Revised deal for Maritime Link project approved

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The Canadian Press

HALIFAX – Nova Scotia’s energy regulator has approved a revised agreement from energy company Emera (TSX:EMA) to proceed with the $1.5-billion Maritime Link project.

Muskrat Falls, on the Churchill River in Labrador, is shown in a Feb., 2011 file photo.

The subsea link would ship hydroelectricity from the Muskrat Falls project from Newfoundland to Nova Scotia.

Nova Scotia’s Utility and Review Board tentatively endorsed the Maritime Link earlier this year, but it attached a list of conditions to ensure the project doesn’t impose a heavy burden on the province’s electricity customers.

The board says a revised deal from Emera satisfies those conditions.

“The board is satisfied that the conditions outlined in the Maritime Link decision have been met and that the Maritime Link Project is approved in accordance with the Maritime Link decision and this supplemental decision,” the board said in its decision released Friday.

“The benefit of the (agreement) is that it will provide (Nova Scotia Power) with real and tangible advantages when it participates in the energy market. These benefits will necessarily flow to its customers.”

During the board’s hearings earlier this month on the revised agreement, Nova Scotia’s consumer and small business advocates said they couldn’t support it because it isn’t in the interests of the province’s ratepayers.

Under the agreement, ratepayers in Nova Scotia would pay for the link through their electricity bills.

Emera and Nalcor Energy, Newfoundland and Labrador’s Crown energy company, are aiming to have power flowing from Muskrat Falls in 2017.

     

Organizations: Maritime Link, Utility and Review Board, Nova Scotia Power

Geographic location: Nova Scotia, Newfoundland and Labrador

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