E-16E1 (Synapse) RIRs 1-90
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Operations NSPI's earnings are most directly impacted by the range of ROE and capital structure approved by the NSEB, the prudent management and approved recovery of operating costs, electric sales volumes, weather, the approved recovery o...
AI summary NSPI's earnings in 2026 are expected to be at the low end of its allowed ROE range, with higher sales volumes and increased capital investment of approximately $720 million. These projections are based on the assumption that new base rates are approved by the NSEB in the GRA and are consistent with the settlement agreement.
Wasoqonatl Transmission Line: On March 5, 2025, NSPI, the Canada Infrastructure Bank ("CIB") and the Wskijinu'k Mtmo'taqnuow Agency ("WMA") announced the Wasoqonatl transmission line project which will create a reliability intertie between...
AI summary The Wasoqonatl transmission line project, owned by WTI, a new regulated utility, aims to create a reliability intertie between Nova Scotia and New Brunswick. NSPI, with a 50% indirect voting interest, provides services to WTI. The NSEB approved a $685 million capital investment for the project, including AFUDC.
Significant changes in the Consolidated Balance Sheets between December 31, 2025 and December 31, 2024 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 140 Increased due to timing of billing and receip...
AI summary The Consolidated Balance Sheets show significant changes between 2024 and 2025, including increases in receivables, income taxes, and regulatory assets, as well as changes in debt and equity positions. The changes are attributed to factors such as timing of billing, investment returns, capital investments, and tax-related adjustments.
The Company generates internally sourced cash primarily through the generation, transmission and distribution of electricity. NSPI's customer base is diversified by both sales volumes and rates among customer classes. Circumstances that co...
AI summary NSPI generates cash through electricity generation, transmission, and distribution. Its liquidity and capital needs are driven by working capital, rate base investment, and debt servicing. In 2026, NSPI expects to invest approximately $720 million in capital projects for power system reliability. It has access to significant credit facilities, including a $800 million syndicated revolving bank line of credit and a $500 million nonrevolving term facility.
Cash Flow used in Investing Activities Net cash used in investing activities increased $148 million to $631 million in 2025 compared to $483 million in 2024 due to higher capital investment.
AI summary Net cash used in investing activities increased by $148 million to $631 million in 2025 compared to $483 million in 2024, primarily due to higher capital investment.
Forecast 2026 and actual 2025 and 2024 capital investment, including AFUDC, is shown below: 2026 2025 2024 millions of dollars Forecast Actual Actual Distribution $ 195 $ 174 $ 175 Generation 183 216 151 Transmission 247 242 107 General pl...
AI summary The document provides a forecast of 2026 capital investment and actual investments for 2025 and 2024, including AFUDC, across various sectors such as distribution, generation, transmission, and general plant. The data highlights differences between forecasted and actual figures.
Share Capital For the year ended December 31, 2025, the Company issued 0.04 million (2024 – 0.04 million) common shares to Emera for total consideration of $0.4 million (2024 – $0.4 million) and returned $340 million of capital (2024 − nil...
AI summary In 2025, NSPI issued 0.04 million common shares to Emera for $0.4 million and returned $340 million of capital to Emera without reducing the number of outstanding shares. As of December 31, 2025, NSPI had 173.5 million common shares issued and outstanding.
PENSION FUNDING For funding purposes, NSPI determines required contributions to its registered defined benefit pension plans based on smoothed asset values. This reduces volatility in the cash funding requirement as the impact of investmen...
AI summary NSPI uses smoothed asset values to determine pension contributions, reducing cash funding volatility. Contributions are tax deductible and funded from operations. Defined benefit plans have a long-term asset allocation strategy managed by external investment managers. Defined contribution plans are projected to require $9 million in 2026.
Transition Risk: As government policy related to the environment, renewable energy, and decarbonization continues to shift, the Company is exposed to increased uncertainty and risk arising from policy, legal, regulatory, technology, and ma...
AI summary The Company faces increased transition risks due to evolving environmental policies, renewable energy mandates, and decarbonization efforts. These risks include regulatory uncertainty, capital investment needs, and potential impacts on insurance and litigation. The energy transition may also affect the Company's ability to recover costs through rates and could lead to material adverse effects.
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 major investments in generation and infrastructure, but faces risks such as schedule delays, cost overruns, and regulatory approval challenges. Assets may be located on lands owned by third parties, including Indigenous Peoples, requiring consultations and consents, which could lead to significant costs if land-use rights cannot be secured.
Significant changes in the Condensed Consolidated Balance Sheets between March 31, 2026 and December 31, 2025 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 84 Increased due to seasonality of sales v...
AI summary The condensed consolidated balance sheets show increases in assets such as receivables, inventory, and regulatory assets, primarily due to factors like seasonality, commodity prices, and the FAM. Liabilities and equity also show changes, including increased debt and retained earnings, while some accounts like accounts payable decreased.
Cash Flow from Financing Activities Net cash provided by financing activities increased $130 million to $183 million in 2026 compared to $53 million in 2025 primarily due to return of capital to Emera in 2025 and issuance of common stock i...
AI summary Net cash provided by financing activities increased to $183 million in 2026 from $53 million in 2025, mainly due to the return of capital to Emera and the issuance of common stock, partially offset by lower net borrowings and proceeds from long-term debt.
Transactions between the Company and its related parties reported in the Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets are as follows: For the Three months ended millions of dollars March 31 Nature o...
AI summary The text outlines transactions between the Company and related parties, including sales and purchases of services and energy, and details the issuance of shares by NSPI to Emera. It also notes the absence of capital returns to Emera in 2026, contrasting with 2025.
Q3 2025 compared to Q3 2024 Q3 2025 net income decreased by $11 million compared to Q3 2024. The decrease is due to higher OM&G expenses, and higher depreciation and amortization due to increased PP&E in service. OM&G expenses increased du...
AI summary Q3 2025 net income decreased by $11 million compared to Q3 2024, driven by higher OM&G expenses and increased depreciation and amortization from higher PP&E in service. The increase in OM&G expenses was due to higher costs in transmission, distribution, and power generation operations, partially offset by higher administrative overhead allocated to PP&E.