HALIFAX, June 26 /CNW/ - Irving Oil and Emera Inc. (EMA-TSX) announced
today that Emera will purchase Irving Oil's interests in Bayside Power LP.
Bayside Power LP is a 260 MW gas-fired combined cycle power plant located in
Saint John, New Brunswick which was built in 1999. Bayside is a key supplier
of energy in NB and also a supplier of energy in the US Northeast market for
parts of the year.
"We look forward to our second investment in the New Brunswick energy
sector," said Chris Huskilson, President and Chief Executive Officer of Emera
Inc. "We have had an existing relationship with Irving Oil at this plant for a
number of years and we anticipate other opportunities will result from this
acquisition and our growing relationship with Irving Oil."
The Bayside plant complements Emera's operations in the region which
include electricity generation, transmission and distribution, natural gas
transmission and natural gas marketing.
"We're very pleased to have reached this agreement with Emera," said
Kenneth Irving of Irving Oil. "This was an opportunity to deepen our
relationship with Emera and facilitate additional investment by another energy
player in New Brunswick. Most importantly, our agreement creates a new
opportunity for our two companies to work together to explore additional
energy hub investments."
The transaction is subject to the Canadian Competition Act and other
regulatory approvals, which are estimated to take approximately 60 days. The
transaction will be accretive to Emera within the first year.
Emera Inc. (EMA-TSX) is an energy and services company with $5.3 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 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 the Brunswick Pipeline, a 145 km gas pipeline in 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; a 8.2% interest in Open Hydro.
Visit Emera on the web at www.emera.com.
About Irving Oil
Irving Oil is the refiner and marketer serving customers in Eastern
Canada and New England. The company has a history of long term relationships
and partnerships, including the joint venture Canaport LNG terminal with
Repsol YPF. Irving Oil operates Canada's largest refinery, in Saint John, New
Brunswick, and accounts for 64% of Canada's petroleum product exports to the
US and 20% of all US finished gasoline and diesel imports.
For further information:
For further information: Emera - Investor Relations: Jennifer Nicholson,
CA, Director Investor Relations and Strategic Development, (902) 223-0461;
Emera - Media Relations: Jo-Ann Hicks, Senior Communications Advisor,
Corporate Communications, (902) 223-7585; Irving Oil - Media Relations: Daniel
Goodwin, Irving Oil Public Affairs, (506) 202-2433