
Emera Inc. is an energy and services company with $7.53 billion in
assets and 2012 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 investments
throughout northeastern North America, and 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 symbol EMA, EMA.PR.A,
EMA.PR.C, and EMA.PR.E. Additional information can be accessed at emera.com,
or on sedar.com.
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