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CANADIAN INDUSTRY ONLINE - FEBRUARY / MARCH 2012
affordable and sustainable power
Newfoundland and Labrador and
the rest of the region have to
offer.
“This is a historic agreement
for our region and potentially
transformational for our compa-
ny,” said Mr. Huskilson. “It
results in a stronger regional
system that is consistent with
Emera and Nova Scotia Power’s
focus
on
cleaner, af-
fordable elec-
tricity.”
“Our Ener-
gy Plan clear-
ly stated our
intention to
provide the
people
of
Newfound-
land and Lab-
rador with a clean, reliable source
of power which ensured the long-
term stability of power rates,”
said Minister Dunderdale. “By
concluding this agreement we
have accomplished these goals
along with putting us into the
energy marketplaces of Atlantic
Canada and New England. Most
importantly, the people of
Newfoundland and Labrador will
see a maximum return on this
resource and will have priority
as owners of the resource to
partake in the development of a
world-scale mega-project.”
Newfoundland and Labrador
Hydro, a subsidiary of Nalcor
Energy, is mandated to forecast
electricity requirements in the
province and bring forward the
least cost, long-term option for
meeting these requirements. As
a result of growing provincial
demand for electricity, Hydro
evaluated alternatives to develop
new generation sources. Hydro
assessed alternatives and found
the Muskrat Falls project with a
transmission link to the Island
to be the least cost alternative.
The Muskrat Falls option is also
more environmentally acceptable
than maintaining an “isolated”
island power system, which
would retain Holyrood in
operation as a major source of
greenhouse gas emissions. Once
the Muskrat Falls development is
operational, the energy price
structure in the province will be
stable and lower cost for
consumers over the long term
and the province will avoid the
volatility associated with the
price of oil.
steadfast; that is to achieve
maximum benef its for our people,
and to secure stable rates and
markets with a good return for
the people of this province. This
agreement achieves these goals
and also solidif ies a mutually
benef icial partnership with
Emera Inc. and the Province of
Nova Scotia. Today marks the
beginning of a new era of Atlan-
tic Canadian cooperation and
together we are telling the
marketplace both in Canada and
the United States that badly
needed competition in the
hydroelectric marketplace is on
the way.”
The Lower Churchill River
system comprises Muskrat Falls
with 824 megawatts of power and
Gull Island with 2250 megawatts.
Phase two of the project will be
the development of Gull Island
for which construction is
expected to start several years
after Muskrat Falls.
“This is a historic day for Nova
Scotia, and all of Atlantic
Canada,” said Premier Dexter.
“Through this partnership, Nova
Scotia is taking a major step
forward as an international
leader in renewable energy.
Today’s agreement will create
thousands of new jobs; it will
stabilize energy prices for Nova
Scotia families and businesses
well into the future; and it lifts
the idea of Atlantic cooperation
off the page and turns it into
fundamental action, building a
more prosperous nation.”
“This conf iguration is the most
economic and reliable option to
meet
New-
foundland
and
Labra-
dor’s needs
over the com-
ing years and
opens
the
doors for the
province to
begin reaping
the
export
benef its
of
our wealth of
clean, renewable resources,” said
Mr. Martin. “This strategic
partnership with Emera creates
signif icant opportunity today
and well into the future as it will
assist in building stronger
interconnections among the four
Atlantic Provinces and the
northeastern U.S. enabling all to
benef it from the wealth of
environmentally
friendly,
“
Our Energy Plan clearly stated
our intention to provide the people
of Newfoundland and Labrador with
a clean, reliable source of power
which ensured the long-term
stability of power rates”
- Minister Dunderdale
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