Joint Venture Partners Brascan Power and Emera Close Acquisition of Hydroelectric Facilities in New England.GATINEAU, Quebec & HALIFAX, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
TSX Transfer from Stack Pointer to Index TSX True Space Extension :EMA (1) (Enterprise Management Architecture) An earlier strategic plan from Digital for integrating network, system and application management. It provided the operating environment for managing a multi-vendor network. ), in a 50-50 joint venture, announced today the completion of the acquisition of the 610 megawatt (MW) Bear Swamp Bear Swamp is a forested parkland in Ashfield, Massachusetts. The Trustees of Reservations owns and maintains the property. Though Bear Swamp was once a sheep pasture and later a source of cordwood and lumber, it now seems much like an untouched wilderness. Hydroelectric Generating Facility, located on the Deerfield River Deerfield River is a river that runs for 73 miles from southern Vermont through northwestern Massachusetts to the Connecticut River. The Deerfield was historically influential in the settlement of western Franklin County, Massachusetts, and its namesake town. in northern Massachusetts for US $92 million. The assets are comprised of a 600 MW hydroelectric pumped storage Pumped storage A process, also known as hydroelectric storage, for converting large quantities of electrical energy to potential energy by pumping water to a higher elevation, where it can be stored indefinitely and then released to pass through hydraulic generating station and a conventional 10 MW generating station. "We are pleased to add this quality asset to our growing portfolio in the northeast," said Chris Huskilson, President and Chief Executive Officer of Emera Inc. "Our operating and marketing expertise will enable us to maximize the value of this asset for our shareholders." "We're excited to own and operate the unique Bear Swamp complex. It represents a meaningful addition to our capacity in the northeast U.S. and enhances our operating and power marketing flexibility," said Harry Goldgut, Chairman and Chief Executive Officer of Brascan Power. The Bear Swamp facility contains an underground powerhouse with a lower dam, powerhouse and reservoir, and four upper dikes creating an upper reservoir. The powerhouse at the lower dam, known as the Fife Brook generating station, contains a single Francis type turbine. The Bear Swamp powerhouse contains two 300 MW reverse Francis-type pump turbines. The facility is interconnected to the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. power grid and sells energy, capacity and ancillary products to New England's Independent System Operator. About Brascan Power Brascan Power Inc. comprises the power generating, transmission, distribution and marketing operations of Brascan Corporation. It is a producer and distributor of power, and among the lowest cost producers of electricity in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Brascan Power owns and operates over 130 power generation facilities with a total generating capacity of over 3,300 megawatts. The Company has developed and successfully operated hydroelectric power hydroelectric power: see power, electric; water power. hydroelectric power Electricity produced from generators driven by water turbines that convert the energy in falling or fast-flowing water to mechanical energy. facilities, primarily across North America, for almost 100 years. (See www.brascanpower.com for more details). Brascan Corporation (NYSE/TSX: BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) ) is an asset management company. With a focus on property, power and other infrastructure assets the company has over $40 billion of assets owned and under management. (See www.brascancorp.com for more details). About Emera Inc. Emera Inc. (EMA-TSX) is an energy and services company with 570,000 customers and $4.0 billion in assets. The core business of Emera is electricity and the company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Nova Scotia Power's Point Tupper and Lingan generating facilities have been ranked #1 and #2 in Canada in operating performance by The Canadian Electricity Association. Bangor Hydro provides electricity transmission and distribution service to 110,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. Emera also owns a 12.9% interest in the Maritimes & Northeast Pipeline, which delivers Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. natural gas to markets in Maritime Canada and the northeastern United States; Emera Energy Services which manages energy assets on behalf of third parties and provides related services; and Emera Fuels, which distributes home heating oil and related products to customers in the Maritime provinces. Note: This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and other risks detailed from time to time in the companies' Annual Reports and Brascan's 40-F filed with the Securities and Exchange Commission. The companies undertake no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Emera Inc. (TSX:EMA) |
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