Nova Scotia To Get Hydro Power From N&L

Newfoundland and Labrador Hydro, Emera Inc. and Nova Scotia Power Inc. sign MOU to explore options for lower Churchill power <br />
<br />
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.<br />
<br />
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.<br />
<br />
"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."<br />
<br />
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.<br />
<br />
"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."<br />
<br />
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.<br />
<br />
"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.<br />
<br />
...<br />
<br />
<a href="http://www.newswire.ca/en/releases/archive/January2008/14/c8681.html">http://www.newswire.ca/en/releases/archive/January2008/14/c8681.html</a><p>---<br>"George Bush has declared the war on terrorism to be the cause of his generation. The cause of Canadian sovereignty will be ours." - John Godfrey, MP for Don Va

Newfoundland looks to export electricity to New England via Emera<br />
<br />
The Canadian Press<br />
January 14, 2008 - 6:50 p.m.<br />
<br />
HALIFAX - Newfoundland and Labrador's provincially owned electricity utility - stymied by what the province regards as an unfair deal with Quebec - is looking at the possibility of exporting electricity from the Lower Churchill project to the United States by way of the Maritimes.<br />
<br />
Newfoundland and Labrador Hydro and Emera Inc. (TSX:EMA) announced Monday that they have signed a memorandum of understanding "to explore the possibility of bringing energy from the Lower Churchill project to the Maritimes and New England markets."<br />
<br />
Newfoundland Hydro, Emera and Emera subsidiary Nova Scotia Power Inc. "will work collaboratively to study in detail the technical, economic, financial and regulatory aspects," a joint statement said.<br />
<br />
Possible routing options would include a Maritimes sub-sea cable if an acceptable deal cannot be reached with Hydro-Quebec.<br />
<br />
The Lower Churchill project in Labrador, with two installations at Gull Island and Muskrat Falls, would have an estimated capacity of more than 2,800 megawatts, enough to power 1.5 million homes.<br />
<br />
The project would be separate from the earlier deal with Quebec, known as the Upper Churchill project, which is "a separate contractual arrangement," said Jim Feehan, professor of economics at Memorial University in St. John's, who has written a paper on the Churchill project.<br />
<br />
"They certainly can sell power from (the Lower Churchill) to Quebec," he said. "They can sell it elsewhere in Canada. They can sell it to the United States. They can keep it for use within the province."<br />
<br />
The Upper Churchill project, whose power is mostly sold to Quebec, is quite separate from the Lower project which still has to be developed, he said.<br />
<br />
Right now, he said, they're looking for markets and alternatives to see where they can sell the power. "In principle, they can sell it anywhere they can deliver it."<br />
<br />
"The further afield you go within North America, potentially the more costly it is to get it there."<br />
<br />
A study prepared by the Economic Research and Analysis Division of the Newfoundland and Labrador government published last year estimated that the cost of developing the two sites could be between $6 and $9 billion, depending on the development option chosen.<br />
<br />
This deal "is a potential opportunity for Emera and for energy customers in both the Maritimes and New England," stated Emera CEO Chris Huskilson.<br />
<br />
(2 more pages)<br />
<a href="http://www.canadianbusiness.com/markets/market_news/article.jsp?content=b0114126A">http://www.canadianbusiness.com/markets/market_news/article.jsp?content=b0114126A</a><p>---<br>"George Bush has declared the war on terrorism to be the cause of his generation. The cause of Canadian sovereignty will be ours." - John Godfrey, MP for Don Va