Energy and Renewables and Innovation #2a Wednesday, June 10 th 10:30 – 11:45 Exploring global trends and the role and adoption of renewable sources of energy in our region. Moderator: Mike Haycox, EY Participants:Rob Bennett, Emera Brad Wasson, NB Power Mark Mosher, JDI

Introduction

Mike Haycox, EY Mike joined EY in 1997 and worked his way up through the ranks to Associate Partner in He has worked in EY’s Performance Improvement and Risk Advisory Services for 17 years and has 12 years of prior industry experience. His area of focus has been operational processes and major project management in Power Utilities and Downstream Oil and Gas. He also specializes in Governance and Risk Management. Mike is a graduate of Mount Allison University and holds a Bachelors Degree in Mechanical Engineering and an MBA from Dalhousie University. He and his wife Gillian have four children and enjoy hot lazy weekends boating on the St. John river.

Objectives The panel will explore the role and adoption of renewable sources of energy and innovation in our region. This includes: – Global trends and growth – How renewables fit into the regional picture – Growth of renewable energy – Cost effects and integration – Where innovation is needed – Level of and need for cooperate across the Region – What can this mean to local businesses and the local economy

Renewable Energy and the Global Context

IEA Global Renewable Outlook Renewables increase substantially to 2040 Incremental global electricity generation from renewables (New Policies Scenario) The combined share of renewable based power generation rises from 21% in 2012 to 33% in Renewable-based power generation is expected to almost triple to 13,230 TWh in 2040, from 4,807 TWh in Collectively, renewables are expected to overtake coal as the primary source of power generation by around Wind power increases the most in absolute terms, hydropower remains the single largest source. Generation from wind turbines is expected to increase by more than six-fold during the projection period. The share of solar PV in renewable power generation reaches 10% in 2040 from 2% in In 2040, 63% of the power from renewable energy sources is expected to be generated in developing countries, compared with 54% today. China alone is expected to account for 25% of the global growth in renewables- based power generation. In India, the share of renewables in total power generation increases from 15% today to 26% in Among the OECD countries, the share of renewables is expected to grow in the EU from 24% in 2012 to 46% in 2040 from 12% to 27% in the US.

Rob Bennett Chief Operating Officer, Eastern Canada, Emera Inc.

Rob first joined Nova Scotia Power in Over the course of his nearly 30-year career, Rob has held senior management and leadership positions across the Emera Group of Companies. In 2005, Rob was appointed President and COO of Bangor Hydro Electric Company in Maine. He rejoined Nova Scotia Power in 2007 as Executive VP of Revenue and Sustainability and became President and CEO of NS Power in In 2013, Rob was appointed Executive VP and COO of Emera Inc. Rob became COO, Eastern Canada in March In this expanded role, Rob has overall executive responsibility for Emera’s eastern Canadian businesses. Rob is a graduate of St. Francis Xavier University and holds an electrical engineering degree from Dalhousie University (DalTech). Rob offers his time to many causes throughout his community, particularly those in the fields of healthcare, education and ethics. Rob Bennett, Emera

9 9 Note: Earnings %’s December , and are based on “Adjusted Net Income” before corporate costs. Assets are as at December 31st,2014 (adjusted for the sale of Northeast Wind). Adjusted Net Income is calculated as reported net income, adjusted for mark-to-market impacts. *Maritime Link and Labrador Island Link are equity accounted. 9 $1.29 billion in assets 11% of earnings 13.5% of assets EMERA MAINE (100%) RI $4.32 billion in assets 34% of earnings 45.0% of assets NOVA SCOTIA POWER (100%) RI Regulated Investments RI $786.7 million in assets 9% of earnings 8.2% of assets PIPELINES RI Brunswick Pipeline (100%) Maritimes & Northeast Pipeline (12.9%) $1.38 billion in assets 26% of earnings 14.4% of assets EMERA ENERGY Bayside (100%) Bear Swamp (50%) US Gas Generation (100%) Brooklyn Energy (100%) $674.1 million in assets 7% of earnings 7.0% of assets CORPORATE AND OTHER Emera Utility Services (100%) Algonquin Power (21.0%) Open Hydro (3.3%) EMERA CARIBBEAN INC RI $1.15 billion in assets 8% of earnings 12.0% of assets Estimated $2 billion in assets by 2017* 5% of earnings EMERA NEWFOUNDLAND/ LABRADOR TRANSMISSION RI Maritime Link (100%) Labrador Island Link (34.9%) Emera (Caribbean) Incorporated(80.6%) Barbados Light & Power (80.6%) Lucelec (15.4%) DOMLEC (41.8%) EUS Bahamas (100%) Grand Bahama Power Company (80.4%)

10 NS-NB Electrical Intertie 1 st inter-provincial line in Canada Opened in 1960 NS Premier Robert Stanfield at Intertie opening in 1960 Annapolis Tidal Station A global first opened in 1984 Still only one of several around the world

11 Next Phase of Tidal

NSP/NB POWER JOINT DISPATCH

NEW ENERGY LOOP ATLANTIC CANADA 13

Brad Wasson Director, Reduce & Shift Demand NB Power

Brad Wasson Brad joined NB Power in 2013 following a 25-year career in the ICT and management consulting industries. Brad now leads one of NB Power’s three corporate strategic initiatives: Reduce and Shift Demand (RASD). RASD is an strategic organizational transformation program that is driving NB Power to become a utility of the future. RASD involves leveraging smart grid technologies and capabilities across all operations. Brad is also responsible for development of new energy-related products and services at NB Power. Brad holds a bachelor degree in engineering and a masters degree in computer science.

NB Power Introductory Comments NB Power is a progressive, sustainable and customer-focused utility whose 2,300 employees are dedicated to providing quality service and safe, reliable electricity at low and stable rates. Our electricity is generated at 13 facilities throughout New Brunswick and delivered via power lines, substations and terminals to more than 350,000 New Brunswick homes, businesses, hospitals, schools and other institutions. We also export electricity to New England, Quebec, Nova Scotia and Prince Edward Island. Today, our generation mix is about 65% non-emitting with a goal to get to 75% by NB Power strives to be a leader in the evolution of utilities as we move from our roots as commodity electrons providers to value added energy products and services partners.

NB Power Introductory Comments On New Brunswick’s energy future: – NB Power is working to become more dynamic, forward-looking and customer-driven – On this journey we're exploring new tools and technology that will give customers more control over their energy use and monthly power bills – We're also looking for new ways to put more green energy on the grid, while using less energy overall. Strategic goals: – Our goal is to make better use of energy in New Brunswick, reducing the need for future spending on power plants – We're investing now in consumer education, green infrastructure programs, pilot projects involving water heaters and space heating, and technology to enable electric vehicles. Energy Internet – The cornerstone of our strategy is a 10-year partnership with Siemens Canada to integrate Smart Grid into the provincial electrical system. – We are building Canada's first fully-integrated ‘Energy Internet' enabling all-way communications between customers and their homes, power plants, and distribution systems.

Mark Mosher VP, Pulp and Paper Operations J.D. Irving, Limited

Mark Mosher, JDI Mark joined J.D. Irving, Limited (“JDI”) in Over the 28 years with the company, Mark has held many positions in technical, operations and administration at all of the organizations pulp & paper operations. Mark became the VP of Operations in 2007, and manages the overall energy aspects of JDI. Mark has been very active in energy management throughout his career and served on NB’s market design committee. Mark holds a bachelor and masters degree in chemical engineering and a masters in business administration.

JDI Introductory Comments JDI is a private, fully integrated organization with over 15,000 employees in Canada and the US. JDI has been in business over 130 years. JDI provides a wide array or products and services worldwide through our various business units : AgricultureForestry & Forest Products Construction & EquipmentRetail & Distribution Consumer ProductsShipbuilding & Industrial Fabrication EnergyTransportation & Logistics Food The organization has manufacturing operations in five Canadian provinces, and three U.S. states.

JDI Introductory Comments JDI’s energy summary at a glance: – The largest power consumer in NB, with over 250 MW demand – Large consumer of natural gas, with 3 Single End Use Franchise Agreements – Largest consumer of biomass for energy generation in NB, utilizing it in 11 manufacturing locations in the province Renewable energy at JDI: – Operates a 15 MW hydro generation facility in St. George, as well as 35 MW of biomass fired generation at our manufacturing facilities – Actively assessing wind resources on our freehold lands in New Brunswick and Maine, with the potential for future wind energy developments

Roundtable Discussions