The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

NSP Maritime Link Inc. Will File the Maritime Link Compliance Filing on Market Priced Energy with the Nova Scotia Utility and Review Board Today

Monday, October 21, 2013

NSP Maritime Link Inc. Will File the Maritime Link Compliance Filing on Market Priced Energy with the Nova Scotia Utility and Review Board Today

08:49 EDT Monday, October 21, 2013

HALIFAX, Nova Scotia (Business Wire) -- 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.

Emera
Media:
Sasha Irving, 902-229-5104
Director, Corporate Communications
or
Investor Relations:
Jill Hennigar, CA, 902-428-6486
Manager, Investor Relations

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections