Emera bids Atlantic Link subsea cable into Massachusetts Clean Energy RFP

Cost-effective wind and hydro from Atlantic Canada, at a fixed price for 20 years

BOSTON, MA (July 27, 2017) – Emera Inc. has formally proposed construction of the Atlantic Link project, a new 1,000 megawatt (MW) subsea transmission line directly connecting Atlantic Canada to the Boston load center. The Atlantic Link will deliver reliable and cost-effective, clean energy to Massachusetts from seven proposed wind farms and two hydro suppliers in Atlantic Canada.

The Atlantic Link is an approximately 375-mile high-voltage direct current (HVDC) interconnection between Coleson Cove, New Brunswick and Plymouth, Massachusetts near the retiring Pilgrim nuclear station. The proposal for Atlantic Link, including the clean energy to be delivered on the transmission line, is in response to the Massachusetts Clean Energy RFP.

The proposal is being made as Emera completes construction this year of a 500 MW subsea cable between Nova Scotia and Newfoundland and Labrador.

With Atlantic Link, Emera is offering to deliver 5.69 terawatt hours (TWh) of clean energy annually, directly to Massachusetts, for a delivered price that remains fixed for 20 years.

“The fixed pricing for the supply of long term clean energy represents compelling value for Massachusetts electricity customers,” said Chris Huskilson, President and CEO of Emera Inc. “We are pleased to bring this opportunity forward to help Massachusetts meet its energy diversity and greenhouse gas emissions reduction objectives. This project also benefits Massachusetts and Atlantic Canada in terms of construction related jobs and increased economic activity.”

Under this proposal Atlantic Link is 65-per-cent utilized, allowing Massachusetts to increase clean energy purchases from the broader region over time. Atlantic Link will allow Massachusetts to optimize power flows between South East Massachusetts (SEMA) and Atlantic Canada, providing reliability and economic advantages.

In addition to the subsea cable, new HVDC converter facilities and substations will be constructed in Plymouth and at Coleson Cove. The project has initiated necessary permit approval processes in the United States and Canada, and is proposed to be in-service by December 2022.

Energy supply for Atlantic Link resulted from a competitive Open Solicitation process initiated by Emera in January 2017. That process was overseen by an independent administrator, Power Advisory LLC. Formal commercial arrangements are now in place between Emera and the selected wind and hydro suppliers. The project’s supply mix is over 70% wind energy from yet to be constructed wind farms in New Brunswick and Nova Scotia; with the balance being hydro, which is being provided by Nalcor Energy and NB Power.

Under the Massachusetts Clean Energy RFP, the state’s electric utilities have called for approximately 9.45 terawatt hours of wind and/or hydro energy. Review of proposals submitted to the Massachusetts electric utilities will occur over the coming months, with a decision expected by January 2018. More information is posted at the RFP Web site.

Atlantic Link is 100% owned by Emera subsidiary Clean Power Northeast Development. NB Power holds an option to participate in the Atlantic Link project as a minority investor.

About Atlantic Link
Atlantic Link is a 1,000-megawatt (MW) high-voltage direct current (HVDC) subsea transmission line to deliver clean energy from Atlantic Canada to Massachusetts. The project includes a new converter station and substation to be constructed at the landing site in Plymouth, Massachusetts as well as similar facilities at the cable’s origination point at Coleson Cove, New Brunswick. Virtually the entire length of the new 375-mile transmission interconnection will be installed underwater. Atlantic Link is being developed by Emera Inc. subsidiary Clean Power Northeast Development. The project web site is www.atlanticlink.com.


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 $29 billion in assets and 2016 revenues of more than CDN $4 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.
 
For more information, please contact:

Emera Inc. – Media inquiries  
Stacey Pineau
(902) 471-4497
emera.com
 
Emera Inc. – Atlantic Link project information  
Robin McAdam, Vice President, Major Developments
(902) 428-6604
emera.com

 

Emera Selects Atlantic Canadian Energy Suppliers for Proposed Atlantic Link Transmission Project to Massachusetts

Agreements for almost 1,200 MW of wind in NB and NS, firmed by hydro from NL and NB

BOSTON, MA (July 27, 2017) – Emera Inc. has formally proposed construction of the Atlantic Link project, a new 1,000 megawatt (MW) subsea transmission line directly connecting Atlantic Canada to the Boston load center. The Atlantic Link will deliver reliable and cost-effective, clean energy to Massachusetts from seven proposed wind farms and two hydro suppliers in Atlantic Canada.

Atlantic Link is an approximately 375-mile high-voltage direct current (HVDC) interconnection between Coleson Cove, New Brunswick and Plymouth, Massachusetts. The project has initiated necessary permit approval processes in the United States and Canada, and is proposed to be in-service by December 2022. The proposal for Atlantic Link, including the clean energy to be delivered on the transmission line, is in response to the Massachusetts Clean Energy RFP.

Energy suppliers for Atlantic Link were selected via a robust, competitive Open Solicitation process that was initiated by Emera in January 2017. That process was overseen by an independent administrator, Power Advisory LLC. Commercial agreements are now in place with the selected wind and hydro suppliers were selected through the Open Solicitation process.   

Atlantic Link’s energy supply includes almost 1,200 MW of capacity from five wind farms to be built by independent developers in New Brunswick (total 891.25 MW), and two wind farms to be built by independent developers in Nova Scotia (total 303.4 MW).
 
WIND
Salmon River wind farm (N.B.), developers Natural Forces Wind Inc. & Enercon Canada Inc. (capacity of 403.2 MW)
Yorkshire wind farm (N.S.), developer EDF EN Canada Inc.. (capacity of 156 MW)
Black Spruce wind farm (N.B.), developers SWEB Development Inc. & Black & McDonald Limited (capacity of 151.2 MW)
Higgins Mountain II wind farm (N.S.), developers Elemental Energy Inc., Katalyst Wind Inc., 3G Energy Corp. (capacity of 148.2 MW)
Colborne wind farm (N.B.), developer Renewable Energy Systems Canada Inc. (capacity of 147.6 MW)  
Silver Brook wind farm (N.B.), developer Renewable Energy Systems Canada Inc. (capacity of 129.6 MW)  
Andy’s Pond wind farm (N.B.), developers Natural Forces Wind Inc. & Enercon Canada Inc. (capacity of 58.8 MW)   

HYDRO
Nalcor Energy, Newfoundland & Labrador – 1.10 TWh annually of hydro energy
NB Power –  0.46 TWh annually of hydro energy

The Atlantic Link proposal is being made as Emera completes construction this year of a 500 MW subsea cable between Nova Scotia and Newfoundland and Labrador.

With Atlantic Link, Emera is offering to deliver 5.69 terawatt hours (TWh) of clean energy a year directly to Massachusetts for a delivered price that remains fixed for 20 years.

“The fixed pricing for the supply of long term clean energy represents compelling value for Massachusetts electricity customers,” said Chris Huskilson, President and CEO of Emera Inc. “We are pleased to bring this opportunity forward to help Massachusetts meet its energy diversity and greenhouse gas emissions reduction objectives. This project also benefits Atlantic Canada and Massachusetts in terms of construction related jobs and increased economic activity.”  

Under the Massachusetts Clean Energy RFP, the state’s electric utilities have called for approximately 9.45 terawatt hours of wind and/or hydro energy. Review of proposals submitted to the Massachusetts electric utilities will occur over the coming months, with a decision expected by January 2018. More information is posted at the RFP Web site.

Atlantic Link is 100% owned by Emera subsidiary Clean Power Northeast Development. NB Power holds an option to participate in the Atlantic Link project as a minority investor.


About Atlantic Link
Atlantic Link is a 1,000-megawatt (MW) high-voltage direct current (HVDC) subsea transmission line to deliver clean energy from Atlantic Canada to Massachusetts. The project includes a new converter station and substation to be constructed at the landing site in Plymouth, Massachusetts as well as similar facilities at the cable’s origination point at Coleson Cove, New Brunswick. Virtually the entire length of the new approximately 375-mile transmission interconnection will be installed underwater. Atlantic Link is being developed by Emera Inc. subsidiary Clean Power Northeast Development. The project web site is www.atlanticlink.com.


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 $29 billion in assets and 2016 revenues of more than CDN $4 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.
 
For more information, please contact:

Media inquiries:
Stacey Pineau, (902) 471-4497
emera.com
 
Project information:
Robin McAdam, (902) 428-6604
emera.com

Emera Initiates Energy Solicitation for Atlantic Link Transmission Project

HALIFAX, NS (January 11, 2017) – 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.

CONTACTS:
Emera Inc. – Media inquiries  
Dina Seely
(902) 428-6951
emera.com

Emera Inc. – Atlantic Link project information  
Gerald Weseen
(857) 288-9505
emera.com
 
Power Advisory LLC – Energy Solicitation administrator
John Dalton
(978) 369-2465
poweradvisoryllc.com