For­mal agree­ments signed for Muskrat Falls de­vel­op­ment

The Southern Gazette - - SPORTS -

Nal­cor En­ergy and Emera Inc. of Nova Sco­tia have reached for­mal agree­ments for the de­vel­op­ment and trans­mis­sion of hy­dro­elec­tric power from Muskrat Falls in Labrador.

Nat­u­ral Re­sources Min­is­ter Jerome Kennedy, Nal­cor Pres­i­dent and CEO Ed Martin, Nova Sco­tia Min­is­ter of En­ergy Char­lie Parker

and Emera Inc. Pres­i­dent and CEO Chris Huskil­son signed the agree­ment in St. John’s and Sydney, N.S., last week.

Mr. Kennedy in­sisted the sign­ing rep­re­sented a ma­jor step for­ward for New­found­land and Labrador, and is an­other im­por­tant mile­stone to mov­ing closer to­wards a de­ci­sion on sanc­tion­ing of the project.

“Muskrat Falls will de­liver least-cost re­new­able power and sta­bi­lize rates, sup­port eco­nomic de­vel­op­ment, and pro­vide power to min­ing com­pa­nies in Labrador. It will also pro­vide long-term rev­enue through the ex­port of elec­tric­ity and re­duce de­pen­dence on fos­sil fu­els, along with eco­nomic and em­ploy­ment ben­e­fits for the prov­ince, the re­gion, and the rest of the coun­try.

“The Maritime Link will al­low us to ac­cess the Maritime and New Eng­land mar­kets and thereby gain­ing a fair and com­pet­i­tive price for our clean, re­new­able power. It will also fa­cil­i­tate the de­vel­op­ment of our prov­ince’s en­ergy ware­house.”

Mr. Parker ex­plained “By de­vel­op­ing Lower Churchill and con­nect­ing it to wider mar­kets, we are cre­at­ing good jobs, grow­ing the At­lantic econ­omy and en­sur­ing a cleaner en­ergy fu­ture for our­selves, our chil­dren and grand­chil­dren.

“This de­vel­op­ment is an im­por­tant com­po­nent in en­sur­ing Nova Sco­tia meets fed­eral coal re­duc­tion reg­u­la­tions, as well as our prov­ince’s green­house gas emis­sion tar­gets. Per­haps most im­por­tantly though, it will help sta­bi­lize elec­tric- ity rates for Nova Sco­tians and their fam­i­lies.”

The Nova Sco­tia min­is­ter called it “a gamechang­ing op­por­tu­nity for the At­lantic re­gion, and part of the ap­proach that makes Canada an en­ergy su­per­power.”

Nal­cor and Emera for­mal­ized 13 agree­ments span­ning 50 years re­lated to the de­vel­op­ment of Muskrat Falls, the Labrador-Is­land Trans­mis­sion Link, and the Maritime Link.

The pur­pose of the agree­ments, which re­flect the Term Sheet, is to for­mal­ize the transactio­ns agreed to by the par­ties.

Six of the agree­ments re­flect the com­mit­ment by Emera to de­velop the Maritime Link con­nect­ing New­found­land and Labrador and Nova Sco­tia, and to pro­vide trans­mis­sion rights in Nova Sco­tia. Four agree­ments re­late to trans­mis­sion rights for Nal­cor in the Mar­itimes and New Eng­land as a re­sult of Emera’s in­vest­ment in the Labrador-Is­land Link, which will span from Muskrat Falls, across the Strait of Belle Isle, to Sol­diers Pond on the Avalon Penin­sula. Three re­lated agree­ments were also com­pleted.

Mr. Martin sug­gested “The agree­ments signed to­day re­flect the strong part­ner­ship be­tween Nal­cor and Emera, and the com­mit­ment by both com­pa­nies to en­sure a qual­ity re­sult for ev­ery­one in­volved.

“We took the time nec­es­sary to get it right, and I’m proud to say that to­day we have 13 com­pre­hen­sive, sound agree­ments that will stand the test of time.”

Mr. Huskil­son agreed “To­day’s an­nounce­ment sets the stage for the de­vel­op­ment of a new source and route for clean, re­new­able and re­li­able en­ergy that will help sta­bi­lize en­ergy costs, im­prove the en­vi­ron­ment and pro­vide eco­nomic ben­e­fits for the en­tire re­gion.”

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