Maritime Link. MITC Canada Day March 2015

Transcription

1 Maritime Link MITC Canada Day March 2015

2 About Emera $9.85 billion of assets in Canada, United States and Caribbean Algonquin (21.0%) 2

3 Emera Maine 154,000 customers in Northern, Central and Downeast Maine 8,902 square mile service area 410 employees Headquarters in Bangor 3

4 Emera Maine / CMP MOU Announced July 2014 Objective: Design and propose a more optimized AC transmission solution to collect and deliver large quantities of renewable energy, particularly in Northern Maine. Scope includes conceptual and specific projects including potential rebuild of the existing MEPCO line. Detailed studies under way which will lead to system design and definitive agreements. 4

5 Rumford Power One of three natural gas generating facilities in New England acquired by Emera in November MW combined-cycle natural gas-fired power plant Bay of Fundy 5

6 Lower Churchill Phase 1 and Maritime Link MUSKRAT FALLS (MF) GENERATION & LABRADOR TRANSMISSION (LTA) $4.2 billion project value 824 MW hydroelectric facility 4.9 TWh/yr 100% Nalcor owned LABRADOR ISLAND LINK (LIL) $2.79 billion project value 900 MW capacity 1,100 km Emera to invest $400 million for a 35% equity interest in the LIL MARITIME LINK (ML) $1.577 billion project value 500 MW capacity 170km undersea link 100% Emera owned for 35 years TRANSMISSION LINES Existing Transmission Lines Proposed Northeast Energy Link NSPI, Emera Maine Transmission Lines Utility Service Area 6

7 Maritime Link Project 500 MW +/-200 kv 170 km HVdc subsea cable km of overland transmission 230kVac, +/-200 Kvdc, and Grounding lines Divided into three distinct areas: Western Newfoundland Cabot Strait Cape Breton, Nova Scotia

8 Maritime Link Key Milestones Achieved final regulatory approval in Nova Scotia November, 2013 Construction start Q Maritime Link Financing Q Financial Close for Federal Loan Guarantee Q Financing/ Bonds issued Q All major contracts awarded Early 2015 Nexans cable contract Q ABB Converter stations and switchyards and other facilities contract Q Abengoa Transmission construction contract March 2015 In Service date Late 2017 Approval to Construct (DG3) Q NS HVDC Transmission Line Construction Complete and Connected Target: Q NL HVDC Transmission Line Construction Complete and Connected Target: Q Granite Canal Switchyard Ready for Operation Q Bottom Brook & Woodbine Converter Stations Ready for Operations Q HVDC Submarine Cable HV Test - Substantial Completion Commissioning Q Performance Test First Commercial Power - Q

9 Project Cost Certainty 9

10 Work Underway Mulcher clearing ROW in NL Accommodation facility construction at Granite Canal, December 2014 Woodbine Converter Station site (NS) 10

11 Nalcor Energy: Muskrat Falls Generating Facility 11

12 Muskrat Falls 12

13 Future Energy Landscape 13

14 Northeast Transmission Development MUSKRAT FALLS (MF) GENERATION & LABRADOR TRANSMISSION (LTA) ON NEW ENGLAND ELECTRICITY MARKET Strong interest in procuring renewable energy from Northern Maine/Canadian sources to: Meet greenhouse gas reduction target; 2020 GHG target of 25% reduction compared to 1990; Reduce its heavy over-dependence on natural gas fired generation; Long term wind contracts offer effective hedge for volatility of gas market impact on electric rates; Backfill approximately 8000 MW of planned capacity retirements; Meet steadily escalating Renewable Portfolio Standards; regional demand for REC qualified energy is fast outpacing supply. Terrestrial wind and Canadian imports are expected to be lower cost solutions. VT QC NH NY ELECTRICITY AND NATURAL GAS PRICES IN NEW ENGLAND MA Price increases driven by natural gas CT RI capacity PA constraints during increased demand of winter months NJ and generation plant retirements. ME NB PE NS NL MARITIME LINK Wind Facility Hydro Facility 14 LABRADOR ISLAND LINK (LIL) WV MD