Newfoundland and Labrador Hydro, Emera Inc. and Nova Scotia Power Inc. sign MOU to explore options for lower Churchill power



    HALIFAX, Jan. 14 /CNW/ - (EMA-TSX): Newfoundland and Labrador Hydro
(Hydro), Emera Inc. and Nova Scotia Power Inc. (NSPI) announced today the
signing of a Memorandum of Understanding (MOU) to explore the possibility of
bringing energy from the Lower Churchill Project to the Maritimes and
New England markets.
    As a result of this agreement, Hydro, Emera and NSPI will work
collaboratively to study in detail the technical, economic, financial and
regulatory aspects related to exporting lower Churchill power to these
markets. At the conclusion of this preliminary assessment, the parties will
decide if there is merit in advancing potential joint initiatives.
    "This is a potential opportunity for Emera and for energy customers in
both the Maritimes and New England," said Chris Huskilson, President and CEO
of Emera Inc. "We are hopeful that the outcome of these studies will result in
sustainable energy flow to the Maritimes and New England markets."
    A portfolio of market destinations and market access options for power
from the lower Churchill remain under consideration and this MOU complements
Hydro's initiatives currently underway in other jurisdictions.
    "This MOU complements our initiatives currently underway in other
jurisdictions and is another step in ensuring we have the right portfolio of
markets for the Lower Churchill Project that will generate the best deal for
the province," said Ed Martin, President and CEO, Newfoundland and Labrador
Hydro and the province's energy corporation. "We are looking forward to
working with both Emera and Nova Scotia Power in an effort to identify
mutually beneficial opportunities for this renewable, predictably priced,
clean energy."
    A portfolio of market destinations and market access options for power
from the Lower Churchill Project remain under consideration. Potential routing
options being explored by Hydro include the Maritimes submarine route and
transmission through Hydro-Quebec's transmission system. All options are still
under investigation.
    "Fully assessing this opportunity is another element of Nova Scotia
Power's strategy to provide our customers more electricity from renewable
sources, as well as an important example of co-operation among the Atlantic
Provinces," said Ralph Tedesco, President and CEO of Nova Scotia Power.
    The Lower Churchill Hydroelectric Project is the most attractive
underdeveloped hydroelectric project in North America. Its two installations
at Gull Island and Muskrat Falls will have a combined capacity of over
2,800 MW and can provide 16.7 Terawatt hours of electricity per year - enough
electricity to power approximately 1.5 million homes and contribute
significantly to the reduction of air emissions from thermal, coal and fossil
fuel power generation. In particular, the projects could displace over
16 megatonnes of carbon dioxide emissions every year, equivalent to the annual
greenhouse gas emissions from 3.2 million automobiles.

    About Emera

    (EMA-TSX) is an energy and services company with $4.0 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 590,000 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 Newfoundland and Labrador Hydro

    In 2007, the government of Newfoundland and Labrador released its
provincial energy plan and a key outcome was the formation of a provincial
energy corporation charged with pursuing business opportunities in the energy
sector. The new corporation is the holding company for Newfoundland and
Labrador Hydro, the fourth largest power utility in Canada with over
7,200 megawatts of operating capacity. Headquartered in St. John's, the energy
corporation subsidiaries supply over 80 per cent of the province's
electricity, operate the second largest underground hydropower station in the
world and are leading the development of the Lower Churchill Project. The
corporation is also expanding its operations into oil and gas with recent
equity acquisitions in two major East Coast oil developments; Hebron and the
White Rose Extensions and is pursuing business opportunities in wind
generation, alternative energies and research and development.




For further information:

For further information: Sasha Irving, Director, Corporate
Communications, Emera Inc., (902) 428-6685; Jennifer Nicholson, CA, Director,
Investor Relations and Strategic Development, Emera Inc., (902) 428-6347;
Leona Barrington, Senior Communications Specialist, Lower Churchill Project,
(709) 737-1837, (709) 693-7398, leonabarrington@nlh.nl.ca; Margaret Murphy,
Manager, Public Affairs, Nova Scotia Power, (902) 428-6436

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