ST. JOHN'S, Dec. 2, 2011 /CNW/ - ENL Maritime Link Inc., an Emera Newfoundland & Labrador company and indirect wholly-owned subsidiary of Emera Inc. (TSX: EMA), has registered its Maritime Link Project with the Canadian Environmental Assessment Agency (CEA Agency) and Newfoundland and Labrador's Department of Environment and Conservation. This is a first step in the environmental approval regulatory process for the $1.2 billion electrical transmission project between the islands of Newfoundland and Cape Breton. The process in Nova Scotia will be initiated once the environmental impact statement is filed in mid-2012.
The proposed Maritime Link Transmission Project will provide significant environmental and economic benefits for all of Atlantic Canada. In addition to helping meet Nova Scotia's legislative requirement for 40 per cent renewables generated by 2020, the 500 megawatt, 200 kilovolt transmission link will bring employment opportunities to the entire region and allow the Island of Newfoundland to connect to the North American transmission grid for the first time.
"This marks a significant milestone in our partnership with Nalcor to provide Nova Scotia with access to clean, renewable and reliable energy at a more stable price for the next 35 years, as well as connecting Newfoundland and Labrador to the North American market," said Nancy Tower, CEO of Emera Newfoundland & Labrador.
With the formal registration, the respective regulators will evaluate the Maritime Transmission Link Project to assess its scope and environmental footprint. This information will be used to define the type of environmental review procedure necessary, determine if additional information is required, as well as establish timelines to conclude the process.
"We are committed to ensuring a fair, open and transparent evaluation of the Maritime Link Transmission Project and we look forward to engaging with all stakeholders as we go through the environmental assessment process," added Tower.
About Emera Newfoundland & Labrador
ENL Maritime Link Inc. is an Emera Newfoundland & Labrador company and indirect wholly-owned subsidiary of Emera Inc. (EMA-TSX). Emera Newfoundland & Labrador was established following the historic announcement on November 18, 2010, when Emera and Nalcor Energy (Nalcor) signed a term sheet, under which Emera agreed to negotiate and conclude final agreements to develop the Maritime Link Transmission Project to transmit power from the Island of Newfoundland to Nova Scotia and provide transmission capacity on the Maritime Link to Nalcor. In exchange, Emera will receive clean, renewable hydro power for a thirty-five year term. In addition, Emera agreed to invest in the proposed development of the Labrador-Island Transmission Link between Muskrat Falls and the Island of Newfoundland.
Emera Inc. is a growing energy and services company with $6.8 billion in assets and revenues of $1.6 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 operates throughout northeastern North America, in three Caribbean countries and in California. More than 80 per cent of the company's earnings come from regulated investments. To learn more about Emera, visit their website www.emera.com.
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