Emera Bids Atlantic Link Subsea Cable into Massachusetts Clean Energy RFP
Cost-effective wind and hydro from Atlantic Canada, at a fixed price for 20 years
Emera Inc. has formally proposed construction of the Atlantic Link project, a new 1,000 megawatt (MW) subsea transmission line
directly connecting Atlantic Canada to the Boston load center. The Atlantic Link will deliver reliable and cost-effective, clean
energy to Massachusetts from seven proposed wind farms and two hydro suppliers in Atlantic Canada.
The Atlantic Link is an approximately 375-mile high-voltage direct current (HVDC) interconnection between Coleson
Cove, New Brunswick and Plymouth, Massachusetts near the retiring Pilgrim nuclear station. The proposal for Atlantic Link,
including the clean energy to be delivered on the transmission line, is in response to the Massachusetts Clean Energy RFP.
The proposal is being made as Emera completes construction this year of a 500 MW subsea cable between Nova Scotia and
Newfoundland and Labrador.
With Atlantic Link, Emera is offering to deliver 5.69 terawatt hours (TWh) of clean energy annually, directly to Massachusetts,
for a delivered price that remains fixed for 20 years.
“The fixed pricing for the supply of long term clean energy represents compelling value for Massachusetts electricity
customers,” said Chris Huskilson, President and CEO of Emera Inc. “We are pleased to bring this opportunity forward to help
Massachusetts meet its energy diversity and greenhouse gas emissions reduction objectives. This project also benefits Massachusetts
and Atlantic Canada in terms of construction related jobs and increased economic activity.”
Under this proposal Atlantic Link is 65-per-cent utilized, allowing Massachusetts to increase clean energy purchases from the
broader region over time. Atlantic Link will allow Massachusetts to optimize power flows between South East Massachusetts (SEMA)
and Atlantic Canada, providing reliability and economic advantages.
In addition to the subsea cable, new HVDC converter facilities and substations will be constructed in Plymouth and at Coleson
Cove. The project has initiated necessary permit approval processes in the United States and Canada, and is proposed to be
in-service by December 2022.
Energy supply for Atlantic Link resulted from a competitive Open Solicitation process initiated by Emera in January 2017. That
process was overseen by an independent administrator, Power Advisory LLC. Formal commercial arrangements are now in place between
Emera and the selected wind and hydro suppliers. The project’s supply mix is over 70% wind energy from yet to be constructed wind
farms in New Brunswick and Nova Scotia; with the balance being hydro, which is being provided by Nalcor Energy and NB Power.
Under the Massachusetts Clean Energy RFP, the state’s electric utilities have called for approximately 9.45 terawatt hours of
wind and/or hydro energy. Review of proposals submitted to the Massachusetts electric utilities will occur over the coming months,
with a decision expected by January 2018. More information is posted at the RFP Web site.
Atlantic Link is 100% owned by Emera subsidiary Clean Power Northeast Development. NB Power holds an option to participate in
the Atlantic Link project as a minority investor.
About Atlantic Link
Atlantic Link is a 1,000-megawatt (MW) high-voltage direct current (HVDC) subsea transmission line to deliver
clean energy from Atlantic Canada to Massachusetts. The project includes a new converter station and substation to be constructed
at the landing site in Plymouth, Massachusetts as well as similar facilities at the cable’s origination point at Coleson Cove, New
Brunswick. Virtually the entire length of the new 375-mile transmission interconnection will be installed underwater. Atlantic Link
is being developed by Emera Inc. subsidiary Clean Power Northeast Development. The project web site is www.atlanticlink.com.
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 $29
billion in assets and 2016 revenues of more than CDN $4 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.
For more information, please contact:
Emera Inc. – Media inquiries
Stacey Pineau, 902-471-4497
stacey.pineau@emera.com
or
Emera Inc. – Atlantic Link project information
Robin McAdam, 902-428-6604
Vice President, Major Developments
robin.mcadam@emera.com
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