Minister meets with Project Neptune proponents

Mines and Energy Minister Lloyd Matthews said that a meeting with Project Neptune proponents was both productive and informative. Representatives from the project included Charles Hewett, CEO, Atlantic Energy Partners (AEP) and James O�Hagan, William Alexander Consulting and AEP.

Project Neptune involves a consortium of American and Canadian companies. The project proposes a network of undersea electricity transmission lines that will interconnect New Jersey, New York, Connecticut, Maine, New Brunswick and Nova Scotia in a phased four stage approach. The energy will be shipped through a high voltage direct current (HVDC) electric transmission grid which will allow the free flow of electricity into energy markets in the United States and Canada.

Minister Matthews said that the project proponents provided insight and explored the possibility of a future expanded project to include Newfoundland and Labrador.

"This new initiative provides this province with another potential method of transporting excess energy to market," said Mr. Matthews. "If feasible, the Neptune Project could provide an alternate route for Labrador hydro power; export power generated from natural gas when developed; and export power from existing generating facilities when energy prices are desirable."

The minister noted that government continues to explore all possibilities of developing the province�s energy resources. "This meeting, combined with yesterday�s announcement regarding Alcoa, shows government�s commitment to exploring all available options for the feasible and responsible development of our energy resources. Government continues to favour resource development in a timely manner that provides maximum benefits to the citizens of Newfoundland and Labrador, sooner rather than later."

Project Neptune was given approval to proceed on July 26, 2001, by the United States Federal Energy Regulatory Commission (FERC).

Media contact: Darrell Mercer, Communications, (709) 729-5777.

2001 07 27                     3:20 p.m.