The Muskrat Falls hydroelectric project is on track to commence power generation in 2017, Emera CEO Chris Huskilson said.
Huskilson was quoted by The Canadian Press as saying that, as part of the overall Muskrat Falls development, the Maritime Link project is also on schedule and on budget and will begin flowing electricity in three years to Nova Scotia.
Huskilson said, "I'm very confident that the project will come in and deliver energy in 2017-18 as it was originally planned."
This is a very significant project, one that I believe is very material to our future and one that I think there is a tremendous amount of opportunity."
The Maritime Link project comprises a 170km subsea cable which links Cape Breton with south-western Newfoundland while the $7.7bn hydroelectric project is scheduled to enter full production in 2018.
Huskilson added, "We see the opportunity to use the existing infrastructure, to use the infrastructure that we're building as part of Maritime Link and the Lower Churchill, and to begin to supply some of this energy to the New England market."
For 20% of the project cost, Emera will purchase 20% of the power from Muskrat Falls for use in Nova Scotia. The remaining 40% of the power may be exported into Atlantic Canadian and New England markets or retained for own use as needed.
During the construction of the Maritime Link, Emera would create an average of 300 jobs a year in both provinces, with peak activity in 2016.
With clean, renewable energy for generations, the Muskrat Falls project will help meet growing energy demands in the province and includes the construction of an 824MW hydroelectric dam on the lower Churchill River in Labrador.
The project aslo includes the construction of more than 1,500km of associated transmission lines to provide electricity to homes and businesses in Newfoundland and Labrador: