HALIFAX, Nova Scotia--(BUSINESS WIRE)--NSP Maritime Link Inc. (NSPML), an Emera Company and an affiliate of Nova Scotia Power, today applied to the Nova Scotia Utility and Review Board (UARB) for approval of the Maritime Link Project at a capital cost of $1.52 billion. The Project is a 35 year investment equal to 20 percent of the total cost of Phase 1 of the Lower Churchill Projects and the Maritime Link, in exchange for 20 percent of the electricity produced from the Muskrat Falls generating station.
The application outlines the entire Maritime Link Project and demonstrates that it is the lowest cost long-term electricity supply option for Nova Scotia customers, is consistent with obligations under the Electricity Act, and meets obligations for Federal GHG emissions reductions and provincial renewable energy requirements.
The Project – the first electrical transmission connection between Newfoundland and Labrador and Nova Scotia – will include a new subsea high-voltage direct current (HVDC) electrical interconnection that can provide Nova Scotia access to energy from Muskrat Falls in Labrador.
“We must reduce our use of coal and the Maritime Link Project provides Nova Scotia electricity customers with the lowest cost option over the long-term to access clean, renewable and reli able energy for generations to come,” said Nancy Tower, CEO, Emera Newfoundland & Labrador. “This project will help make Nova Scotia’s electricity generation cleaner, and provide new opportunities for renewable energy.”
As part of the filing, NSPML is asking the UARB for approval of the estimated at $1.52 billion, plus a variance of $60 million to allow for further refinement of the estimated capital cost of the Project.
Given the significance of this project to electricity customers, Nova Scotia Power as an affiliate of NSPML and as the province’s electrical utility, will play an active role in the UARB review process, supplying information, answering questions pertaining to its business and providing witnesses during the hearing if it is deemed necessary.
The application and a summary document are available for review at http://www.emeranl.com/en/home/regulatory.aspx
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional information related to Emera, including the company’s Annual Information Form, can be found on SEDAR at www.sedar.com
About Emera Newfoundland & Labrador Holdings Inc. and NSP Maritime Link Inc.
NSP Maritime Link Inc., is a wholly owned subsidiary of Emera Newfoundland & Labrador Holdings Inc. (Emera Newfoundland & Labrador), and is responsible for the financing, design, engineering, construction and commissioning of the 500-megawatt (MW) Maritime Link Transmission Project to transmit energy from the Island of Newfoundland to Nova Scotia. With offices in St. John's, NL, and Halifax, NS, Emera Newfoundland & Labrador is committed to ensuring that the Maritime Link provides clean, renewable source of energy for Nova Scotia and beyond. More information is available at www.emeranl.com.
About Emera Inc.
Emera Inc. is an energy and services company with $7.4 billion in assets and 2011 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 interests throughout northeastern North America, 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 symbols EMA, EMA.PR.A, and EMA.PR.C. Additional information can be accessed at www.emera.com or at www.sedar.com.