HALIFAX — The head of Nova Scotia’s power utility says the current estimate for what has become known as a scaled-down version of the Atlantic Loop electrical grid project is about $700 million.
Nova Scotia Power CEO Peter Gregg told a legislature committee that talks continue on how to finance a power line that would run parallel to an existing connection between Onslow, N.S., and Salisbury, N.B.
The line would carry power from future renewable energy projects between Nova Scotia and New Brunswick.
Gregg says the project received environmental approval late last year and detailed engineering studies are underway.
He told reporters the total cost could double to $1.4 billion if the power line eventually runs west to Point Lepreau, N.B.
The project is considered a key element of Nova Scotia’s plan to close its coal plants and get 80 per cent of its energy from renewable sources by 2030.
Last fall, Nova Scotia said it was too expensive to be part of the Atlantic Loop proposal, a grid project that would have transferred to the province hydroelectricity from Quebec and Newfoundland and Labrador.
Gregg says he is confident the scaled-down project can be delivered on time, although he couldn’t give an exact date when construction would begin.
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