Business
Emera Inc. and National Grid Announce New Partnership on Electric Transmission Line
HALIFAX and BROOKLYN, NY, March 19 /CNW/ - (TSX: EMA, LSE: NG, NYSE: NGG) Emera Inc. and National...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX and BROOKLYN, NY, March 19 /CNW/ - (TSX: EMA, LSE: NG, NYSE: NGG)\nEmera Inc. and National Grid today announced their intention to partner on the\ndevelopment of the Northeast Energy Link transmission connection.\n\n\nNational Grid will join Emera Inc. and Spectra Energy, who are working to\nevaluate the feasibility of a new electric transmission line from northern\nMaine and Maritime Canada to supply energy to the southern New England market.\n\n\nThe Northeast Energy Link would provide the New England market with new\naccess to a portfolio of existing and future renewable generation developments\nin both northern Maine and Atlantic Canada. This would provide reliable and\ncost-effective electricity to the growing New England market and assist state\ngovernments in achieving their environmental objectives.\n\n\n"National Grid has significant electric transmission experience and a\nstrong market presence in New England," said Chris Huskilson, President and\nCEO of Emera Inc. "This complements Emera's market position in Atlantic Canada\nand Maine. Working together with National Grid we intend to play a role in\nNew England's future transmission development plans."\n\n\n"We are excited to be working with Emera on this project, said\nMasheed Saidi, Executive Vice President and COO U.S. Transmission,\nNational Grid. "While the project is still in its early stages, we are looking\nforward to bringing our expertise in constructing and operating transmission\nnetworks to the project team."\n\n\nThe new transmission infrastructure would be built in a multi-phase\nproject that would initially provide for 660 MW of electricity transfer from\nAtlantic Canada and northern Maine directly to Massachusetts. Additional\nbenefits and market efficiencies include:\n\n\n- increased trade and investments between Atlantic Canada and\n New England;\n- supporting New England's renewable portfolio standard targets;\n- stable electricity costs for all customers in New England;\n- increased reliability within the New England ISO and the Maritime\n provinces;\n- enabling development of new generation in both Atlantic Canada and\n Maine.\n\n\nForward Looking Information\n\n\nThis news release contains forward looking information. Actual future\nresults may differ materially. Additional financial and operati...