Project Update for Plymouth Board of Selectmen Atlantic Link Project Update for Plymouth Board of Selectmen June 13, 2017 www.atlanticlink.com

Where Emera Operates 2.5 million customers 7,400 employees Emera Newfoundland & Labrador Where Emera Operates 2.5 million customers 7,400 employees ~ $29 billion in assets Emera New Brunswick HALIFAX Emera Maine Nova Scotia Power Emera Energy New Mexico Gas Grand Bahama Power DOMLEC LUCELEC Tampa Electric/ Peoples Gas Barbados Light & Power 1 2 1

Massachusetts Clean Energy Solicitation On March 31, 2017 a Request for Proposals for long-term contracts to purchase of 9.45 TWh (approximately 1,200 MW) of hydropower and onshore wind, and associated transmission, was issued by electric distribution companies in Massachusetts. Proposals are due July 27. (https://macleanenergy.com/) The procurement was enabled by H.4568, An Act to Promote Energy Diversity, which was signed by Governor Baker in August 2016. H.4568 also authorized a significant, separate procurement of up to 1,600 MW of offshore wind to be developed in three U.S. federal lease areas off the coast of Massachusetts. An RFP for at least 400 MW of offshore wind was recently issued. Both procurements are intended to diversify the state’s energy mix and to help reduce greenhouse gas emissions, contributing to GHG reduction targets established under the Massachusetts Global Warming Solutions Act (2008). The Act requires economy-wide GHG reductions of 80% by 2050, against a baseline of 1990 emissions levels. Similar GHG laws in CT & RI. Other New England states could buy energy via proposals made to Massachusetts Emera launched an Open Solicitation for energy to bid into the Massachusetts procurement on January 11, 2017. Proposals for wind and hydro have been received and are being evaluated. Power Advisory LLC was engaged as independent administrator to ensure the fairness and transparency of activities related to the Atlantic Link energy solicitation. Emera was seeking approximately 1,000 MW of wind energy plus hydro. Wind could be supplied from New Brunswick, Nova Scotia, Prince Edward Island or Maine. Emera intends to be the energy aggregator: will not be an energy supplier and will rely on IPPs for energy Atlantic Link is one of several projects res[ponding to the Massachusetts Clean Energy RFP.

Proposed Transmission Projects Projects and Concept Proposals A Northern Pass – Eversource / Hydro-Québec B New England Clean Power Link - TDI C Muskrat Falls / Maritime Link –Nalcor / Emera D Atlantic Link – Emera E Northeast Energy Link – Emera Maine/ National Grid F Vermont Green Line – Anbaric / National Grid G Clean Energy Connect – Brookfield Renewable / EDP Renewable / Iberdrola / Brookfield Utilities / Eversource Energy Transmission Ventures H Maine Clean Power Connection – Central Maine Power I Maine Renewable Energy Interconnect – Central Maine Power / Emera Maine J Bay State Offshore Transmission – Anbaric K Granite State Power Link – National Grid L Maine Power Express - Loring Holdings, National Resources Energy, TDI Sources: ISO-New England & public information

Atlantic Link – Project Overview Atlantic Link is a 900-1,000 megawatt, high voltage direct current (HVdc) transmission line delivering clean energy from Atlantic Canada to Massachusetts, providing the state with long-term access to renewable energy at stable prices. Atlantic Link is 100% owned by Emera. NB Power has an option to participate as a minority equity investor. Almost all of the proposed route is underwater. Submarine routing means fewer splices on the HVdc cable, simplified construction, greater reliability, lower cost. The marine portion would be buried under the ocean floor – or where necessary covered for protection. A marine survey to help clarify optimal route options was conducted this spring. As currently proposed, the subsea cable will be mostly in United States waters (including exclusive economic zone). The proposed route does not cross Maine or New Hampshire jurisdictional waters. The proposed landing site for Atlantic Link is Plymouth, MA near the site of the Pilgrim nuclear generation station which will retire in May 2019.

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Atlantic Link – Landfall Configuration Existing NB Power Substation Converter Station Converter Station Substation HVAC HVAC United States Canada Massachusetts (Plymouth) New Brunswick (Coleson Cove) HVDC 325 miles 49 miles Landfall Cable Pit Landfall Cable Pit

Emera NL substation & converter facility

Atlantic Link - Schedule Overview 2016 2017 2018 2019 2020 2021 2022   Legislation Approval in Massachusetts Emera - Open Solicitation for Energy Massachusetts Procurement RFP Issued Bid Evaluations and Contract Negotiation Field Work and File Permit Applications System Impact Studies Stakeholder Consultations Secure Approvals Detailed Design Order Major Components Fabrication and Construction Commercial Operation Date

Atlantic Link – Project Work To Date Plymouth confirmed as preferred landing point for Atlantic Link Many route variations have been reviewed and assessed Full-scope desktop study of proposed cable route Seabed survey (multibeam bathymetry) for several route options completed in May 2017 Stakeholder engagement under way Project permitting under way – meetings held with appropriate state and federal regulatory agencies, as well as provincial and federal agencies in Canada

Work To Date

Discussion Status of land arrangements for cable landfall and converter station Tax revenue for Town of Plymouth Approach on RFP requirement for “benefit to low-income ratepayers in the Commonwealth” Next steps