Aug 9, 2021   SOURCE: BusinessWire

‘Nova Scotia Block’ of Clean Energy Set to Flow Across Maritime Link This Month

NSP Maritime Link Inc. (NSPML) announced today that Nalcor Energy will commence delivery of the ‘Nova Scotia Block’ of clean energy from the Muskrat Falls hydroelectric project through the Maritime Link transmission system to Nova Scotia by August 15, 2021.

"We constructed the Maritime Link transmission project as part of a long-term vision for a regional energy transition,” said Rick Janega, Emera’s Chief Operating Officer, Canada and Caribbean. “This transformative project will deliver clean, renewable energy to customers for generations to come and it is the first step in the regional transmission interconnections that will move us toward achieving net zero CO2 emissions by 2050 in Nova Scotia.”

“We are committed to delivering cleaner and reliable energy that is affordable to our customers and this is an important step in our transition away from coal,” says NS Power President & CEO, Peter Gregg. “With the arrival of the NS Block, we are on track to generate approximately 60% of our electricity from renewable sources by 2022 and this will help us achieve our shared goal of 80% renewable by 2030.”

The Maritime Link project was completed on time and within budget. The Link is a 500-megawatt transmission system comprised of overland and subsea components and includes the longest submarine electricity connection in North America, running from Cape Ray, Newfoundland & Labrador to Point Aconi, Nova Scotia. Construction of the project received regulatory approval in 2013 and was completed in 2017, with the transmission system placed into service in January 2018.

“Given its size and scope, we could never have reached this goal without the hard work, commitment and collaboration of our many partners and stakeholders,” continued Janega. “We have many people to thank for ensuring we delivered this project’s value to the region, including our Indigenous partners, Nalcor, the federal government, the provincial governments in Newfoundland and Labrador and Nova Scotia, our many local, regional and national stakeholders, and our team of employees, contractors and suppliers.”

With delivery of the Nova Scotia Block of energy scheduled to begin, NSPML will file its final Project Capital Cost application with the Nova Scotia Utility and Review Board (NSUARB) today.

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 the Maritime Link Project

The Maritime Link is a 500 MW high voltage direct current (HVdc) transmission interconnection. The Project includes two 170 km subsea cables across the Cabot Strait, with almost 50 km of overland transmission in Nova Scotia and more than 300 km of overland transmission on the island of Newfoundland.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution 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’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, EMA.PR.F and EMA.PR.H. 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.