Today NSP Maritime Link (NSPML), a subsidiary of Emera Inc., received
the Nova Scotia Utility and Review Board’s (NS UARB) approval of the
Maritime Link Compliance Filing. This confirms that the Maritime Link
Project represents the lowest long-term cost option for Nova Scotia
Power customers. The NS UARB decision can be found at: http://nsuarb.novascotia.ca
In its decision on paragraph 136, the NS UARB concluded: “…the Board
considers it appropriate to highlight the potential benefits of the EAA
[Energy Access Agreement] to NSPI and its customers. In this respect,
the Board found the evidence of Morrison Park [the UARB’s consultant] to
be both instructive and compelling, in that they described the practical
'market' benefits of the EAA. The benefit of the EAA is that it will
provide NSPI with real and tangible advantages when it participates in
the energy market. These benefits will necessarily flow to its
customers.”
“The $1.5 billion investment in the Maritime Link will provide benefits
to Nova Scotia customers that significantly exceed the value of the
investment over the life of the project,” said Chris Huskilson, President
and CEO, Emera Inc.
Next steps are to finalize the Federal Loan Guarantee, provide a routine
update to the NS UARB on the project by December 15th, 2013,
and work continues on the project.
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 170 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 $8.0 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 four 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.
Copyright Business Wire 2013