Compensation value Sample Clauses

Compensation value. In this Section 8.6, “Compensation Value“ means one of the following three options and Nalcor may select which option shall apply: (i) Nalcor shall provide Emera with an amount of Energy and Capacity equal to the portion of the entire amount of the Nova Scotia Block remaining to be delivered at the time of the Compensation Event (the “Undelivered Nova Scotia Block”), which Energy and Capacity has equivalent characteristics to the Nova Scotia Block (including firmness and RES or equivalent regulatory or greenhouse gas reduction characteristics). Nalcor shall be liable to deliver such Energy and Capacity in accordance with the Nova Scotia Block Delivery Schedule, with any necessary changes being made to such schedule; or (ii) Nalcor shall provide Emera with an amount of Energy and Capacity equal to the entire amount of the Undelivered Nova Scotia Block, which Energy and Capacity does not have all of the equivalent characteristics to the Nova Scotia Block (including firmness and RES or equivalent regulatory or GHG reduction features). Nalcor shall be liable to deliver such Energy and Capacity in accordance with the Nova Scotia Block Delivery Schedule, with any necessary changes being made to such schedule, and Nalcor shall be liable to Emera in damages for a monetary amount equal to the net present value of those unprovided characteristics; or (iii) if Nalcor does not elect to provide Emera with the entire amount of the Undelivered Nova Scotia Block pursuant to Section 8.6(b)(i) or (ii), then Nalcor shall pay to Emera the Compensation Value in an amount equal to the net present value of the costs Emera would have to incur, consistent with the least cost option which is consistent with Good Utility Practice, to either: (A) acquire from third parties and then deliver to the NS Transmission System; or (B) take steps to generate or cause to be generated, and then transmit Energy and Capacity equal to the Undelivered Nova Scotia Block with equivalent characteristics (including firmness and RES or equivalent regulatory or GHG reduction features), less the net present value of the ML O&M Costs that would have been payable by Emera had the Nova Scotia Block been delivered under this Agreement. If the Energy and Capacity does not have equivalent characteristics to the Nova Scotia Block (including firmness and RES or equivalent regulatory or GHG reduction features), Nalcor shall be liable to Emera for damages in a monetary amount equal to the net present value of those...