Emera declines comment on whether deal near on subsea power cable with Newfoundland

The Canadian Press ~ The News
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HALIFAX — Halifax-based energy company Emera Inc., is declining comment on whether a deal is imminent with Newfoundland’s Nalcor Energy on the proposed Lower Churchill hydroelectric project in Labrador.

Over the weekend Newfoundland and Labrador Premier Danny Williams said talks were continuing between Emera (TSX:EMA) and his province’s Crown-owned agency.

Williams said the project would likely be completed in two phases with the help of Emera and that he planned to make an announcement “sooner rather than later.”

Emera spokeswoman Sasha Irving will only say that talks are ongoing with both Newfoundland and New Brunswick on an energy link.

Emera’s subsidiary Nova Scotia Power Inc., has been talking with Nalcor about a subsea cable to carry electricity to Nova Scotia and the U.S. market since a memorandum of understanding was signed in January, 2008.

Both provinces have also asked Ottawa for $375 million for the project from a federal fund for public-private projects.

Organizations: Emera Inc., TSX, Nova Scotia Power Inc.

Geographic location: Newfoundland and Labrador, New Brunswick, Nova Scotia U.S. Ottawa

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