Canada - New wind power for Nova Scotia

Nova Scotia Power today took a major step in expanding its portfolio of renewable energy. The Company announced it is negotiating contracts with independent power producers for 240 megawatts of new, renewable energy - enough to supply electricity to almost 60,000 homes.

“The target for new renewable contracts is almost two times more than originally announced in February,” said Ralph Tedesco, President and CEO of Nova Scotia Power. “This is great news for our customers, for our environment, and for the economy of our province.”

“Our customers want more renewable energy and we are meeting that expectation through these contracts, which are mostly for wind energy,” Mr. Tedesco added. “We will more than quadruple the amount of wind energy produced in Nova Scotia , at competitive prices.”

Mr. Tedesco said discussions are under way for projects at eight different sites throughout the province with a number of developers.

“This is an example of the sustainable prosperity our province is working to achieve,” said Premier Rodney MacDonald, who joined Mr. Tedesco and Energy Minister Richard Hurlburt at today's announcement in Brookfield . “These partnerships are good for our provincial utility, good for our independent power producers, good for the companies that work with those companies and good for consumers."

“By 2013, nearly 20 per cent of all Nova Scotia 's electricity will come from green sources like wind,” added Minister Hurlburt. “ Nova Scotia has some of the highest average wind speeds in Canada - and in the wind business, more speed means more power. These new projects show Nova Scotia has the policy, the resource, and the people to turn that power into a successful industry.”

The installation of 240 megawatts of new wind generation will represent an investment of more than $500 million for wind turbines and associated construction. The contracts for the energy produced by wind turbines will be worth approximately $1.5 billion over the life of those contracts.

This addition of renewable energy represents the largest investment in new power generation in Nova Scotia since construction of the Point Aconi generating station in 1992.

Mr. Tedesco said power purchase agreements are scheduled to be signed by the end of this year, with installation of turbines to take place before the end of 2009.