HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today, Tampa Electric announced an $853 million USD investment to modernize the utility’s Big Bend Power Station. This investment supports Emera’s decarbonization strategy and highlights Tampa Electric’s strong growth potential.
As part of the company’s goal to further reduce carbon emissions at Tampa Electric, the utility has a progressive plan to modernize Unit 1 and retire Unit 2 early.
This is the second major investment announced by Emera and Tampa Electric in the past twelve months. Last September the company announced an $850 million USD solar plan that will add 600 MW of solar capacity at the utility. The four phase plan will include six million solar panels installed across 10 projects between 2018 and 2021.
“These investments are good examples of Emera’s strategy in action supporting the transformation toward cleaner energy at Tampa Electric,” said Scott Balfour, President and CEO of Emera Inc. “The modernization of Big Bend combined with our recently announced solar plan represent approximately $1.7 billion USD of rate base investment that will provide value to customers as well as solid earnings and cash flow growth to shareholders.”
The modernization of the Big Bend Power Station will significantly change Tampa Electric’s fuel mix. In 2017, 69 per cent of the utility’s energy was generated from natural gas, 24 per cent was from coal and about 6.5 per cent was from other sources, including solar. In 2023, it will be 75 per cent natural gas, 12 per cent coal, about 7 per cent solar, and about 6 per cent other sources.
“This project will improve the land, water and air emissions at Big Bend,” said Nancy Tower, President and CEO of Tampa Electric. “This project will save our customers money, and, coupled with our significant increase in solar power, will make Tampa Electric substantially cleaner and greener than it is today.”
Emera’s growth strategy includes investments in renewable generation, electricity transmission, and natural gas infrastructure expansion. Construction at the Big Bend Power Station is anticipated to start as early as 2019, progressively be in service starting in 2021 and be fully complete in 2023.
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 “Enterprise Risk and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Financial Risks and Uncertainties” in the notes to Emera’s annual financial statements, which can be found on SEDAR at www.sedar.com.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $29 billion in assets and 2017 revenues of more than $6 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 achieving a minimum of 75 per cent of its adjusted net income 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 and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.