Presidential Permit Application for Emera’s Atlantic Link Subsea Transmission Project

BOSTON–(BUSINESS WIRE)–Clean Power Northeast Development, a subsidiary of Emera Inc., has
applied to the U.S. Department of Energy for a Presidential Permit,
requesting authorization to build the Atlantic Link subsea electric
transmission project. The application has been deemed complete and the
project’s submission notice was published today in the U.S. Federal
Register.

Atlantic Link is a proposed 1,000-megawatt (MW) high-voltage direct
current (HVDC) transmission interconnection of approximately 375 miles
to deliver wind and hydro power from Atlantic Canada directly to
Massachusetts. The subsea cable would run from Coleson Cove, New
Brunswick to Plymouth, Massachusetts, making landfall near the retiring
Pilgrim nuclear station. Atlantic Link’s proposed in-service date is
late 2022. A Presidential Permit is required to authorize the
construction, connection, operation and maintenance of a transmission
line between the United States and Canada.

Atlantic Link has been proposed in response to the Massachusetts Clean
Energy RFP, a competitive solicitation for clean energy delivery to the
Commonwealth of Massachusetts. Responses to the RFP were submitted in
late July.

Atlantic Link’s application for a Presidential Permit initiates a formal
review of the project by U.S. federal government agencies. The review
process will examine environmental impacts of the project, as well as
its impact on electric reliability.

“The request for a Presidential Permit is a significant milestone for
Atlantic Link to ensure we continue to stay on track with our project
schedule,” said Dan Muldoon, Emera’s Executive Vice-President for Major
Renewables and Alternative Energy. “Atlantic Link is a reliable,
cost-effective solution to help Massachusetts meet its energy diversity
and greenhouse gas emissions reduction goals. This transmission line’s
direct connection to Massachusetts will ensure benefits such as energy,
taxes, construction activity and low income programs all stay with
Massachusetts residents and electricity customers.”

Last month, the Atlantic Link project received a certificate from
Massachusetts Energy and Environmental Affairs regarding the scope of
required environmental assessment under the state’s Environmental Policy
Act (MEPA).

The Atlantic Link is proposing to deliver 5.69 terawatt hours (TWh) of
clean energy annually, directly to southeastern Massachusetts, for a
delivered price that remains fixed for 20 years. Approximately 70 per
cent of the energy would be from seven proposed wind farms to be built
in New Brunswick and Nova Scotia, with the remaining 30 per cent coming
from two hydro suppliers in Atlantic Canada, Nalcor Energy and NB Power.

Energy supply for Atlantic Link resulted from a competitive Open
Solicitation process initiated by Clean Power Northeast Development in
January 2017. The process was overseen by an independent administrator.
Commercial arrangements are in place between Clean Power Northeast and
the selected wind and hydro suppliers.

Atlantic Link is 100% owned by Clean Power Northeast Development. NB
Power holds an option to participate in the Atlantic Link project as a
minority investor.

About Atlantic Link
Atlantic
Link is a 1,000-megawatt (MW) high-voltage direct current (HVDC)
subsea transmission project to deliver clean energy from Atlantic Canada
to Massachusetts. The project includes a new converter station and
substation to be constructed at the landing site in Plymouth,
Massachusetts as well as similar facilities at the cable’s origination
point at Coleson Cove, New Brunswick. Virtually the entire length of the
new, approximately 375-mile-long transmission interconnection would be
installed underwater. Atlantic Link is being developed by Emera Inc.
subsidiary Clean Power Northeast Development. The project web
site is www.atlanticlink.com.

Forward Looking Information
This news release contains
forward-looking information within the meaning of applicable securities
laws. By its nature, forward-looking information requires Emera to make
assumptions and is subject to inherent risks and uncertainties. These
statements reflect Emera management’s current beliefs and are based on
information currently available to Emera management. There is a risk
that predictions, forecasts, conclusions and projections that constitute
forward-looking information will not prove to be accurate, that Emera’s
assumptions may not be correct and that actual results may differ
materially from such forward-looking information. Additional detailed
information about these assumptions, risks and uncertainties is included
in Emera’s securities regulatory filings, including under the heading
“Business Risks and Risk Management” in Emera’s annual Management’s
Discussion and Analysis, and under the heading “Principal Risks and
Uncertainties” in the notes to Emera’s annual and interim financial
statements, which can be found on SEDAR at www.sedar.com.

About Emera Inc.
Emera Inc. is a geographically diverse
energy and services company headquartered in Halifax, Nova Scotia with
approximately $28 billion in assets and 2016 revenues of more than $4
billion. The company invests in electricity generation, transmission and
distribution, gas transmission and distribution, and utility energy
services with a strategic focus on transformation from high carbon to
low carbon energy sources. Emera has investments throughout North
America, and in four Caribbean countries. Emera continues to target
achieving a minimum of 75% of its adjusted net income from
rate-regulated businesses. Emera’s common and preferred shares are
listed on the Toronto Stock Exchange and trade respectively under the
symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F.
Depositary receipts representing common shares of Emera are listed on
the Barbados Stock Exchange under the symbol EMABDR. Additional
Information can be accessed at www.emera.com or
at www.sedar.com.

Contacts

Clean Power Northeast Development
Gerald Weseen
Vice
President, US Government Affairs
(617) 530-1309 – o
(857)
288-9505 – m
[email protected]
or
Investor
Inquiries:
Emera Inc.
Ken McOnie
Vice President, Investor
Relations & Treasurer
(902) 428-6945
[email protected]