HALIFAX, Nova Scotia--Jul. 22, 2013-- Today NSP Maritime Link Inc. (NSPML), a subsidiary of Emera Inc.(TSX - EMA), received the Nova Scotia Utility and Review Board (UARB) decision on the Maritime Link Project. The UARB has approved the Maritime Link Project subject to certain conditions; including an assurance that additional market-priced energy will be made available to Nova Scotians.
The UARB decision can be found at: http://nsuarb.novascotia.ca
“We have received the decision of the UARB,” stated Chris Huskilson, President and CEO, Emera Inc. “We are currently reviewing the decision and the conditions the Board has attached to the approval. The conditions require further analysis and discussion and we will take the time required to do so. In the meantime we continue to refine final construction estimates and work continues on the Project.”
“The Maritime Link has gone through a rigorous regulatory process,” said Mr. Huskilson. “The Board 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.”
NSPML filed the project application in January of this year and UARB hearings were held in June. 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.
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.
Sasha Irving, 902-229-5104
Jill MacDonald, 902-489-6876