Modernization at Tampa Electric’s Big Bend Facility Supports Emera’s Decarbonization Strategy and Growth Plan
Today, Tampa Electric announced an $853 million USD investment to
modernize the utility’s Big Bend Power Station. This investment supports
Emera’s decarbonization strategy and highlights Tampa Electric’s strong
growth potential.
As part of the company’s goal to further reduce carbon emissions at
Tampa Electric, the utility has a progressive plan to modernize Unit 1
and retire Unit 2 early.
This is the second major investment announced by Emera and Tampa
Electric in the past twelve months. Last September the company announced
an $850 million USD solar plan that will add 600 MW of solar capacity at
the utility. The four phase plan will include six million solar panels
installed across 10 projects between 2018 and 2021.
“These investments are good examples of Emera’s strategy in action
supporting the transformation toward cleaner energy at Tampa
Electric,” said Scott Balfour, President and CEO of Emera Inc. “The
modernization of Big Bend combined with our recently announced solar
plan represent approximately $1.7 billion USD of rate base investment
that will provide value to customers as well as solid earnings and cash
flow growth to shareholders.”
The modernization of the Big Bend Power Station will significantly
change Tampa Electric’s fuel mix. In 2017, 69 per cent of the utility’s
energy was generated from natural gas, 24 per cent was from coal and
about 6.5 per cent was from other sources, including solar. In 2023, it
will be 75 per cent natural gas, 12 per cent coal, about 7 per cent
solar, and about 6 per cent other sources.
“This project will improve the land, water and air emissions at Big
Bend,” said Nancy Tower, President and CEO of Tampa Electric. “This
project will save our customers money, and, coupled with our significant
increase in solar power, will make Tampa Electric substantially cleaner
and greener than it is today.”
Emera’s growth strategy includes investments in renewable generation,
electricity transmission, and natural gas infrastructure expansion.
Construction at the Big Bend Power Station is anticipated to start as
early as 2019, progressively be in service starting in 2021 and be fully
complete in 2023.
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 “Enterprise Risk and
Risk Management” in Emera’s annual Management’s Discussion and Analysis,
and under the heading “Principal Financial Risks and Uncertainties” in
the notes to Emera’s annual financial statements, which can be found on
SEDAR at www.sedar.com.
About Emera
Emera Inc. is a geographically diverse energy and services company
headquartered in Halifax, Nova Scotia with approximately $29 billion in
assets and 2017 revenues of more than $6 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 per cent 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 and on The Bahamas International Securities Exchange under the
symbol EMAB. Additional Information can be accessed at www.emera.com
or at www.sedar.com.
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