Lower Churchill Project Sanctioned by Emera and Nalcor Energy

Energy Minister Charlie Parker said the agreement by Emera and Nalcor Energy announced today, Dec. 17, to sanction the Lower Churchill Project brings Nova Scotia another important step closer to cleaner energy and lower prices in the long term for families.

The sanction agreement is necessary for the companies to access the federal loan guarantee, which will save Nova Scotia ratepayers more than $100 million over the life of the project.

The sanction agreement recognizes that the Maritime Link portion of the project will be fully reviewed by the Utility and Review Board (UARB) to determine whether it is the most cost-effective alternative for ratepayers.

“Nova Scotians deserve the lowest, fairest rates for electricity,” said Mr. Parker. “They expect government will do all it can to secure the lowest-cost project to deliver reliable clean energy well into the future, and that is what we are doing. Ratepayers will not pay one penny of the cost of this project unless the cost is approved by the UARB.”

Nova Scotia’s equivalency agreement to the new federal coal-fired greenhouse gas reductions will require the province to continue the reduction of greenhouse gas emissions to 2030 and beyond. This will require a major switch from coal to cleaner energy sources like hydro. The UARB will fully review the Maritime Link project.

“We are confident the review will find that the project is the best choice for Nova Scotia to meet these standards,” said Mr. Parker. “This is a positive step forward and brings us closer to accessing clean dependable energy at the lowest possible cost for 35 years.

“The Lower Churchill project, through the Maritime link, is our best cost option to provide the lowest, fairest rates to Nova Scotia families, while reducing the amount of polluting coal used to generate electricity.”