Press release from Business Wire
NS UARB Gives Final Approval to Emera's Maritime Link Project
Friday, November 29, 2013
NS UARB Gives Final Approval to Emera's Maritime Link Project09:19 EST Friday, November 29, 2013
HALIFAX, Nova Scotia (Business Wire) -- 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.
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.
Sasha Irving, 902-229-5104
Investor Relations Contact:
Jill Hennigar, CA 902-428-6486
Manager, Investor Relations