Phase I Lower Churchill Project Agreements

On July 31, 2012, Emera Inc. and Nalcor Energy, along with the governments of Nova Scotia and Newfoundland and Labrador completed and signed 13 formal agreements for the development and transmission of hydroelectric power from Muskrat Falls. These agreements reflect the core principles established in the Term Sheet announced in November 2010. 

These agreements span 50 years and relate to the development of Muskrat Falls, the Labrador-Island Transmission Link and Maritime Link. 

The agreements were signed in St. John’s by Chris Huskilson, President and CEO, Emera Inc., Ed Martin, President and CEO, Nalcor Energy, Jerome Kennedy, former Minister of Natural Resources, Newfoundland and Labrador, and Charlie Parker, former Minister of Energy, Nova Scotia. 

The ratification of these agreements has set the stage for legislative and regulatory approvals in both provinces, as well as final approval by Emera Inc.’s Board of Directors

The purpose of the agreements is to formalize the transactions that were previously agreed to and set out in the Term Sheet by the parties. Six of the agreements reflect the commitment by Emera to develop the Maritime Link, electrically connecting Newfoundland and Labrador to Nova Scotia, and provide Nalcor transmission rights in Nova Scotia. Four agreements relate to transmission rights for Nalcor in the Maritimes and New England and Emera’s investment in the Labrador-Island Transmission Link. Three related agreements were also completed. 

Below are the formal agreements signed by Emera Inc. and Nalcor Energy.

  1. Maritime Link Joint Development Agreement (Amended and Restated)
  2. Energy and Capacity Agreement (Amended and Restated)
  3. Maritime Link (Emera) Transmission Service Agreement (Amended and Restated)
  4. Maritime Link (Nalcor) Transmission Service Agreement (Amended and Restated)
  5. Nova Scotia Transmission Utilization Agreement (Amended and Restated)
  6. Joint Operations Agreement (Amended and Restated)
  7. Newfoundland and Labrador Development Agreement (Amended and Restated)
  8. Labrador-Island Link Limited Partnership Agreement 
  9. New Brunswick Transmission Utilization Agreement (Amended and Restated)
  10. MEPCO Transmission Rights Agreement (Amended and Restated)
  11. Interconnection Operators Agreement (Amended and Restated)
  12. Supplemental Agreement (Amended and Restated)
  13. Inter-Provincial Agreement 
  14. Agreement Confirming Assignments (Nalcor Energy, Emera Inc., NSP Maritime Link Inc.)
  15. Agreement Confirming Assignments (3264956 Nova Scotia Limited, Emera Inc., NSP Maritime Link Inc.)
  16. Agreement Confirming Assignments (Nalcor Energy, Emera Inc., Bayside Power L.P.)
  17. Agreement Terminating Sanction Agreement

For information about Nalcor Energy and the Lower Churchill Project, please visit their website.