NS Power and OpenHydro provide tidal project update

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NS Power and OpenHydro provide tidal project update

June 11, 2010

Nova Scotia Power and its technology partner OpenHydro today provided a project update on the in-stream tidal turbine being tested in the Bay of Fundy.

An acoustic modem intended to allow data to be recovered from the turbine has not been functioning, so alternative measures have been used to monitor the turbine and to confirm that it has remained in position. Most recently, OpenHydro was able to capture limited video footage of the turbine. Preliminary analysis of the images by engineers has lead to the conclusion that the turbine rotor may have been damaged.

As a result, Nova Scotia Power and OpenHydro have confirmed their intention to advance plans to recover the unit in the fall. Following recovery, a detailed engineering analysis of the unit will provide valuable technical information about any damage, either related to the site conditions or the turbine itself. Planning is now under way to determine more specific timing which will include consulting with Fundy Ocean Research Centre for Energy (FORCE) and its Environmental Monitoring Assessment Committee to ensure important environmental monitoring has been completed.

Following the completion of the engineering analysis, OpenHydro will review the design of the turbine and redeploy next year. This will involve no additional costs for Nova Scotia Power customers. With the exception of turbine engineering & fabrication, the majority of the recovery and re-deployment activities will be performed locally.

“The recovery itself is another project milestone. It will further our understanding of how the turbine has operated in this unique and challenging environment, bringing us closer to commercially developed tidal arrays in the Bay of Fundy,” said Peter Corcoran, Chief Financial Officer, OpenHydro.

"We see this as an opportunity to learn and adapt,” said Mark Savory, Vice President Technical and Construction Service, Nova Scotia Power. “We continue to accomplish the goals that were established for this demonstration project.”

About OpenHydro

OpenHydro is an Irish energy technology company whose business is the design and manufacture of marine turbines for generating renewable energy from tidal streams. The company’s vision is to deploy arrays of tidal turbines under the world's oceans, silently and invisibly generating electricity at no cost to the environment. OpenHydro has achieved a number of industry firsts including being the first to deploy a tidal turbine at the European Marine Energy Centre (EMEC), the first to connect to and generate electricity from tidal streams onto the UK National Grid and the first to successfully demonstrate a method of safely and economically deploying turbines directly on the seabed. The deployment method uses a custom built heavy lift barge designed by OpenHydro specifically for deploying tidal turbines which delivers a step change in the economics of tidal energy.

OpenHydro has a project portfolio spanning the USA, Canada, France and the Channel Islands with utility partners including EDF and Nova Scotia Power. OpenHydro has won a number of awards for its innovations in the field of renewable energy technology. For further information please visit www.openhydro.com

Forward-Looking Information

This press release contains forward-looking information and forward-looking statements which reflect the current view of Nova Scotia Power with respect to the Company’s objectives, plans, financial and operating performance, business prospects and opportunities. Wherever used, the words “may”, “will”, “anticipate”, “intend”, “expect”, “estimate”, “plan”, “believe” and similar expressions identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. Nova Scotia Power disclaims any intention or obligation to update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.