N-12025 Annual Financial Statements - Redacted
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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 from the NSEB allows NSPML to collect up to $199 million from NSPI in 2026, with a monthly holdback. The financial details include discount notes backed by a credit facility, future interest calculations, purchasing commitments, pension obligations, and various service and lease agreements.
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 energy, and details the sale of development assets related to the Wasoqonatl transmission line project for $15 million.
General Economic Risk The Company has exposure to the macro-economic conditions in North America and in other geographic regions in which Emera operates. Like most utilities, economic factors such as consumer income, employment and housing...
AI summary Nova Scotia Power Incorporated (NSPI) is exposed to macroeconomic conditions affecting demand for electricity and natural gas. Economic factors like consumer income and inflation may impact customers' ability to afford rate increases, potentially leading to financial risks, regulatory challenges, and adverse policy shifts.
millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Purchased power (1) $ 413 $ 422 $ 411 $ 459 $ 451 $ 5,941 $ 8,097 Transportation (2) (3) 780 588 478 413 370 2,954 5,583 Fuel, gas supply and storage (4) 674 239 159 156 38 59 1...
AI summary The table outlines various financial obligations in millions of dollars from 2026 to Thereafter, including purchased power, transportation, fuel, capital projects, and other expenses. It also mentions that contractual obligations related to NMGC will be transferred to the buyer upon completion of the sale.
30. Non-Controlling Interest in Subsidiaries As at millions of dollars December 31 2025 December 31 2024 Preferred shares of GBPC $ 14 $ 14 Preferred shares of GBPC
AI summary This section discusses the preferred shares of GBPC as of December 31, 2025, and December 31, 2024, showing a value of $14 million in both years.
INTRODUCTION The Oracle account number consists of a twenty-nine digit "Accounting Flexfield" . The flexfield is made up of eight segments as shown below. CO Account Line of Bus Location CC Inter-Company Future Use Future Use XXX XXXXXX XX...
AI summary The document describes the structure of the Oracle account number, known as the 'Accounting Flexfield,' which is composed of eight segments used to categorize financial transactions for Nova Scotia Power and related entities. Each segment serves a specific purpose, such as identifying the company, account type, location, and cost center.
N-2Refiled Statements - NSPI - Redacted
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Project Development and Land Use Rights Risk The Company's capital plan includes significant investment in generation, infrastructure modernization and customer-focused technologies. Any projects planned or currently in construction, parti...
AI summary The Company's capital plan involves significant investments in generation and infrastructure, facing risks like cost overruns, regulatory approvals, and land use rights with Indigenous Peoples. Projects may require federal, provincial, or municipal permits, and failure to secure land rights could lead to material costs or project infeasibility.
Pending Sale of NMGC On August 5, 2024, Emera entered into an agreement to sell its indirect wholly-owned subsidiary NMGC for a total enterprise value of approximately $1.3 billion USD, consisting of cash proceeds and the transfer of debt...
AI summary Emera has agreed to sell NMGC for $1.3 billion USD, with the transaction expected to close in early 2026. NMGC's assets and liabilities were classified as held for sale in Q3 2024, and a non-cash impairment charge of $75 million was recorded in Q2 2025. Depreciation on NMGC's assets continued through December 31, 2025.
Guarantees and Letters of Credit Emera has guarantees and letters of credit on behalf of third parties outstanding. The following significant guarantees and letters of credit were not included within the Consolidated Balance Sheets as at D...
AI summary Emera and its subsidiaries have various guarantees and letters of credit outstanding, including those related to Brunswick Pipeline, SeaCoast, and NSPI. These guarantees and letters of credit are in place to secure obligations under loan agreements, service agreements, and regulatory requirements. Some guarantees are subject to renewal or replacement, and the potential financial exposure is outlined.
Supply Chain Risk Emera's ability to meet customer energy requirements, respond to storm-related disruptions and execute on the capital investment program in a cost-effective and timely manner are dependent on maintaining an efficient supp...
AI summary Emera's operations are vulnerable to supply chain risks, including delays, increased costs, and shortages caused by domestic and global disruptions. Factors such as trade restrictions, inflation, labor shortages, and government policies may exacerbate these risks, potentially leading to a Material Adverse Effect.
Federal Loan Guarantee ("FLG"): On September 24, 2024, the Government of Canada finalized an agreement with NSPI, NSPML and the Province of Nova Scotia (the "Province") on terms and conditions for a FLG of $500 million in debt to be issued...
AI summary The Government of Canada finalized a $500 million FLG agreement with NSPI, NSPML, and the Province of Nova Scotia to manage unrecovered costs from the Muskrat Falls project delay. The NSEB approved NSPML's debt issuance, and proceeds were transferred to NSPI to offset a portion of previous assessment payments and recover financing costs over 28 years.
10. Interest Expense, Net For the Year ended December 31 millions of dollars 2025 2024 Interest on debt $ 1,048 $ 1,004 Allowance for borrowed funds used during construction (30) (23) Other 14 (8) $ 1,032 $ 973 (2) Primarily related to the...
AI summary The section discusses interest expense, net, for the years ended December 31, 2025 and 2024, highlighting a significant increase from $973 million to $1,032 million, primarily due to the wind-down of Block Energy LLC.
A. Commitments As at December 31, 2025, contractual commitments (excluding pensions and other post-retirement obligations, long-term debt and asset retirement obligations) for each of the next five years and in aggregate thereafter consist...
AI summary The text outlines contractual commitments as of December 31, 2025, excluding pensions, long-term debt, and asset retirement obligations, detailing commitments for each of the next five years and in aggregate thereafter.
millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Purchased power (1) $ 413 $ 422 $ 411 $ 459 $ 451 $ 5,941 $ 8,097 Transportation (2) (3) 780 588 478 413 370 2,954 5,583 Fuel, gas supply and storage (4) 674 239 159 156 38 59 1...
AI summary The table outlines projected expenses in millions of dollars for various categories from 2026 to 2030, including purchased power, transportation, fuel, capital projects, and other expenses. It also mentions that contractual obligations related to NMGC will be transferred to the buyer upon completion of the sale.
- (1) Annual requirement to purchase electricity production from IPPs or other utilities over varying contract lengths. - (2) Includes $61 million related to NMGC (2026: $23 million, 2027: $15 million, 2028: $12 million, 2029: $3 million,...
AI summary The document outlines NSPI's long-term obligations for electricity purchases and infrastructure use, including commitments to NMGC and the Maritime Link, as well as Emera's transmission rights in New Brunswick for NLH. These obligations span several years and involve significant financial commitments.
D. Guarantees and Letters of Credit Emera has guarantees and letters of credit on behalf of third parties outstanding. The following significant guarantees and letters of credit were not included within the Consolidated Balance Sheets as a...
AI summary Emera and its affiliates have issued several guarantees and letters of credit for third parties, including a $22 million standby letter of credit for Brunswick Pipeline, a $45 million guarantee for SeaCoast, and a $66 million guarantee for ECI. These guarantees have specific terms, expiration dates, and conditions for replacement credit support.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 128400 ST DERIV ASSET HFT TREASURY 130050 ST REG ASSETS OTHER 130060 ST REG ASSET HYDRO GENERATION FACILITIES 130100 ST REG ASSET UNAMORT DEFEAS ISSUE COSTS 130200 ST REG AS...
AI summary The text presents a list of account segments with corresponding descriptions, highlighting various financial and regulatory assets, liabilities, and other related items. These segments include short-term and long-term assets, regulatory assets, deferred items, and other financial instruments.