Friday, October 01, 2010
John McLennan, Chairman, is pleased to announce the appointment of Richard Sergel, former President and Chief Executive Officer of the North American Electric Reliability Corporation (NERC), to the Board of Directors of Emera Inc.
Mr. Sergel has extensive experience in the electricity industry having served as President and Chief Executive Officer for National Grid USA from 2000-2004, and prior to that was President and CEO of the New England Electric System, where he held positions of increasing responsibility since 1979.
Mr. Sergel is presently a director of State Street Corporation. He also served on the boards of the Edison Electric Institute, the Consortium for Energy Efficiency, and the United Way of the Merrimac Valley. Mr. Sergel holds a Bachelor of Science in mathematics from Florida State University, a Master of Science in applied mathematics from North Carolina State University, and a Master of Business Administration from the University of Miami.
Emera Inc. (EMA-TSX) is an energy and services company with $5.7 billion in assets. Electricity is Emera’s core business. Approximately 94% of Emera’s revenues are earned by Nova Scotia Power Inc. (NSPI), Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric utilities which together serve 603,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns 38% of Barbados Light and Power, which serves 120,000 customers on the Caribbean island of Barbados, 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia, and 25% of Grand Bahama Power Company, which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; and an 8.2% interest in Open Hydro.
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