Emera to invest in development of Lower Churchill and enhanced Atlantic Canada electricity system
18 Novembre 2010 - 2:11PM
PR Newswire (Canada)
HALIFAX, Nov. 18 /CNW/ -- HALIFAX, Nov. 18 /CNW/ - (EMA - TSX):
Emera and Nalcor Energy have concluded agreement on a term sheet
for the parties to bring energy from the Lower Churchill Project to
Newfoundland and Labrador as well as to consumers in the Maritime
provinces and New England. Chris Huskilson, President and CEO,
Emera Inc. and Ed Martin, President and CEO, Nalcor Energy, made
the announcement today. They were joined by Premier Danny Williams
of Newfoundland and Labrador and Premier Darrell Dexter Nova
Scotia. "This is an historic agreement for our region and
potentially transformational for our company," said Mr.
Huskilson. "It results in a stronger regional system that is
consistent with Emera and Nova Scotia Power's focus on cleaner,
affordable electricity." "This is an extremely exciting
and proud day for our province as we move forward with plans to
develop the Lower Churchill project; the most attractive clean,
renewable energy project in North America," said Premier
Williams. "The benefits of this project for our province will
be enormous including thousands of jobs and billions of dollars of
economic activity. This agreement solidifies a mutually
beneficial partnership with Emera Inc. and our neighbour, the
province of Nova Scotia." "This is an historic day for Nova Scotia,
and all of Atlantic Canada," said Premier Darrell Dexter. "Through
this partnership, Nova Scotia is taking a major step forward as an
international leader in renewable energy. "Today's agreement
will create thousands of new jobs; it will stabilize energy prices
for Nova Scotia families and businesses well into the future; and
it lifts the idea of Atlantic cooperation off the page and turns it
into fundamental action, building a more prosperous nation." "We're
very pleased with the outcome," said Martin. "Both companies
entered talks with a win-win mindset and we reached an agreement
which not only works for both companies but for both provinces and
indeed, Atlantic Canada." Under the term sheet, Nalcor will build
generating facilities at Muskrat Falls. Emera and Nalcor will
jointly develop transmission in Newfoundland and Labrador to enable
the movement of Lower Churchill energy through a joint venture that
is 71% owned by Nalcor and 29% by Emera which will establish a new,
regulated transmission utility in Newfoundland and Labrador. Nova
Scotia Power will develop agreements with Nalcor to build subsea
transmission between Newfoundland and Nova Scotia in return for 20%
of the energy from Muskrat Falls for 35 years. This subsea
transmission (the Maritime Link) will be 100% owned by Nova Scotia
Power. The total investment by all parties into the project would
be $6.2 billion (Cdn). Nalcor would invest $2.9 billion for the
Muskat Falls generation facility. The transmission link from
Labrador to the island of Newfoundland will cost $2.1 billion and
Emera is investing approximately $600 million. The Maritime Link
connecting the island of Newfoundland to Nova Scotia is expected to
cost $1.2 billion which will be funded 100% by Emera. Agreements
resulting from this term sheet are subject to a number of
conditions including final approval of the Boards of Directors of
Emera and Nalcor Energy and by regulators in the provinces of Nova
Scotia and Newfoundland & Labrador. Cautionary Statement
Regarding Forward-Looking Information: This press release contains
forward-looking information and forward-looking statements which
reflect the current view of Emera with respect to the Company's
objectives, plans, financial and operating performance, business
prospects and opportunities. Wherever used, the words "may",
"will", "anticipate", "intend", "expect", "estimate", "plan",
"contemplate" and similar expressions identify forward-looking
statements and forward-looking information. Forward-looking
statements and forward-looking information should not be read as
guarantees of future events, performance or results, and will not
necessarily be accurate indications of whether, or the times at
which, such events, performance or results will be achieved. Emera
disclaims any intention or obligation to update or revise any
forward-looking information or forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required under applicable securities laws. Teleconference
Call Emera will be hosting a teleconference at 4:30 pm
Atlantic time today (5:00 pm Newfoundland; 3:30 pm
Toronto/Montreal/New York; 2:30 pm Winnipeg; 12:30 pm Vancouver) to
discuss this announcement. Analysts and other interested parties
wanting to participate in the call should dial 1-866-225-0198 (in
Toronto 416-340-8061) at least 10 minutes prior to the start of the
call. No pass code is required. The teleconference will
be recorded. If you are unable to join the teleconference
live, you can dial for playback toll-free at 1-800-408-3053 (in
Toronto 905-694-9451), access code 1261405# (available until
midnight, Tuesday, December 2, 2010). The teleconference will also
be web cast live at www.emera.com and available for playback for
one year. About Emera Emera Inc. (EMA and EMA.PR.A
-TSX) is an energy and services company with $5.8 billion in
assets. Electricity is Emera's core business. Approximately 94% of
Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor
Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and
BHE are wholly-owned regulated electric utilities which together
serve 603,000 customers. The Brunswick Pipeline is a 145 km gas
pipeline in New Brunswick. Emera also owns 38% of Barbados Light
and Power which serves 120,000 customers on the Caribbean island of
Barbados, 19% of St. Lucia Electricity Services Limited, which
serves more than 50,000 customers on the Caribbean island of St.
Lucia and 25% of Grand Bahama Power Company which serves 19,000
customers on the Caribbean island of Grand Bahama. In addition to
its electric utility investments, Emera owns Bayside Power, a 260
MW gas-fired power plant in Saint John, New Brunswick; Emera Energy
Services, a physical natural gas and power marketing and asset
management business; a joint venture interest in Bear Swamp, a 600
megawatt pumped storage hydro-electric facility in northern
Massachusetts; a 12.9% interest in the Maritimes & Northeast
Pipeline; and an 8.2% interest in Open Hydro. Visit Emera on the
web at www.emera.com About Nalcor Energy Nalcor Energy's business
includes the development, generation, transmission and sale of
electricity; the exploration, development, production and sale of
oil and gas; industrial fabrication; and energy marketing. Focused
on sustainable growth, the company is leading the development of
the province's energy resources and has a corporate-wide framework
which facilitates the prudent management of its assets while
continuing an unwavering focus on the safety of its workers and the
public. Nalcor currently has five lines of business: Newfoundland
and Labrador Hydro, Churchill Falls, Oil and Gas, Lower Churchill
Project, and Bull Arm Fabrication. The company is currently a
working interest partner in three offshore developments - the
Hebron oil field, the White Rose Growth Project and the Hibernia
Southern Extension. Nalcor Energy Oil and Gas also has an average
of 67 per cent gross working interest in three onshore exploration
permits in the Parsons Pond area, on the Island's West Coast.
p/p pEmera - Investor Relations:br/ Jennifer Nicholson, CAbr/
Senior Director, Stakeholder Relationsbr/ (902) 428-6347/p pEmera -
Media Relations:br/ Sasha Irvingbr/ Director, Corporation
Communicationsbr/ (902) 428-6685/p pNalcor Media Relations:/p
pLeona Barringtonbr/ Senior Communications Advisorbr/ Lower
Churchill Project, Nalcor Energybr/ (709) 737-1837/p pDawn
Dalleybr/ Manager, Corporate Communicationsbr/ Nalcor Energybr/
(709) 737-1315/p
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