HALIFAX, Nova Scotia‐‐(BUSINESS WIRE)—October 21, 2013‐‐ 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.”
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
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
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.
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.
Director, Corporate Communications
Jill Hennigar, CA
Manager, Investor Relations