Topic:"Energy Efficiency Budgets" in M12394

1 Figure 10: Long-Term Forecast for 10-Year Government Bond Yields24 2026 2027 2028 2029 2030 2031- 2035 Canada 3.1% 3.5% 3.5% 3.5% 3.5% 3.5% U.S. 4.1% 4.1% 4.1% 4.0% 4.0% 4.0% 2 2. Yield Curve

AI summary Figure 10 presents a long-term forecast for 10-year government bond yields in Canada and the U.S. from 2026 to 2035. The forecast shows stable yields for Canada at 3.5% and a slightly higher but stable range for the U.S., starting at 4.1% and decreasing slightly to 4.0% by 2030.

operational perspective, NSPML is responsible for managing the Amended and 4 Restated Newfoundland & Labrador Development Agreement and the Amended and Restated 5 Joint Operations Agreement. 6 In terms of energy supply, NLH is obligated to...

AI summary NSPML manages complex energy supply agreements with NLH, including obligations to provide energy from the NS Block and Supplemental Energy Block. These arrangements differ from typical North American transmission models and carry operational and contract management risks that could lead to disallowances.

CONFIDENTIAL (ATTACHMENTS ONLY) - 1 2025 information was not available as of this Information Requests Filing date. That said, NLH - 2 has planned its bipole winter readiness outage for the end of September. As the September outage - 3 is...

AI summary The document discusses NLH's planned bipole winter readiness outage in September 2025, which may result in a failure to meet Energy Board holdback metrics, potentially leading to an additional $4M holdback. Make-up energy deliveries are expected in October, though low regional water levels may affect this.

8 Date NS Block Contract Amount NS Block & Make-Up Energy NS Block, Make- Up Energy, & Market Energy Holdback Jan 2024 100% 121% 121% Feb 2024 98% 150% 150% _ Mar 2024 87% 143% 144% Apr 2024 60% 105% 158% - · May 2024 62% 132% 199% - Jun 2...

AI summary The document presents a table showing the percentage of NS Block contract amounts, make-up energy, and market energy for each month from January 2024 to March 2025, along with holdback amounts. It defines 'Undelivered Energy' or 'Deferred Energy' as cumulative shortfalls compared to a smoothed delivery of energy.

345 1 2 For the critical winter period (November 2024 through March 2025), average NS Block delivery levels were 96%, and over 140% when including deliveries of Make-Up Energy and Market Energy. 6 7 Based on NS Power's Maritime Link Benefi...

AI summary The document discusses energy delivery levels during the critical winter period (November 2024 through March 2025), noting average NS Block delivery levels at 96% and over 140% when including Make-Up Energy and Market Energy. It also references the Maritime Link Benefits Report and NSPML's 2024 Assessment, which indicate estimated benefits exceeding costs by over $120M in 2024.

APRIL 2025 EURO ZONE Yea Avera Chan alenda ge on ar Year Annu al To tal Avera Chan Prev. geon Une ploym Rate ent å ab Impo Good Serv ds & Acc rrent count bn) Bu Bal (Maa ral Govt Idget Iance Istricht) Mor Sup M end p ply, 3, 2025 2 2026 20...

AI summary The document provides economic data and forecasts for the Euro Zone in April 2025, including employment rates, inflation, and monetary policy expectations. It highlights the European Central Bank's (ECB) main refinancing rate and the probability of changes in the rate during April 16-17, 2025.

APRIL 2025 IRELAND Population - 5.2mn (Mid 2023, UN) Histori ical Data Consensu s Forecasts Nominal GDP - US$545.7bn (2023) 2021 2022 2023 2024 2025 2026 Gross Domestic P roduct (% change on previous year) 16.3 8.6 -5.5 1.2 3.3 2.7 Industr...

AI summary The document provides economic data for Ireland, Israel, and Nigeria, including population, nominal GDP, GDP growth rates, industrial production changes, consumer price inflation, and current account balances for various years up to 2026. It also includes forecasted data and interest rates for Ireland.

NON-CONFIDENTIAL 1 Request IR-06: 2 3 IR-2 to IR-31 Reference Exhibit N-1 Pages 4 -29 4 5 Pages 8-9 6 NSPML states: "In addition to the items listed above, with Newfoundland & Labrador 7 Hydro still in early stages of normal operations aft...

AI summary The document outlines information requests from the Nova Scotia Energy Board to NSPML regarding its collaboration with Newfoundland & Labrador Hydro on the Lower Churchill Project, including O&M practices, costs, and NS Power's involvement. The responses are expected to cover operational alignment, cost estimates, and differences in engagement between NSPML and NS Power.

f such Emera Rights; " Emera Background IP " means the Intellectual Property Rights owned by Emera or its Affiliates which are Used in the Transmission Assets but which are not Emera Foreground IP; " Emera Default " has the meaning set for...

AI summary The text defines various legal and operational terms related to Emera's intellectual property, rights, and obligations, as well as references to agreements and legislation such as the Excise Tax Act (Canada).

the Parties, acting reasonably, and suitable for registration at the NL Registry of Companies and Deeds or a land registration office established under the Land Registration Act (Nova Scotia) or under the Personal Property Security Act (Ne...

AI summary The text defines key terms related to the Maritime Link project, including intellectual property rights, the Prime Rate, and the Project NDA. It outlines the transfer of interests from Emera to Nalcor and includes legal definitions such as 'Person' and 'Recipient Party'.

12.3 Own Property Damage For the avoidance of doubt, it is the Parties' intent that, subject to any right a Party may have to seek compensation from a third party who caused the Loss or from insurance, each Party shall be responsible for a...

AI summary The Parties agree that each is responsible for Losses to its own property, including facilities, equipment, and materials on the site of Defined Assets, regardless of the cause, including O&M Activities or the actions of the other Party or its affiliates. This applies unless compensation from a third party or insurance is available.

Schedule 1 - Scheduling Protocol Schedule 2 - Nalcor Master Agreement Schedule 3 - Nalcor Master Agreement Modifications Schedule 4 - Description of Nalcor Progress Report Schedule 5 - Form of Balancing Service Agreement Schedule 6 - Form...

AI summary This document outlines the schedules and key components of an Energy Access Agreement, effective April 13, 2015. It includes protocols, master agreements, progress reports, service agreements, and dispute resolution procedures.

ect of any Nalcor Variance Amount and is in addition to, and separate from, the Nova Scotia Block; " Nalcor Variance Amount " has the meaning set forth in Section [5.5(a)(iii)](#page-27-0) ; " New Generation Development Energy " means any...

AI summary This text defines various terms and agreements within a regulatory proceeding, including the 'Nalcor Variance Amount,' 'New Generation Development Energy,' and the 'Newfoundland and Labrador Development Agreement.' These terms outline contractual obligations and energy commitments between Nalcor and Nova Scotia Power Incorporated.

2.4 Nalcor Bid Price In pricing the Nalcor Bid Energy offered pursuant to Section [2.3](#page-19-0) , Nalcor shall consider, in respect of the applicable time periods covered by the Nalcor Bid, NSPI's market alternatives for Energy procure...

AI summary This section outlines the pricing mechanism for Nalcor's bid energy, ensuring it does not exceed the higher of the ISO-NE Day-Ahead Price or alternative market opportunities, considering factors such as transmission, storage, and generation capacity.

2.5 Acknowledgement of NSPI Acceptance Within 15 days following the expiry of the minimum 30 day period referred to in Section [2.2](#page-19-1) , NSPI shall, by Notice, either: - (a) advise Nalcor that it does not accept the Energy supply...

AI summary NSPI must notify Nalcor within 15 days of the expiry of a 30-day period whether it accepts the Energy supply offers in the Nalcor Bid. If accepted, NSPI must specify the accepted portions, including Peak and Off-Peak periods and MWh quantities. However, NSPI is not obligated to accept any Energy supply offer.

n [3.6(d)](#page-23-2) shall be Scheduled and delivered to NSPI by no later than the date that is 365 days following each applicable Original Date of Delivery; - (d) the Energy delivered by Nalcor to NSPI pursuant to Section [3.6(c)](#page...

AI summary This section outlines the rescheduling and delivery of energy by Nalcor to NSPI, ensuring equivalent economic value through replacement energy supplies and calculation methods based on Incremental Cost Rates.

(a) Nalcor and Emera Variance Amounts (i) Subject to Section [5.5(a)(ii)](#page-27-2) , in each Contract Year following a Variance Trigger Date, Emera shall make available to NSPI, in accordance with this Agreement, an amount of Energy tha...

AI summary This section outlines the Emera Variance Amount, which is the amount of Energy Emera must make available to NSPI in a Contract Year following a Variance Trigger Date, subject to a maximum of 300 GWh.

3.2 Rolling Four Week Schedule - (a) By no later than 00:00:00 (midnight) APT of each Tuesday, Nalcor shall provide a report to NSPI in respect of the subsequent four full Calendar Weeks, advising of: - (i) for each such Calendar Week, the...

AI summary Nalcor is required to submit energy reports to NSPI by midnight APT every Tuesday, covering the next four calendar weeks. By midnight APT every Wednesday, Nalcor and NSPI must agree on a Four Week Schedule for energy delivery, based on the reported energy amounts and subject to the EAA and NSPI Solicitation terms.

- (b) if it intends to exercise its right to postpone delivery of Energy pursuant to Section 3.6 of the EAA, notify NSPI of same in accordance with such provision. - Step 2A Acceptance of Dispatch Plan - By no later than 1015 APT of the Pr...

AI summary The text outlines procedures for the scheduling and modification of energy dispatch plans, including steps for acceptance, confirmation, and adjustments in accordance with the Energy Access Agreement (EAA) and related transmission agreements.

ARTICLE TEN: MISCELLANEOUS - 10.1 Term of Master Agreement Immediately after the words "provided, however, that" in the third line, insert the words: "this Master Agreement shall not be terminated by either Party while the Energy Access Ag...

AI summary This section of the document outlines amendments to the Master Agreement, including modifications to the term of the agreement, representations and warranties, and the assignment section. These changes ensure the agreement remains in force during the Energy Access Agreement, update warranties to include ongoing obligations, and clarify terms related to the sale of electric energy and capacity.

ilize or change its utilization of its owned or controlled assets or market positions to minimize Nalcor's liability. The definition of "Sales Price" set forth at Section 1.53 is replaced as follows: "Sales Price" means the price at which...

AI summary The text revises the definition of 'Sales Price' to ensure Nalcor resells products not received by NSPI in a commercially reasonable manner, with deductions for resale costs and transmission charges. It also introduces new definitions, including 'Confidential Information', 'Forced Outage', 'Forgivable Event', and 'Good Utility Practice', all referencing the Energy Access Agreement.

2.2 Nomination of Energy Flow Rate - (a) Nomination of Energy Flow Rate - In respect of each Balancing Year other than an initial partial Balancing Year, Emera shall advise Nalcor by Notice, on or before October 31 of the year preceding su...

AI summary This section outlines the process for Emera to nominate an energy flow rate for each Balancing Year, specifying that the nominated rate cannot exceed +/- 100 MW. The maximum flow rate is shared between NSPI and Emera if both are entering into Balancing Service Agreements. Failure to nominate results in a default of zero MW.

2.5 Energy Imbalances - (a) Financial Adjustments - Balancing Energy will be provided by the Parties on a MWhfor-MWh basis, with no financial adjustment or other payment to either Party, other than the Balancing Fee. - (b) Net Imbalances -...

AI summary This section outlines how energy imbalances between parties are handled. Energy imbalances up to two GWh are reconciled through additional deliveries or redeliveries of balancing energy in subsequent periods, while imbalances exceeding two GWh may be retained by the recipient without compensation or further adjustment.

2.6 Forgivable Events – Redelivery of Balancing Energy If, due to a Forgivable Event, Nalcor is not able to redeliver Balancing Energy to Emera at the Delivery Point in a quantity up to that of any Positive Imbalance, or Emera is not able...

AI summary This section outlines the handling of Undelivered Balancing Energy due to Forgivable Events, specifically Native Load Events. It details how the Balancing Fee is adjusted, the obligations for subsequent delivery of energy, and options for compensation if redelivery is not feasible within the First Two Balancing Periods.

FORM OF ASSIGNMENT AGREEMENT NSPML 2026 Assessment Application NSEB IR-26 Attachment 2 Page 200 of 246 [Prior to finalization, the form of assignment agreement will be attached, substantially in the form of the version that is attached to...

AI summary The document outlines a form of assignment agreement and a balancing service agreement as part of the NSPML 2026 Assessment Application. It references the Energy Access Agreement and mentions that the assignment agreement will be attached in a finalized version.

r pursuant to that agreement; (2) pursuant to the New Brunswick Transmission Rights Utilization Agreement had such Pre-FCP Surplus Energy been transmitted from the NS-NB Border to the NB-Maine Border pursuant to that agreement; and (3) pur...

AI summary This section outlines the procedure for determining the price of Pre-FCP Surplus Energy based on specific agreements and transmission rights, as well as the process for Emera's option to acquire such energy during defined weekly periods.

IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first written above. Executed and delivered by Nalcor Energy, in the presence of: NALCOR ENERGY By: Name: Ed Martin Title: President and Chief Executive Officer By:...

AI summary This document outlines an Energy and Capacity Agreement executed between Nalcor Energy and Emera Inc., with key signatories including Ed Martin and Rob Hull. The agreement defines terms such as APT, FCP, and ML, and is part of a broader regulatory and operational framework.

5.3.2 Market DCF Estimates Table 1 showed that real GDP growth has averaged 2.3% over the 1992 to 2024 period, which provides one potential estimate of long-term growth that could be used in the single-stage model, since one might expect l...

AI summary The text discusses market DCF estimates, including real and nominal GDP growth rates and their implications for long-term growth assumptions. It references the Bank of Canada's inflation target and uses the S&P/TSX Composite Index dividend yield to estimate implied equity returns for 2024.

100 Exhibit 27084-X0469, PDF page 71. 101 Consensus Economics publishes long-term [10-year] interest rate projections twice a year, in April and in October. Transcript, Volume 2, page 114, lines 2-6. 102 Exhibit 27084-X0469, PDF page 41. 3...

AI summary The document references various exhibits and evidence related to interest rate projections, including long-term 10-year and 30-year Canadian government bond yields, and the use of these rates in estimating the notional ROE and implied ERP. Multiple parties provided empirical and capital market resources supporting the alignment of asset useful life with the term to maturity of the risk-free rate.

Inflation CPI inflation rose to 2.4% in September as the drag from gasoline prices faded. Inflation excluding indirect taxes was 2.9% ([Chart 10](#page-12-0)). Inflation in goods excluding energy remains above its historical average at 2.3...

AI summary CPI inflation increased to 2.4% in September as the negative impact of gasoline prices diminished. Excluding indirect taxes, inflation was 2.9%. Energy prices are currently dampening overall inflation due to the removal of the consumer carbon tax in April, although higher refinery margins have partially offset this effect. Energy inflation was -2.6% in September.

Despite the recent tariff tensions, the magnitude and significance of trade between the two countries reflects the high degree of integration between the two economies. According to the U.S. Department of State: "The United States and Cana...

AI summary The document highlights the strong economic integration between the U.S. and Canada, citing high levels of trade and similar macroeconomic indicators. It notes that the two countries have comparable investment environments, leading to the use of both Canadian and U.S. proxy companies in cost of capital analysis.

explicit adjustments to its ROE or capital structure recommendations on the basis of the energy transition, as these effects were captured in the financial models used to analyze the cost of capital. The EDA noted the point raised by certa...

AI summary The EDA and OEA discuss the impact of the energy transition on utilities, noting that increased revenues from higher demand are not guaranteed and that risks such as stranded assets and declining demand for natural gas pose challenges. They argue that the energy transition increases capital requirements and risks for utilities, affecting their creditworthiness.