Topic:"Energy Efficiency Resource Assessment Model" in M12394

19 C. Executive Summary - 20 We have prepared this report on behalf of NSP Maritime Link Incorporated ("NSPML" "Maritime - 21 Link" or the "Company"). NSPML is a subsidiary of Emera Newfoundland & Labrador Holdings, - 22 Inc. ("ENL"), whic...

AI summary The Maritime Link is a transmission infrastructure project connecting Muskrat Falls in Newfoundland to Nova Scotia, completed on time and within budget at a cost of $1.7 billion. It provides hydroelectric power to Nova Scotia, reducing reliance on coal and supporting renewable energy goals. The project includes HVDC transmission lines and converter stations in both provinces.

13 Despite the recent tariff tensions, the magnitude and significance of trade between the two 14 countries reflects the high degree of integration between the two economies. According to the 15 U.S. Department of State: "The United States...

AI summary The text highlights the strong economic integration between the United States and Canada, emphasizing their extensive trade relationship and similar macroeconomic environments. It notes that despite trade tensions, the two countries maintain a high level of economic and investment correlation, influencing the cost of capital analysis for utilities.

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) Please provide a monthly summary of the holdback from January 2024 to September 2025 (estimated, if necessary) and NSPML's progress towards meeting the Board-approved NSPML believes it achieved the condition...

AI summary NSPML provided a monthly summary of the holdback from January 2024 to September 2025, estimating progress towards meeting the Energy Board's conditions for ending the holdback. NSPML believes it met the conditions by April 2024. The document also references the Maritime Link's availability and planned outages.

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.

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.

These results, which are typical of the other periods, suggest that at least as measured by the correlation coefficients, naively extrapolated assessments of future risk for larger portfolios are remarkably accurate, whereas extrapolated a...

AI summary The analysis indicates that extrapolated risk assessments for larger portfolios are highly accurate, while those for individual securities and smaller portfolios are less reliable in forecasting future risks.

4 5 a) For clarity, the "commercial exercise" referenced in the Application refers to the 6 calculation and payment of an adjustment amount under Section 5.5(b) of the Joint 7 Operations Agreement (JOA), which is referred to as the "LTAMP...

AI summary The text discusses the 'commercial exercise' related to the calculation and payment of an adjustment amount under the Joint Operations Agreement (JOA), referred to as the 'LTAMP true-up'. It also outlines coordination between parties through the Joint Operations Committee and other informal mechanisms, and highlights NSPML's obligation to maintain the Maritime Link in the 'Required Condition'.

rt-up and testing activities required to demonstrate that a Transmission Asset is ready for commercial operation; " Confidential Information " has the meaning given to such term in the Project NDA; " Control " of a Person means the possess...

AI summary The text defines key terms related to transmission assets, confidential information, control of a person, and defined asset life extension costs, providing detailed explanations for each term.

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'.

12.1 Nalcor Indemnity Nalcor shall indemnify, defend, reimburse, release and save harmless Emera and its Affiliates and their respective directors, officers, managers, employees, agents and representatives, and the successors and permitted...

AI summary Nalcor is required to indemnify, defend, and reimburse the Emera Group for any claims arising from the gross negligence or wilful misconduct of any member of the Nalcor Group in connection with Nalcor's obligations under the agreement.

12.2 Emera Indemnity Emera shall indemnify, defend, reimburse, release and save harmless Nalcor and its Affiliates and their respective directors, officers, managers, employees, agents and representatives, and the successors and permitted...

AI summary Emera is required to indemnify the Nalcor Group against claims arising from the gross negligence or wilful misconduct of any member of the Emera Group in connection with Emera's obligations under the Agreement.

16.1 Nalcor Assignment Rights (a) General - Nalcor shall not be entitled to assign all or any portion of its interest in this Agreement, any Claim or any other agreement relating to any of the foregoing (collectively, the " Nalcor Rights "...

AI summary Section 16.1 outlines the conditions under which Nalcor can assign its rights under the agreement. Nalcor requires Emera's prior written consent for any assignment, except to its affiliates, provided that an agreement in the form of Schedule 3 is entered into. A change in control of a Nalcor Affiliate Assignee also requires Emera's consent. Any unauthorized assignment is void.

(#page-29-0) ; " Emera Rights " has the meaning set forth in Section [15.2(a)](#page-51-1) ; " Emera Variance Amount " has the meaning set forth in Section [5.5(a)(i)](#page-26-1) ; " Encumbrance " means any security interest, mortgage, ch...

AI summary The text defines key terms related to a legal agreement, including 'Emera Rights,' 'Emera Variance Amount,' and 'Force Majeure.' It outlines the scope of 'Energy' and references the 'Energy and Capacity Agreement' between Nalcor and Emera. The 'Excise Tax Act' is also mentioned in the context of Canadian legislation.

" Forgivable Event " means any of the following, as applicable: - (a) a requirement by Nalcor or an Affiliate of Nalcor to utilize Energy in order to satisfy NL Native Load; - (b) a Hydrology Event; - (c) Force Majeure; - (d) a Safety Even...

AI summary The text defines key terms such as 'Forgivable Event' and 'Full Commercial Operation' in the context of energy agreements involving Nalcor and Emera. It outlines specific events and conditions that qualify as forgivable events and details the formal agreements and milestones for achieving full commercial operation of energy projects.

2.1 Nalcor Forecasts - (a) In accordance with the schedule set forth in Section [2.1(b)](#page-18-1) , Nalcor shall provide NSPI with good faith forecasts that specify the quantity of Available Energy that is forecasted to be available for...

AI summary Nalcor is required to provide NSPI with good faith energy forecasts specifying the quantity of Available Energy available for sale over the next 24 months, with constraints on maximum availability, transmission system capabilities, and peak/off-peak energy distribution. Forecasts must be submitted at specific intervals, starting on March 1 of the year the first Contract Year commences, and ending on or before June 1, 2040.

2.3 Nalcor Bid If a NSPI Solicitation requests offers for the supply of Energy during a Peak Period or an Off-Peak Period, or both, in respect of one or more calendar months in which the immediately preceding Nalcor Forecast has forecasted...

AI summary This section outlines the requirements for Nalcor's response to NSPI's solicitation for energy supply during peak and off-peak periods. Nalcor must submit a bid within 30 days and offer energy quantities based on the most recent forecast, with pricing compliance and exceptions for forgivable events.

3.5 Scheduling of Energy Deliveries The sale and delivery by Nalcor to NSPI of Nalcor Supplied Energy pursuant to this Agreement, including any Redeliverable Energy, will be Scheduled in accordance with the Scheduling Protocol. Nalcor and...

AI summary This section outlines the process for scheduling energy deliveries between Nalcor and NSPI, ensuring that all obligations under Section 2.6 are met in accordance with the Scheduling Protocol.

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.

4.1 Energy Availability Commitment - (a) Except as provided for by Sections [4.1(b)](#page-24-3) , [5.5(a)(i)](#page-26-1) and [5.5(a)(ii)](#page-27-2) , Nalcor shall make available to NSPI during the Term an amount of Energy that is no le...

AI summary Nalcor is required to make a minimum amount of energy available to NSPI during the contract term, calculated as 1.2 TWh multiplied by the number of contract years. This obligation may be reduced or waived if Nalcor is unable to fulfill it due to Force Majeure.

(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.

12.1 Nalcor Indemnity Nalcor shall indemnify, defend, reimburse, release and save harmless: - (a) Emera and its Affiliates other than NSPI and their respective directors, officers, managers, employees, agents and representatives, and the s...

AI summary This section outlines Nalcor's obligation to indemnify, defend, and reimburse the Emera Group and the NSPI Group against claims arising from the gross negligence or wilful misconduct of any member of the Nalcor Group in connection with Nalcor's obligations under the agreement.

14.5 NSPI Confidentiality Obligations Without limiting the provisions of this Agreement: - (a) NSPI shall keep confidential from Emera, NSPI's other Affiliates and their respective Representatives: the Nalcor Forecasts, any Nalcor Variance...

AI summary This section outlines NSPI's confidentiality obligations under the agreement, requiring it to keep certain information related to Nalcor and Emera, including forecasts, solicitation responses, and energy delivery details, confidential from specified parties.

1.1 Definitions In this Schedule, except to the extent of a conflict with a definition set out below, the definitions set forth in the Transmission Agreements apply and in addition thereto: " Anticipated Energy " means quantity of Availabl...

AI summary This section defines key terms used in the Transmission Agreements, including Anticipated Energy, Atlantic Prevailing Time, Available Energy, Backstop Remedy, Bayside Rights, Calendar Week, Dispatch Plan, Energy Access Agreement, E-Tags, Equivalent Rights, and First Term, with references to other agreements and sections.

2.1 Purpose The purpose of this Schedule is to provide the protocol for communications between Nalcor and Emera, or Nalcor and NSPI, as applicable, that are necessary to facilitate: - (a) the scheduling of the delivery of Nalcor Supplied E...

AI summary This Schedule outlines the communication protocol between Nalcor and Emera or NSPI to facilitate the scheduling of energy delivery and transmission rights under various agreements, including the EAA and Transmission Agreements, enabling Nalcor to participate in electricity markets beyond Nova Scotia.

3.4 Intra-Day EAA Scheduling Changes Following the issuance by NSPI of a confirmation pursuant to Step 2B in Section 4.1 , NSPI may request a change to the confirmed delivery schedule for the applicable day of delivery by providing such re...

AI summary NSPI may request changes to confirmed delivery schedules under the Energy Access Agreement, provided they are made at least 60 minutes before the earliest hour of the change. Changes require mutual agreement between Nalcor and NSPI and are formalized in accordance with Section 4.2. Unconfirmed changes will not alter the original schedule.

- (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.

SCHEDULE P: PRODUCTS AND RELATED DEFINITIONS "Ancillary Services" means any of the services identified by a Transmission Provider in its transmission tariff as "ancillary services" including, but not limited to, regulation and frequency re...

AI summary Schedule P defines key terms related to energy transactions, including ancillary services, capacity, energy, and firm transmission contingent contracts. These definitions outline obligations and exceptions under Force Majeure conditions.

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.

DESCRIPTION OF THE NALCOR PROGRESS REPORT Each Progress Report will contain the following elements: - 1.0 A summary of the actual quantities of Energy made available to NSPI in each of the prior Contract Years, with detail that is consiste...

AI summary The Nalcor Progress Report outlines the structure and content of reports detailing energy availability to NSPI, including historical data, forecasts, and generating facility details. It covers load forecasts, facility descriptions, and changes to generation planning criteria.

- 5.0 An overall assessment comparing the sum total of these Contract Year Energy availability quantities to the Commitment, and the calculation of any actual or predicted Variance, if applicable. NSPML 2026 Assessment Application NSEB IR-...

AI summary This section discusses an overall assessment comparing Contract Year Energy availability quantities to the Commitment, and the calculation of any actual or predicted Variance. It references an Energy Access Agreement and an application by NSPML with NSEB.

(c) Delivery of Balancing Energy by Nalcor - (i) Scheduling of Balancing Energy – Emera shall request and, subject to Forgivable Events, Nalcor shall then Schedule the redelivery of Balancing Energy to Emera in accordance with such request...

AI summary The text outlines the procedures for scheduling and delivering Balancing Energy between Nalcor and Emera, specifying that redelivery must occur on a day-ahead basis according to prevailing protocols and that both parties are obligated to fulfill their roles under the agreement, subject to Forgivable Events.

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.

6.2 Termination of Agreement This Agreement shall terminate on the earliest to occur of any of the following events: - (a) the 25th anniversary of the In-Service Date; - (b) written agreement of the Parties to terminate; and - (c) upon Nal...

AI summary The agreement outlines the conditions under which it may terminate, including the 25th anniversary of the In-Service Date, mutual written agreement to terminate, or Nalcor's election if the In-Service Date has not occurred by the start of the final Contract Year of the Energy Access Agreement.

9.1 Nalcor Indemnity Nalcor shall indemnify, defend, reimburse, release and save harmless Emera and its Affiliates and their respective directors, officers, managers, employees, agents and representatives, and the successors and permitted...

AI summary Nalcor Energy is required to indemnify Emera and its affiliates against claims arising from the gross negligence or wilful misconduct of any member of the Nalcor Group in connection with Nalcor's obligations under the agreement.

9.2 Emera Indemnity Emera shall indemnify, defend, reimburse, release and save harmless Nalcor and its Affiliates and their respective directors, officers, managers, employees, agents and representatives, and the successors and permitted a...

AI summary Emera is required to indemnify Nalcor and its affiliates against claims arising from the gross negligence or willful misconduct of any member of the Emera Group in connection with Emera's obligations under the agreement.

WHEREAS : - A. Nalcor Energy, Emera Inc. and NSPI entered into an Energy Access Agreement dated April 13, 2015 (the " Assigned Agreement ") relating to the provision of access to market-priced Energy by Nalcor to NSPI; - B. [NTD: Need to a...

AI summary The document outlines an Energy Access Agreement between Nalcor Energy, Emera Inc., and NSPI, dated April 13, 2015, which allows NSPI to access market-priced energy from Nalcor. The agreement is part of a broader legal framework, with a placeholder for additional references to assigned rights.

1.1 Definitions In this Agreement, including the recitals and, subject to Section 1.2(h) , in the Schedules: " A&R Effective Date " has the meaning set forth in the commencement of this Agreement; " A&R ML-JDA " has the meaning set forth i...

AI summary This section defines key terms within the agreement, including A&R Effective Date, A&R ML-JDA, APT, Affiliate, Agreement, Applicable Law, and Associated Capacity. It outlines the meaning and scope of these terms, particularly focusing on definitions related to capacity, transmission losses, and energy delivery.

st, a joint venture, an unincorporated organization, a union, a government or any department or agency thereof and the heirs, executors, administrators or other legal representatives of an individual; " Planned Maintenance Period " means a...

AI summary The text defines various terms and concepts related to energy regulation and infrastructure in Nova Scotia, including specific definitions for planned maintenance periods, pricing nodes, and other technical and legal terms relevant to the energy sector.

- (b) Energy Before First Commercial Power Prior to First Commercial Power, if the MFP is producing Energy and, if available, Capacity (in this Section, " MFP Preliminary Energy ") and the LIL and LTA are commissioned within the meaning of...

AI summary This section outlines the rules for handling energy produced by the Muskrat Falls Plant (MFP) before the first commercial power date, particularly focusing on the rights and obligations of Nalcor and Emera regarding the disposition of MFP Preliminary Energy and Pre-FCP Surplus Energy after the ML Commercial Operation Date.

8.3 Failure to Deliver or Accept - Forgivable Non Delivery If Nalcor does not deliver to Emera, or Emera does not accept, all or any of the Nova Scotia Block at the Delivery Point at any time during the Initial Term or any extensions of th...

AI summary This section outlines the obligations of Nalcor and Emera in the event of a failure to deliver or accept the Nova Scotia Block during the Initial Term or its extensions due to a Forgivable Event. The undelivered energy is referred to as 'Block A Undelivered Energy,' and Nalcor is required to deliver it under the terms specified in Section 8.5.

3.0 Loss Factor Calculation The Loss Factor to be applied to Emera's gross Nova Scotia Block entitlement, as measured at Muskrat Falls in each hour of the month shall, subject to paragraph (c), be determined using actual Energy measurement...

AI summary This section outlines the methodology for calculating the Loss Factor applied to Emera's gross Nova Scotia Block entitlement, using actual energy measurements from the NL Transmission District and the Maritime Link Transmission District during the Reference Period, with specific adjustments for the first 13 months of delivery.

4.0 Reconciliation For each month, a reconciliation shall be performed to address any difference between (i) the Energy that has been contributed by Emera to the NL Transmission District and the Maritime Link Transmission District on accou...

AI summary This section outlines the monthly reconciliation process for transmission losses between Emera and the NL Transmission District and Maritime Link Transmission District. It defines how the Nova Scotia Block Monthly Contributed Losses and Actual Nova Scotia Block Energy Losses Share are calculated, and how the ECA Loss Adjustment is applied to future deliveries.

(d) Final Obligation Provided that Nalcor satisfies the foregoing requirements and its obligations under Section 8.5 to deliver any undelivered Energy, it shall have no further obligations or liabilities in respect of its initial non-deliv...

AI summary Nalcor Energy is relieved of further obligations or liabilities related to initial non-delivery of Energy, provided it meets the requirements under Section 8.5 and delivers any undelivered Energy.

10 Year System Outlook. 73 Third Session of the 63rd General Assembly of the Nova Scotia Legislature, March 9, 2021, Speech from the Throne. it did not specifically address the phase-out of coal for energy use.[74](#page-92-0) 1 However, B...

AI summary The document discusses Nova Scotia's 2030 Clean Power Plan, which aims for 80% renewable electricity and a phase-out of coal by 2030. It also notes that DBRS Morningstar acknowledges the plan but expects significant provincial and federal funding support. The plan includes investments in wind, solar, battery storage, and a new transmission line to New Brunswick.

5.5.1.5 Risk Adjustment [185] Although Concentric considered that NSPML's overall risk was greater than the transmission and distribution companies in its proxy group, the Board finds the assessment was somewhat superficial. Further, altho...

AI summary The Board found that Concentric's risk assessment for NSPML was superficial and not well-supported by evidence, particularly regarding the relative riskiness of NSPML's assets compared to those in its proxy group. The Board also noted that risks associated with the Maritime Link were well-managed and that NSPML's claims about high complexity in contract management were exaggerated.

5.5.1.5 Risk Adjustment [185] Although Concentric considered that NSPML's overall risk was greater than the transmission and distribution companies in its proxy group, the Board finds the assessment was somewhat superficial. Further, altho...

AI summary The Board found that Concentric's risk adjustment assessment for NSPML was superficial and not well-supported by evidence. While NSPML emphasized the reliability of the Maritime Link, the Board agreed with the Industrial Group that risks were well-managed and that NSPML's claims about high risk were exaggerated.