HALIFAX and BROOKLYN, NY, March 19 /CNW/ - (TSX: EMA, LSE: NG, NYSE: NGG)
Emera Inc. and National Grid today announced their intention to partner on the
development of the Northeast Energy Link transmission connection.
National Grid will join Emera Inc. and Spectra Energy, who are working to
evaluate the feasibility of a new electric transmission line from northern
Maine and Maritime Canada to supply energy to the southern New England market.
The Northeast Energy Link would provide the New England market with new
access to a portfolio of existing and future renewable generation developments
in both northern Maine and Atlantic Canada. This would provide reliable and
cost-effective electricity to the growing New England market and assist state
governments in achieving their environmental objectives.
"National Grid has significant electric transmission experience and a
strong market presence in New England," said Chris Huskilson, President and
CEO of Emera Inc. "This complements Emera's market position in Atlantic Canada
and Maine. Working together with National Grid we intend to play a role in
New England's future transmission development plans."
"We are excited to be working with Emera on this project, said
Masheed Saidi, Executive Vice President and COO U.S. Transmission,
National Grid. "While the project is still in its early stages, we are looking
forward to bringing our expertise in constructing and operating transmission
networks to the project team."
The new transmission infrastructure would be built in a multi-phase
project that would initially provide for 660 MW of electricity transfer from
Atlantic Canada and northern Maine directly to Massachusetts. Additional
benefits and market efficiencies include:
- increased trade and investments between Atlantic Canada and
- supporting New England's renewable portfolio standard targets;
- stable electricity costs for all customers in New England;
- increased reliability within the New England ISO and the Maritime
- enabling development of new generation in both Atlantic Canada and
Forward Looking Information
This news release contains forward looking information. Actual future
results may differ materially. Additional financial and operational
information is filed electronically with various securities commissions in
Canada through the System for Electronic Document Analysis and Retrieval
Emera Inc. (EMA-TSX) is an energy and services company with $4.2 billion
in assets. Electricity is Emera's core business. The company has two
wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc.
and Bangor Hydro-Electric Company, which together serve 600,000 customers.
Emera also owns 19% of St. Lucia Electricity Services Limited, which serves
more than 50,000 customers on the Caribbean island of St. Lucia. In addition
to its electric utility investments, Emera has 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
Emera Energy Services which manages energy assets on behalf of third parties.
Visit Emera on the web at www.emera.com.
About National Grid
National Grid is an international energy delivery company. In the U.S.,
National Grid delivers electricity to approximately 3.3 million customers in
Massachusetts, New Hampshire, New York and Rhode Island, and manages the
electricity network on Long Island under an agreement with the Long Island
Power Authority. National Grid is the largest power producer in New York
State, owning 6,650 megawatts of electricity generation that provides power to
over one million LIPA customers and supplies roughly a quarter of New York
City's electricity needs. It is also the largest distributor of natural gas in
the northeastern U.S., serving approximately 3.4 million customers in New
York, Massachusetts, New Hampshire and Rhode Island.
For further information:
For further information: Emera: Jennifer Nicholson, CA, Director,
Investor Relations & Strategic Development, (902) 428-6347; National Grid:
Jackie Barry, Director, Media Relations, (781) 907-1754