NS Power and OpenHydro celebrate another project milestone

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NS Power and OpenHydro celebrate another project milestone

December 17, 2010

Halifax, NS - Nova Scotia Power and its technology partner, OpenHydro, have successfully completed recovery of OpenHydro’s demonstration turbine from the Minas Passage. Recovery of the 400 tonne tidal turbine represents a first for OpenHydro and a first for the Bay of Fundy. The recovery also satisfies one of the key objectives set with Nova Scotia Power at the outset of this important tidal turbine demonstration project.

“The recovery is exciting news and I’m proud of the team that worked on this phase of our project,” said James Ives, Chief Executive Officer, OpenHydro. “We have completed an initial assessment of the turbine as it was being recovered. The structure appears to be in excellent condition overall and, consistent with the images we obtained this summer, we now know that all of the blades are missing from the centre of the unit. It’s too early to be certain but it appears this is the result of the tidal regime being much stronger than we initially believed. A detailed engineering analysis will give us more information and guide the next design and deployment.”

“Thursday’s recovery represents an important milestone and brings Nova Scotia one step closer to leveraging this powerful natural resource”, said Mark Savory, Vice President Technical and Construction Services, Nova Scotia Power. “What we understand from our experience with this deployment will be invaluable as we work toward commercial tidal generation in the Bay of Fundy.”

The turbine is being prepared for towing to Cherubini Metalworks in Dartmouth. This will take several days, depending on weather. Once on shore, OpenHydro will conduct a detailed engineering analysis of the unit and access the data collection and storage equipment that was installed on the gravity base and tidal turbine. The engineering analysis will begin early in the new year. OpenHydro and Nova Scotia Power remain fully committed to re-installing the tidal turbine in the Bay of Fundy as soon as possible.

About Nova Scotia Power

Nova Scotia Power Inc. is the largest wholly-owned subsidiary of Emera Inc. (TSX-EMA), a diversified energy and services company. Nova Scotia Power provides more than 95% of the generation, transmission and distribution of electrical power to 486,000 customers in the province. The company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has 1,900 employees and $3.5 billion in assets. To learn more, visit www.nspower.ca

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.