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Enbridge, Borealis Infrastructure and NextEra Partner to Bid for Northern Ontario Power Line Project

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According to the press release, “NextEra Energy Canada, Enbridge and Borealis Infrastructure announced today that they have filed for regulatory approval to allow Enbridge and Borealis to acquire interests in NextEra Energy Canada’s subsidiary, Upper Canada Transmission, Inc. Upper Canada Transmission, Inc. intends to bid for the opportunity to develop a new transmission line in Northern Ontario between Wawa and Thunder Bay as a joint venture through a limited partnership among affiliates of NextEra Energy Canada, Enbridge and Borealis. The venture plans to operate under the name NextBridge Infrastructure.

The proposed Ontario East-West Transmission Tie is expected to increase reliability, allow for the retirement or conversion of northern coal facilities and increase the ability to develop renewable generation in the region. If selected, the consortium expects to develop, construct, own and operate the new line under the regulatory oversight of the Ontario Energy Board. The expected in-service date is as early as 2017.

An Ontario Power Authority report has identified the project as a 400km, 230kV transmission line with an estimated investment of $600 million. The report states that the cost of the project is expected to be outweighed by the savings to the ratepayers of Ontario through lower congestion resulting in decreased generation costs, lower losses and increased reliability.”

Read more: Enbridge Press Release

Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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