N-12025 Annual Financial Statements - Redacted
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The Company enters into transactions with Emera Inc. and other subsidiaries or investments of Emera Inc. in the normal course of operations. NSPI's related parties include investments accounted for using the equity method. As at December 3...
AI summary The document outlines NSPI's related party transactions with Emera Inc. and its subsidiaries, governed by an Affiliate Code of Conduct approved by the NSEB. These transactions are part of normal operations and include entities such as Emera Energy Inc. and Brooklyn Power Corporation.
Transactions between the Company and its related parties reported in the Consolidated Statements of Income and Consolidated Balance Sheets are as follows: For the Year ended millions of dollars December 31 Nature of Service Presentation 20...
AI summary The document outlines transactions between the Company and related parties, including sales and purchases of services and assets, and reports a sale of development assets by NSPI to WTI for $15 million in March 2025, with no gain or loss recognized.
NSPI has a contractual obligation to pay NSPML, a related party, for the use of the Maritime Link over approximately 38 years from its January 15, 2018, in-service date. On December 23, 2025, NSPML received an Interim Order from the NSEB a...
AI summary NSPI has a long-term contractual obligation to pay NSPML for the use of the Maritime Link. An interim order from the NSEB allows NSPML to collect up to $198.7 million from NSPI in 2026, with a monthly holdback of up to $4 million.
Defeasance Upon privatization of the former provincially owned Nova Scotia Power Corporation ("NSPC") in 1992, NSPI was appointed to manage and administer a portfolio of defeasance securities. The securities provide principal and interest...
AI summary Upon privatization in 1992, NSPI manages defeasance securities for NSPFC, an affiliate of the Province of Nova Scotia, to match $200 million in defeased NSPC debt. The securities are held in trust, with 66% invested in related debt, eliminating risk. NSPI administers cash flows under a Management and Administration Agreement, with NSPFC bank accounts integrated via a mirror netting agreement.
TRANSACTIONS WITH RELATED PARTIES The Company enters into transactions with Emera Inc. and other subsidiaries or investments of Emera Inc. in the normal course of operations. NSPI's related parties include investments accounted for using t...
AI summary The Company engages in transactions with Emera Inc. and its subsidiaries, including Brooklyn Power Corporation and Emera Energy Inc., as part of its normal operations. These transactions are governed by an Affiliate Code of Conduct approved by the NSEB, and related parties are accounted for using the equity method.
Transactions with Related Parties In the ordinary course of business, Emera provides energy and other services and enters into transactions with its subsidiaries, associates and other related companies on terms similar to those offered to...
AI summary Emera's transactions with related parties include intercompany eliminations, a $185 million expense for NSPI related to the Maritime Link assessment, a $16 million purchase from M&NP, and a $15 million asset sale to WTI. As of December 31, 2025, $32 million was owed to related parties.
18. Related Party Transactions In the ordinary course of business, Emera provides energy and other services and enters into transactions with its subsidiaries, associates and other related companies on terms similar to those offered to non...
AI summary Emera's related-party transactions include $185M in regulated fuel expenses from NSPI to NSPML, $16M in natural gas purchases from M&NP, and a $15M asset sale to WTI. Intercompany balances are eliminated on consolidation, except for net profits between regulated and non-regulated entities. As of December 31, 2025, $32M was owed to related parties.
Investments in Emera As at December 31, 2025 and 2024, assets related to the pension funds and post-retirement benefit plans did not hold any material investments in Emera or its subsidiaries securities. However, as a significant portion o...
AI summary As of December 31, 2025, pension funds and post-retirement benefit plans hold no direct material investments in Emera or its subsidiaries. However, indirect investments may exist through pooled assets. Common collective trusts, valued via NAV, include equity and fixed-income investments managed for returns.
2025 Annual Financial Statements Attachment 6 Page 128 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder info...
AI summary NSPI and Emera report financial guarantees, standby letters of credit, and surety bonds totaling USD 94M and USD 271M respectively. Emera also provides an indemnity for potential future tax changes, though no significant claims are anticipated. These obligations include retirement plan security and third-party credit assurances.
N-2Refiled Statements - NSPI - Redacted
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Nature of Operations Nova Scotia Power Inc. ("NSPI" or the "Company") is a vertically integrated regulated electric utility. It is the primary electricity supplier in Nova Scotia, Canada, providing electricity generation, transmission and...
AI summary Nova Scotia Power Inc. (NSPI) is a regulated electric utility owned by Emera, operating under the Public Utilities Act. It serves ~565,000 customers and has subsidiaries like NSPEMI and a 50% stake in WTI. NSPI's accounting policies are subject to NSEB approval.
The Company enters into transactions with Emera Inc. and other subsidiaries or investments of Emera Inc. in the normal course of operations. NSPI's related parties include investments accounted for using the equity method. As at December 3...
AI summary NSPI engages in transactions with Emera Inc. and its subsidiaries, governed by an Affiliate Code of Conduct approved by the NSEB. These transactions are part of normal operations and include investments accounted for using the equity method.
Transactions between the Company and its related parties reported in the Consolidated Statements of Income and Consolidated Balance Sheets are as follows: For the Year ended millions of dollars December 31 Nature of Service Presentation 20...
AI summary The document outlines transactions between the Company and its related parties, including sales and purchases of services and assets. Notably, NSPI sold development assets for the Wasoqonatl transmission line project to WTI for $15 million at cost, with no gain or loss recognized.
2025 Annual Financial Statements Attachment 2 Page 37 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) For the year ended December 31, 2025, NSPI issued 0.04 million common shares (2024 – 0.04 million common shares) to Emera for total con...
AI summary NSPI issued 0.04 million common shares to Emera in 2025 for $0.4 million and returned $340 million of capital to Emera without reducing outstanding shares. As of December 31, 2025, NSPI owed $185 million to Emera and affiliates, up from $150 million in 2024.
NSPI has a contractual obligation to pay NSPML, a related party, for the use of the Maritime Link over approximately 38 years from its January 15, 2018, in-service date. On December 23, 2025, NSPML received an Interim Order from the NSEB t...
AI summary NSPI has a long-term contractual obligation to pay NSPML for the use of the Maritime Link. An interim order allows NSPML to collect up to $199 million from NSPI in 2026, with a monthly holdback. Additional details on financial obligations, debt, and commitments are provided in footnotes.
TRANSACTIONS WITH RELATED PARTIES The Company enters into transactions with Emera Inc. and other subsidiaries or investments of Emera Inc. in the normal course of operations. NSPI's related parties include investments accounted for using t...
AI summary The document outlines the transactions NSPI engages in with related parties, including Emera Inc. and its subsidiaries. These transactions are governed by an Affiliate Code of Conduct approved by the NSEB. As of December 31, 2025, related parties include entities such as Emera Inc., Brooklyn Power Corporation, and NSPML.
Ethical Business Conduct The Board is committed to sustaining a culture of integrity and ethical business practices throughout the Company. The Board encourages and promotes a culture of ethical business conduct. The Emera Code of Conduct...
AI summary The Nova Scotia Power Inc. (NSPI) Board is committed to ethical business practices, guided by the Emera Code of Conduct. Transactions with related parties are monitored and must be approved by independent directors for certain transactions. Directors must disclose conflicts of interest.
Maritime Link NSPI has a contractual obligation to pay NSPML, a related party, for the use of the Maritime Link over approximately 38 years from its January 15, 2018, in-service date. On September 25, 2024, NSPI and NSPML filed application...
AI summary NSPI has a long-term contractual obligation to pay NSPML for using the Maritime Link. In 2024, NSPI and NSPML filed applications related to a federal loan guarantee, and NSPML received approval to collect up to $201 million from NSPI for Maritime Link costs, with monthly holdbacks starting in 2022.
Payments to Rating Agencies NSPI has made, or will make, payments in the ordinary course to the Rating Agencies in connection with the assignment of ratings on both NSPI and its securities. As the Rating Agencies did not provide any other...
AI summary NSPI makes or will make payments to Rating Agencies for assigning ratings on NSPI and its securities. No other services were provided by Rating Agencies in the past three years, so no other payments were made in 2023, 2024, and 2025.
Transactions with Related Parties In the ordinary course of business, Emera provides energy and other services and enters into transactions with its subsidiaries, associates and other related companies on terms similar to those offered to...
AI summary Emera reports transactions with related parties, including energy and service agreements with subsidiaries and associates, with significant figures including $185 million in regulated fuel expenses and $16 million in natural gas transportation capacity purchases. Intercompany balances and transactions are eliminated on consolidation, except for net profits between regulated and non-regulated entities.
18. Related Party Transactions In the ordinary course of business, Emera provides energy and other services and enters into transactions with its subsidiaries, associates and other related companies on terms similar to those offered to non...
AI summary The section discusses related party transactions involving Emera and its subsidiaries, including the sale of development assets and intercompany transactions. Key figures include expenses related to the Maritime Link assessment and natural gas transportation capacity purchases. The amounts due to related parties are also noted.