HALIFAX, Nova Scotia--(BUSINESS WIRE)--The following statement was issued today by Emera Inc. President and CEO Chris Huskilson, in response to decisions made by evaluators in the Massachusetts Clean Energy RFP. Atlantic Link, a proposed 1,000 megawatt subsea transmission line between Atlantic Canada and southern New England, was proposed by Emera last year in response to the RFP.
“Emera has been advised that its proposal regarding the Atlantic Link subsea transmission project will not at this time proceed to negotiation with Massachusetts electric utilities for a long-term contract.
“Connecting New England to new sources of affordable clean energy in Atlantic Canada, along a reliable subsea transmission connection, remains a compelling opportunity that would bring significant value to the market. The project embodies Emera’s strategy of delivering cleaner, affordable energy to customers. Atlantic Link’s proposed delivery point at Plymouth, Massachusetts, which would repurpose infrastructure that currently serves a retiring nuclear plant, is optimal.
“Emera will continue to advance Atlantic Link, including the project’s Presidential Permit application and required approvals from relevant agencies in the United States and Canada, as we assess the outcome of the Massachusetts solicitation and future market opportunities.”
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
“Enterprise Risk 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 $28 billion in assets and 2016 revenues of more than $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
achieving a minimum of 75% 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.
