HALIFAX, Nova Scotia--(EON: Enhanced Online News)--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).
“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”
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.”
The 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 approval.
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
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.