HALIFAX, Nova Scotia--(BUSINESS WIRE)--A solicitation process has been initiated for energy to be bundled with transmission capacity on Emera Inc.’s proposed Atlantic Link submarine electricity transmission project for the delivery of clean energy into the ISO-New England market.
Atlantic Link is a proposed approximately 350-mile submarine high-voltage direct current (HVdc) electric transmission line that will deliver 900 megawatts of clean energy from a new DC converter station to be constructed at Coleson Cove, New Brunswick, to a new converter station to be constructed at one of two proposed landing sites in Massachusetts. Emera intends that the Atlantic Link will be in-service by the end of 2022. The Atlantic Link is 100% owned by Emera. NB Power holds an option to participate in the Atlantic Link as a minority investor. The project web site is www.atlanticlink.com.
Stakeholder and permitting activities for Atlantic Link are under way. Energy transmitted on the proposed transmission line will be bundled with transmission services provided by the Atlantic Link and will be advanced by Emera in response to a clean energy request for proposals (RFP) expected in early 2017 from the Commonwealth of Massachusetts.
Energy Solicitation Process
Power Advisory LLC has been engaged as an independent administrator and will provide assurance to proponents and the Federal Energy Regulatory Commission (FERC) as to the fairness and transparency of activities related to the Atlantic Link energy solicitation.
As part of development of the Atlantic Link, the solicitation process being announced today is intended to result in the selection of energy sources to be bundled with transmission service on the line, for offer into the Massachusetts RFP. Until April 12, 2017, Power Advisory LLC will receive proposals from qualified parties willing to offer energy for purposes of establishing a bundled offer into the Massachusetts RFP.
Interested parties can register by visiting the Atlantic Link Energy Solicitation web site at www.atlanticlink.com/sol and submit a non-binding Notice of Intention to Submit a Proposal Form to Power Advisory LLC no later than January 20, 2017. Upon registration, qualified parties will be able to access information about the energy solicitation including a description of the Atlantic Link project and its approach to providing access to the New England market for non-emitting electricity generation.
Power Advisory LLC and Emera will jointly host a participant conference for qualified parties on January 25, 2017. Qualified parties can participate in-person, at a location to be confirmed in Halifax, Nova Scotia, or via WebEx.
Proposals will be evaluated and ranked based on the following considerations: offered price for sale of energy; evaluated cost of energy to the Atlantic Link terminus in New Brunswick, cost to firm the energy offered, maximization of the utilization of the transmission capability of the Atlantic Link, firmness of energy, energy source and resource mix, the proponent’s capacity to deliver the energy offer, financial capability and relevant experience, the proponent’s plans for community engagement and environmental approval plan, and the likelihood of successful execution of an Indigenous People’s declaration and plan.
Any changes to the project or the form or requirements of the energy solicitation process will be posted at the Atlantic Link energy solicitation web site (www.atlanticlink.com/sol).
About Atlantic Link
Atlantic Link is a proposed 900-megawatt submarine high-voltage direct current (HVdc) electric transmission line that will deliver clean energy from a new converter station to be constructed at Coleson Cove, New Brunswick to a new converter station at one of two potential landing points in southern Massachusetts. The transmission line will be primarily under water, and approximately 560 kilometres (350 miles) in length. The Atlantic Link is 100% owned by Emera. NB Power holds an option to participate in the Atlantic Link as a minority investor. The project is being developed in response to an expected 2017 solicitation for up to 9.45 terawatt hours (approximately 1,200 megawatts) of hydro and/or wind energy mandated by the Commonwealth of Massachusetts. The project is proposed to be in-service by the end of 2022.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately CDN$28 billion in assets and 2015 pro-forma revenues of CDN$6.3 billion. The company invests in electricity generation, transmission and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at www.emera.com or at www.sedar.com.
About Power Advisory LLC
Power Advisory LLC specializes in electricity market analysis and strategy, power procurement, policy development, regulatory and litigation support, market design and project feasibility assessment. The company has experience advising generators, investors, transmitters, distributors, regulators, and governments on a wide range of issues in the North American electricity sector – with particular emphasis on the Northeast U.S., and Canada. Power Advisory staff have served as independent evaluator/administrator in over ten different RFPs for power supplies.