Emera considers big new project

Article Excerpt

EMERA INC. $47 (Toronto symbol EMA; Income Portfolio, Utilities sector; Shares outstanding: 211.1 million; Market cap: $9.9 billion; Priceto-sales ratio: 2.3; Dividend yield: 4.4%; TSINetwork Rating: Average; www.emera.com) owns 100% of Nova Scotia Power, that province’s main electricity supplier. It also owns utilities in the U.S. and the Caribbean. The company has proposed building the Atlantic Link; that underwater cable would transmit power from wind farms and hydro facilities in New Brunswick and Maine to Massachusetts. It would also help Massachusetts meet its goal to get more of its electricity from renewable sources. The new line would cost $2 billion U.S. Emera would also have to spend another $2 billion U.S. on new wind-power generators. If the company decides to go ahead, the project could begin operating by the end of 2022. Emera is a buy. buy…