MILLINOCKET, Maine, May 21, 2003 – Brascan Power Corporation and Bangor Hydro-Electric Company today announced that a joint project to build a new transmission line system, interconnected with the New England power grid, is now complete and operational. The new line stretches 25 miles and includes two new substations, with a 126-megawatt ("MW") capacity. The total project cost was US$17 million.
"This is an important project for the Katahdin area. The expanded transmission capability has fueled the economy in the area and provided several jobs during the life of the project. It also provides a more flexible and reliable source of energy for the region`s industrial base and will enable us to attract new businesses" commented Ray Robinson, Chief Operating Officer of Bangor Hydro.
The construction of this transmission line follows the acquisition by Brascan Power in January 2002, of six hydroelectric generating facilities in Maine from Great Northern Paper Company including a 20 MW interconnection to Bangor Hydro. The expansion of the existing transmission line to 126 MW was completed by Brascan and Bangor Hydro within 15 months from the planning stage, which is half the time normally required for a project of this size and scope.
"Brascan`s business strategy is to own and operate high quality assets in key North American markets. This project with Bangor Hydro enhances the company`s generating facilities in Maine and strengthens the reliability of the regional power supply by accommodating 126 MW of power flow to and from the New England power grid" concluded Richard Legault, President and Chief Operating Officer of Brascan Power.
Brascan Corporation is a North American based real estate, power generation and asset management company. With US$15 billion of invested capital, current operations include 55 premier properties and 39 power generating facilities. Brascan is listed on the Toronto Stock Exchange under the symbol BNN.A and the New York Stock Exchange under the symbol BNN.
Bangor Hydro-Electric Company is a regulated electric transmission and distribution utility wholly-owned by Emera Inc. BHE serves a population of 192,000 in an area encompassing 5,275 square miles in eastern and east coastal Maine. BHE is a member of the New England Power Pool and is interconnected with other New England utilities to the south and with the New Brunswick Power Corp. to the north. Visit us at www.bhe.com.
Emera Inc. (EMA-TSX) is a diversified energy and services company, with 550,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. In addition, Emera Energy manages Emera`s growing gas infrastructure investment portfolio, including its 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; and an 8.4% interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines. Emera Energy also incorporates Emera Energy Services, Emera Fuels, and Emera`s business development activities. Visit Emera on the web at www.Emera.com.
For more information:
Contact for Brascan Power:
Jeff Martin
(207) 723-4341 ext. 100
Contact for Bangor Hydro-Electric Company
Rob Bennett
(207) 973-2841