Topic:"Energy Efficiency" 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.

nties are treated as risks. - 18 7) The Bank will continue to monitor developments in the trade conlict, assess the 19 implications for Canadian inlation, and provide updates as the situation evolves. 20 As alluded to above, the new U.S. a...

AI summary The text discusses the Bank of Canada's continued monitoring of trade conflicts and their implications for Canadian inflation, particularly due to new U.S. tariffs on imports from Canada and Mexico. The tariffs, which were revised to exclude goods under the USMCA, are seen as a threat to economic growth and have already impacted consumer and business confidence.

U nite d St ates % change over previous year Histori ical C onsens us For ecasts 3 , a croning of the provided year. 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031-35 1 Gross Domestic Product 6.1 2.5 2.9 2.8 1.4 1.7 2.1 2.1 2.0 2.0...

AI summary The text discusses global economic competition, highlighting the US Inflation Reduction Act and CHiPS legislation, China's Belt and Road initiative, and the impact of potential US tariffs. It notes the challenges faced by G7 and Western Europe and the shifting economic strategies in response to these developments.

NON-CONFIDENTIAL 1 Request IR-25: 2 3 IR-2 to IR-31 Reference Exhibit N-1 Pages 4 -29 4 5 Page 22 6 NSPML states: "The converter technology housed inside the converter stations at both ends 7 of the interconnection in Nova Scotia and Newfo...

AI summary The Nova Scotia Energy Board is requesting detailed information from NSPML regarding the risks, spares requirements, and operational challenges associated with converter stations in the Maritime Link project, specifically comparing them to traditional HVAC transmission assets.

round IP, as the context requires; " Formal Agreements " means the agreements listed in Schedule 2 ; " Foreign Jurisdiction " has the meaning set forth in Section [5.7(p)](#page-112-1) ; " Good Utility Practice " means those project manage...

AI summary The text defines key terms related to formal agreements, foreign jurisdiction, and good utility practice, particularly in the context of subsea HVdc transmission cables, emphasizing internationally recognized standards and acceptable practices within the electric utility industry in Canada.

7.3 Performance of Work - (a) Nalcor Right to Carry out Work Subject to Section [7.3(b)](#page-118-2) , without limiting any other right or remedy Nalcor may have, Nalcor may perform or cause to be performed any or all work after the Trans...

AI summary This section outlines the responsibilities of Nalcor and Emera regarding the performance of work post-Transfer Date. Nalcor may perform work and be reimbursed by Emera, while Emera has the option to perform the work at its own cost and must adhere to specific standards and procedures.

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.

3.3 Energy-Only Product Nalcor Supplied Energy will be an Energy-only product, and Nalcor will retain all rights and value associated with such Energy in respect of associated Capacity and GHG Credits.

AI summary Nalcor Supplied Energy is designated as an Energy-only product, with Nalcor retaining all rights and value associated with the Energy, including related Capacity and GHG Credits.

3.4 End Use Consumption Only NSPI shall utilize all Nalcor Supplied Energy for the purpose of end-use consumption by its customers within NS only, provided that NSPI will have the limited right to resell Nalcor Supplied Energy during perio...

AI summary NSPI is required to use Nalcor Supplied Energy for end-use consumption within Nova Scotia, with limited rights to resell surplus energy during periods of excess supply. This is subject to specific conditions outlined in the agreement between Nalcor and NSPI.

3.6 Rescheduled Delivery Nalcor may, at its option and in its sole discretion, postpone and reschedule the delivery of Energy that it is otherwise obligated to deliver to NSPI pursuant to this Agreement in accordance with the following:

AI summary Nalcor has the right to reschedule the delivery of energy to NSPI at its discretion, subject to the terms outlined in the agreement.

(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.

5.6 Commercial Terms Governing Emera Variance Amount Transactions - (a) Emera Variance Transactions - In respect of Energy that is delivered and sold by Emera to NSPI in satisfaction of any Emera Variance Amount: - (i) such Energy will be...

AI summary This section outlines the commercial terms for Emera Variance Amount Transactions, specifying that the Energy delivered by Emera to NSPI is non-firm and that NSPI may only resell surplus Energy under specific conditions. Energy is scheduled on a day-ahead basis in accordance with the Scheduling Protocol.

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.

NSPML 2026 Assessment Application NSEB IR-26 Attachment 2 Page 144 of 246 ENERGY ACCESS AGREEMENT

AI summary The document introduces the 'Energy Access Agreement,' which appears to be a significant component of the NSPML 2026 Assessment Application. This agreement likely outlines terms related to energy access and may be relevant to regulatory proceedings involving energy provision and customer access.

WHEREAS: - A. Nalcor, Emera and NSPI entered into an Energy Access Agreement on April 13, 2015 providing NSPI with access to market-priced Energy when needed to economically serve NSPI and its ratepayers; - B. This Balancing Service Agreem...

AI summary The document outlines a Balancing Service Agreement between Nalcor, Emera, and NSPI, entered into under Section 5.8(a) of an Energy Access Agreement from April 13, 2015, which provides NSPI with access to market-priced energy to serve its ratepayers economically.

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.

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.

- (1) by no later than 1000 APT on the Thursday before the start of a Delivery Week, Nalcor shall give notice (a " Forecast Notice ") to Emera of the maximum amounts of Pre-FCP Surplus Energy and the times which it forecasts such Energy wi...

AI summary This section outlines the procedures for the delivery of Pre-FCP Surplus Energy between Nalcor and Emera, including deadlines for Forecast Notices, confirmation processes, and consequences for non-response. It defines key terms such as Forecast Notice, Confirmation Notice, and Delivery Day.

n its discretion, not to be unreasonably exercised, provide a timely response to the degree any such request will be accommodated. - (x) On a weekly basis, the Parties will reconcile any Energy shortfall or overdelivery that is directly at...

AI summary The text outlines scheduling and delivery procedures between Nalcor and Emera, including weekly and monthly reconciliation of energy shortfalls or over-deliveries, annual discussions on scheduling flexibility, and a note that Schedule 5 does not affect Emera's rights under Article 8 of the Agreement.

- Page 23 - NSPML states: "In addition, the ML delivers energy from Newfoundland to Nova Scotia via - two 170km subsea cables that, themselves, result in increased operational risks and - complexity due to them being undersea at significan...

AI summary NSPML highlights increased operational risks and complexity due to subsea cables in the Maritime Link project. The document requests confirmation if these risks are mitigated by higher O&M and capital cost projections and asks for a comparison of risk metrics (MTTF and return periods) between the cables and typical HVAC transmission lines.

many countries. Global growth has been resilient. But the historic rise in US tariffs is reshaping global trade, weighing on prospects for global growth and pushing up inflation in the United States. US trade policy has shifted significant...

AI summary Global economic growth remains resilient despite a historic rise in US tariffs, which has reshaped global trade and increased inflation in the US. US trade policy has shifted significantly, raising average tariff rates to 17%, the highest in over 80 years. Uncertainty around US trade policy has eased from its peak in early 2025, though retaliatory tariffs have been modest.

DESIGNATIONS AND PROFESSIONAL AFFILIATIONS - Community Rowing Inc., Board of Directors, 2015 2019 - Georgetown University, Alumni Admissions Interviewer, 1988 2020 - NASD General Securities Representative and Managing Principal (Series 7,...

AI summary The text outlines the professional affiliations and designations of an individual, including roles in organizations such as the National Petroleum Council, the American Petroleum Institute, and the International Association for Energy Economics, as well as certifications and educational programs completed.

ARTICLES AND PUBLICATIONS - "Advancing FERC's Methodology for Determining Allowed ROEs for Electric Transmission Companies," submitted to FERC on behalf of EEI, James Coyne, Joshua Nowak and Julie Lieberman, May, 2020. - "Regulator Rationa...

AI summary The text lists various articles and publications related to energy regulation, utility mergers, return on equity, and innovation in electricity and natural gas sectors, authored by individuals such as James Coyne, Julie Lieberman, and Robert Yardley. These works were submitted to regulatory bodies and industry associations.

Utility Consulting - Testifying expert on cost of capital matters and the assessment of business and financial risk for regulated electric, gas and water utilities in both Canada and the U.S. - Prepare expert testimony and exhibits for ret...

AI summary The text describes the activities of a testifying expert in utility consulting, including work on cost of capital, mergers and acquisitions, regulatory due diligence, and conservation programs. The expert has prepared testimony and exhibits for various utility clients and has analyzed service outages and internal policies for gas distribution companies.

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.

A. James M. Coyne 4 My name is James M. Coyne, and I am employed by Concentric Energy Advisors, Inc. 5 ("Concentric") as a Senior Vice President. My business address is 293 Boston Post Road West, 6 Suite 500, Marlborough, MA 01752. 7 I am...

AI summary James M. Coyne is a Senior Vice President at Concentric Energy Advisors, Inc., providing expert testimony and advisory services on economics, finance, and public policy in the energy industry. He has testified before the Nova Scotia Utility and Review Board and has authored papers and facilitated workshops on energy regulation and innovation.

15 F. Capital Market Conclusions Interest rates on government and utility bonds have remained about the same as when the UARB approved the settlement in NSPI's previous GRA. This indicates that despite the uncertainties in the economy, the...

AI summary The document discusses the stability of interest rates on government and utility bonds since the UARB approved the settlement in NSPI's previous GRA. It highlights long-term challenges for the utility industry, including climate change, decarbonization, and grid modernization, as well as emerging load growth from electrification and data centers. Economic forecasts and modeling approaches such as CAPM, Risk Premium, and DCF are referenced.

. was approximately 2.0 percent higher than for T&D utilities since January 2023. This highlights the greater risk of companies with regulated generation assets relative to those with T&D only assets. One additional risk that NSPI bears du...

AI summary NSPI faces higher risks compared to T&D utilities due to its regulated generation assets and significant thermal generation portfolio. Environmental policies at provincial and federal levels pose carbon transition risks, necessitating a shift to renewable energy sources. Provincial commitments include phasing out coal and achieving carbon neutrality.

21 g. Alternative Fuel Risk Although NSPI continues to face competition from alternative fuel sources, this risk is declining due to government policy that promotes electrification of buildings and increased purchases of electric vehicles....

AI summary NSPI faces declining alternative fuel risk due to government policy promoting electrification and rising electric vehicle adoption. The percentage of residential electric heating in Nova Scotia increased from 51.1% in 2020 to 60.2% in 2024. Heat pump adoption has grown significantly, impacting NSPI's electricity usage and load management.

9 c. Volume/Demand Risk NSPI does not have a mechanism to mitigate volume/demand risk due to changes in volume attributable to weather, economic conditions, or energy efficiency and conservation programs. The significance of this risk has...

AI summary NSPI lacks mechanisms to mitigate volume/demand risk due to factors like weather, economic conditions, and energy efficiency programs. As more residential customers switch to electric heating, this risk has increased. Other Canadian utilities have mechanisms like revenue stabilization plans, weather-related variance accounts, and performance-based regulation to manage volumetric risk.

5. Risk Analysis Conclusions 4 Based on the results of the financial and business risk analyses discussed throughout this report, 5 Concentric concludes that: - NSPI's generation ownership distinguishes the Company from other investor-owne...

AI summary Concentric concludes that NSPI's business risk remains elevated, particularly due to environmental compliance requirements and regulatory challenges. NSPI faces higher risks compared to other Canadian and U.S. utilities, including regulatory lag and lack of protection against volumetric risk. The company also failed to achieve its authorized ROE in recent years.

CAD to USD conversion 1.4188 CAD to OSD conversion 1.4188 Central Power Maine Electro-mechanical or Solid State Meter $ 56.75 $ 25.62 - Discounted monthly fee may be available to income-qualified customers; no exit fee; additional $25 surc...

AI summary The document provides a comparison of meter installation costs and associated fees from various utilities in the United States, including Central Power Maine, AEP Ohio, and FPL Energy. It outlines different meter types, associated costs, eligibility for discounts, and links to tariff documents.

Expert Report Proposals LEI stated that the term energy transition refers to a shift from an energy system that primarily relies on fossil fuel-based energy sources (e.g., natural gas, coal and oil) to net zero-emitting renewable energy so...

AI summary The text discusses the concept of energy transition and its implications for regulated utilities, particularly in the electricity and gas sectors. It outlines differing views on how business and financial risks, including energy transition, should be addressed in regulatory proceedings, with some entities arguing that current mechanisms are sufficient while others believe additional measures are needed.

Energy Transition There is an energy transition underway in this province and around the world. It has been defined as a shift from fossil fuels towards a sustainable, renewable energy future. It is expected to result in a greater demand f...

AI summary The energy transition, defined as a shift from fossil fuels to renewable energy, is expected to increase electricity demand by 75% by 2050, impacting the energy sector. The OEB acknowledges both the risks and opportunities this transition presents, including increased demand and returns for utilities. While the OEB is setting a five-year Cost of Capital Framework, it has not adjusted parameters for energy transition effects due to uncertainty over the next five years.

e OEB finds that the unfolding transition also presents opportunities for electricity utilities, particularly through increased demand for electricity and expanded investment in system infrastructure. For example, the growing electrificati...

AI summary The OEB finds that the energy transition presents opportunities for electricity utilities through increased demand and investment in infrastructure. It acknowledges that regulatory tools like DVAs have provided stability and that current ROE adjustments reflect incremental risk. The OEB does not support changing the capital structure or the 2009 Cost of Capital Framework.