N-92026-2027 GRA Appendix 12 A-C - Cost of Service Study Process - Redacted
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14 COSS Model Run #5, Classify Grid Scale Storage by ELCC Factor: - 15 Grid Scale Storage is not yet operational and is fully CWIP in 2023 so there are no operating and - 16 maintenance expenses or depreciation functionalized to batteries....
AI summary Grid Scale Storage is not yet operational and is fully CWIP in 2023, resulting in no operating or maintenance expenses or depreciation being functionalized to batteries. Only Interest, Return (Profit/Loss), and Corporate Taxes are functionalized to batteries, with a 62% ELCC provided in CA DR-22.
al Structure and Return on Equity (ROE) is 38.80 percent, 41.30 percent and 43.80 percent, respectively for 2022, 2023 and 2024. The Weighted Average Cost of Capital (WACC), adjusted to reflect taxes, 2022-2024 GRA SR-01 Attachment 1e Page...
AI summary The document outlines Nova Scotia Power's Return on Equity (ROE) and Weighted Average Cost of Capital (WACC) for 2022 to 2024, as well as operating costs and corporate overheads. It provides figures for interest, ROE, and taxes, and allocates corporate overheads to different departments, including Transmission and Distribution.
Resource Cost, Performance, & Financing Performance Inputs Financing Operating Profit $3,899,993 $5,032,557 $4,910,276 $4,903,149 $4,886,556 $4,861,255 $4,827,944 $4,787,261 $4,739,799 $4,686,098 $4,626,658 Interest $1,733,018 $1,733,018 $...
AI summary The text presents financial data related to resource cost, performance, and financing, including operating profit, interest, book depreciation, income, taxes, book equity, and return on equity (ROE). It includes a table with figures for different years, showing trends in earnings and capital costs.
4,232 $13,975,949 $12,977,667 $11,979,385 $10,981,103 $9,982,821 $8,984,539 $7,986,257 $6,987,975 $5,989,693 Interest $1,188,355 $1,138,840 $1,089,325 $1,039,811 $990,296 $940,781 $891,266 $841,751 $792,237 $742,722 $693,207 $643,692 $594,...
AI summary The text presents financial data related to interest, principal, equity, and taxes, including beginning balances, equity returns, and book equity returns over a period of time. This appears to be a financial summary or balance sheet related to a regulatory proceeding.
COSS SBA DR-6 Attachment 1 Page 5 of 24 212150 AP LIFE ADD 212250 AP DC PENSION 212300 AP DB PENSION 212350 AP CHARITY DONATIONS EMPLOYEES 212355 AP CHARITY DONATIONS EMPLOYEES IWK 212400 AP SOCIAL CLUB DUES 212500 AP UNION DUES LIVING AWA...
AI summary The document lists various accounts and liabilities, including pension funds, union dues, tax payables, and accrued liabilities. These entries are part of financial records related to Nova Scotia Power and other entities.
COSS SBA DR-6 Attachment 1 Page 15 of 24 533550 INSURANCE 533700 CORPORATE CREDIT CARD CLEARING 533750 RENT 533800 FLEET REPAIRS 533850 NON REGULATORY COST RECOVERY 533900 COST RECOVERY 533950 COST RECOVERY PREFERRED COMPENSATION UNITS 534...
AI summary This document lists various cost categories and financial items related to corporate and operational expenses, including insurance, rent, fleet repairs, warranty service contracts, training development, commissions, write-offs, and others. These items are likely part of a financial or regulatory filing related to cost recovery and corporate operations.
(Source: 2023 COSS and OATT spreadsheets) EXHIBIT 4.1 NOVA SCOTIA POWER INC. TRANSMISSION OPERATING EXPENSES FOR THE YEAR ENDING DECEMBER 31, 2023 (IN THOUSANDS OF DOLLARS) ABOVE-THE LINE RATE CLASSES BELOW-THE LINE RATE CLASSES TOTAL OPER...
AI summary The document provides a detailed breakdown of Nova Scotia Power Inc.'s transmission operating expenses for the year ending December 31, 2023, including operating and maintenance costs, depreciation, taxes, interest, and retained earnings. The data is presented in thousands of dollars and includes comparisons between OATT and COSS figures, showing no significant variance.
N-142026-2027 GRA OP 01-15 - Redacted
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2026-2027 GRA OP-01 Attachment 02 Page 17 of 19 REDACTED (CONFIDENTIAL INFORMATION REMOVED) For the three months ended June 30, 2025, NSPI issued 0.04 million common shares (2024 – 0.04 million common shares) to Emera for total considerati...
AI summary NSPI issued 0.04 million common shares to Emera for $0.4 million in both the three and six months ended June 30, 2025. Additionally, NSPI returned $340 million of capital to Emera without reducing the number of shares outstanding. As of June 30, 2025, NSPI owed $179 million to Emera and affiliates, up from $150 million as of December 31, 2024.
Emera's capital investment plan will be funded primarily through internally generated cash flows, debt raised at the operating company level consistent with regulated capital structures, equity issuances, and proceeds from the anticipated...
AI summary Emera plans to fund its capital investment through internal cash flows, debt, equity, and the sale of NMGC. The company emphasizes maintaining investment-grade credit ratings and has a history of increasing dividends. It anticipates adjusted EPS growth and a reduction in the dividend payout ratio.
Completed Strategic Initiatives - 1 Closed $1.2B CAD Labrador Island Link transaction with proceeds used to reduce corporate debt and fund investments in our regulated utility businesses - 2 Replaced Holdco debt with $500M USD of hybrid no...
AI summary The document outlines completed strategic initiatives, including the closure of a major transaction, debt replacement, dividend growth rate adjustment, and the announcement of a sale agreement for a business unit, with proceeds used for debt reduction and investment.
Regulated utility debt is issued in accordance with regulated capital structures Equity raised to support investment through asset sales, ATM and DRIP, and hybrid bonds Corporate debt used to balance cash requirements while maintaining a r...
AI summary The document discusses regulated utility debt, emphasizing its issuance in accordance with regulated capital structures. Equity is raised through asset sales, ATM, DRIP, and hybrid bonds, while corporate debt is used to balance cash requirements, maintaining a holdco-to-total debt ratio below 35%.
Governance Emera is guided by strong governance and effective risk management led by our Board of Directors. In 2024, the Board provided essential guidance and oversight to the strategic plan to strengthen our balance sheet, optimize our p...
AI summary Emera's governance structure is led by its Board of Directors, which provided strategic oversight in 2024, including guiding the company's balance sheet optimization and digital strategy. In 2025, the Board restructured its committees and appointed Karen Sheriff as new Chair following Jackie Sheppard's departure. The company also reported a 49% reduction in CO2 emissions since 2005.
1.2 Business of the Meeting Our consolidated financial statements for the year ending December 31, 2024, will be received together with the report of the Auditors. These consolidated financial statements are contained in our 2024 Annual Re...
AI summary The document outlines the business items to be discussed at the meeting, including the election of the Board of Directors and the reappointment of Ernst & Young LLP as auditors. The 12 current directors are nominated for re-election, and the Board recommends voting in favor of their election and the auditor's reappointment.
2024 Board and Committee membership Attendance Total • Board 9 of 9 100% • Health, Safety and Environment Committee (Chair) 3 of 3 100% • Management Resources and Compensation Committee 5 of 5 100% Total Attendance 17 of 17 100% Total comp...
AI summary The document outlines the 2024 attendance rates for various boards and committees, along with total compensation, DSU awards, and holdings of Emera Securities. All committees and the board achieved 100% attendance. Total compensation for 2024 was $320,500, with no additional compensation. DSUs awarded and held increased significantly in 2024, and the value of shares and DSUs held by Mr. Bertram exceeded the ownership guideline.
2024 Board and Committee membership Attendance Total • Board 9 of 9 100% Management Resources and Compensation Committee (Chair) 5 of 5 100% Nominating and Corporate Governance Committee 3 of 3 100% Total Attendance 17 of 17 100% Total com...
AI summary The document outlines the 2024 Board and Committee membership attendance, showing full participation across all committees. It also details total compensation, DSU awards, and share ownership guidelines for Emera directors, including Mr. Demone's compliance with ownership requirements.
Mr. Harvey is an experienced energy industry leader and strategic thinker with deep financial knowledge and strong expertise in United States markets, making him a significant asset to Emera's Board. 2024 Board and Committee membership Att...
AI summary Mr. Harvey is a seasoned energy industry leader with financial expertise, contributing significantly to Emera's Board. He has full attendance across all 2024 board and committee meetings, with total compensation of $397,456 and DSU holdings valued at $1,663,913. His DSU ownership meets Emera's Director Share Ownership Guideline.
Ms. Loewen's deep financial and governance expertise are valuable assets for the Emera Board. 2024 Board and Committee membership Attendance Total • Board 9 of 9 100% • Audit Committee 5 of 5 100% • Health, Safety and Environment Committee...
AI summary The text discusses Ms. Loewen's financial and governance expertise, her attendance on various boards and committees in 2024, her total compensation, and the DSUs awarded and held. It also outlines the share ownership guideline for Emera directors.
Highlights of Emera's Corporate Governance Practices Director Independence. All Emera Directors are independent from management, except Emera's President and CEO. Board and Committee Leadership. The Charter of the Chair of the Board and po...
AI summary The document outlines Emera's corporate governance practices, emphasizing director independence, board structure, risk management, shareholder engagement, and ongoing director education. It highlights the separation of the CEO and board chair roles, the rigorous risk management process, and the share ownership requirements for directors.
Director and Chair Independence Ms. Sheriff, the Chair of the Board, is an independent Director. The Articles of Association of the Company ("Articles") require that the Chair of the Board and the President and CEO be separate individuals....
AI summary The document outlines the independence of the Chair of the Board, Ms. Sheriff, and the structure of director compensation and governance at Emera. It notes that the Chair must be separate from the CEO and that all directors are independent except for Mr. Balfour, who is the CEO. The document also details the compensation structure for directors and the transition of the Chair role from Ms. Sheppard to Ms. Sheriff.
PRESIDENT AND CHIEF EXECUTIVE OFFICER The President and CEO is responsible for leadership of the Company and its employees. They are responsible for defining, communicating and implementing the direction, goals and core values of the Compa...
AI summary The President and CEO of the company is responsible for leadership, strategic direction, and financial performance. Their employment contract is reviewed by the Chair of the Board and the MRCC, and approved by the Board of Directors. The MRCC supports the Board in CEO succession planning.
Board Size The Articles provide that the number of Directors on the Company's Board must not be less than eight and not more than 15. Twelve Director Nominees are being proposed for election at the 2025 Annual Meeting.
AI summary The Articles of the Company specify that the Board must have between eight and 15 Directors. Twelve Director Nominees are being proposed for election at the 2025 Annual Meeting.
2023 ASSESSMENT The 2023 assessment found that Directors believed the Board continued to maintain high standards of corporate governance and exercised the right level of oversight. It also determined that Directors view the Company as havi...
AI summary The 2023 assessment confirmed the Board's high standards of corporate governance and effective oversight. Key themes included strategic goals, leadership development, risk management, and safety. The NCGC assisted the Board Chair in reviewing progress on 2024 priorities related to the Company's strategy and organizational structure.
2024 ASSESSMENT FINDINGS The principal themes that came out of the 2025 Board and Director Performance Assessment related to strategy, executive leadership and succession planning, and Board effectiveness. The Directors believe the Company...
AI summary The 2024 assessment of the Board and Director performance highlighted themes such as strategy, executive leadership, and board effectiveness. Directors noted that the company's strategic actions in 2024 improved financial and credit metrics and emphasized the importance of strong governance. There is a desire to streamline board processes and materials to enhance effectiveness.
Code of Conduct The Board promotes a culture of ethical business conduct and has adopted our Code of Conduct ("Code"), which establishes a standard of ethical business conduct that is expected from all of our Directors, officers and employ...
AI summary The Board of Emera has adopted a Code of Conduct to promote ethical business practices among employees, directors, and partners. The Code is available online and requires annual training and acknowledgment. Compliance is monitored, and the Board ensures no retaliation for good faith disclosures. The Code is reviewed regularly and updated with best practices.
ROLE OF THE AUDIT COMMITTEE The Audit Committee assists the Board in discharging its oversight responsibilities concerning the integrity of Emera's financial statements, its internal control systems, the internal audit and assurance proces...
AI summary The Audit Committee assists the Board in overseeing financial reporting, internal controls, and compliance. It reviews financial statements, manages external and internal auditors, and evaluates financial risks and controls, including investment and pension plan management.
ACTIVITIES OF THE AUDIT COMMITTEE IN 2024 The Audit Committee met five (5) times in 2024. In accordance with its mandate as set out in the Audit Committee Charter, the Audit Committee performed the following key functions in 2024: - 1. Rev...
AI summary The Audit Committee met five times in 2024 and performed various functions including reviewing accounting and disclosure issues, credit and market price risk reports, tax reports, compliance reports, and financial statements. They also evaluated the performance of the Chief Financial Officer and external auditors, and approved updates to internal audit policies and fees for EY.
ROLE OF THE MRCC The MRCC reviews overall compensation, including salary and benefits policies, and recommends such policies to the Board of Directors for approval. The MRCC supports the Chair of the Board in conducting a review of corpora...
AI summary The MRCC is responsible for reviewing and recommending executive compensation policies, ensuring they align with corporate goals and mitigate risks. It also oversees succession planning, executive appointments, and health and wellbeing policies. The committee ensures that compensation structures do not encourage inappropriate risk-taking and align with long-term value and company strategy.
Nominating and Corporate Governance Committee ("NCGC") Jochen E. Tilk (Committee Chair) (1) James V. Bertram Henry E. Demone B. Lynn Loewen - Committee Members are 100% independent - The Committee met in camera without management at every...
AI summary The Nominating and Corporate Governance Committee (NCGC) is composed of 100% independent members. The Committee met in camera without management present at every meeting in 2024.
ROLE OF THE NCGC The NCGC assists the Board with a variety of matters relating to corporate governance. One of its primary duties is to provide the Company with a list of nominees for election as Directors to be included in the Company's M...
AI summary The NCGC supports the Board in corporate governance matters, including director nominations, succession planning, governance practices, and compensation recommendations. It ensures compliance with governance best practices and oversees the evaluation of the Board and its members.
ACTIVITIES OF THE NCGC IN 2024 The NCGC met three (3) times in 2024. In accordance with its mandate as set out in the NCGC Charter, the NCGC performed the following key functions in 2024: - 1. Oversaw the recruitment process that led to th...
AI summary The NCGC met three times in 2024 and performed various governance functions, including overseeing the recruitment of a new Board member, reviewing compensation and governance policies, and recommending amendments to several corporate governance documents.
2.8 Director Compensation The Board of Directors determines the compensation for the Company's Directors on the recommendation of the NCGC. The compensation of Directors is designed to: - Recognize the substantial time commitments required...
AI summary The Board of Directors sets director compensation based on recommendations from the NCGC, with the goal of recognizing time commitments, attracting skilled individuals, aligning with shareholder interests, and ensuring independence from management.
Directors Are Increasing Their Share/DSU Ownership Over Time By virtue of the compensation payable in DSUs, more than 58 per cent of the annual retainer for Emera Directors will be paid in DSUs, which mirrors the value of Emera common shar...
AI summary Directors of Emera are increasing their share and DSU ownership over time, with more than 58% of their annual retainer being paid in DSUs, which are valued similarly to Emera common shares. This increase is driven by the compensation structure, with most nominees opting for DSUs instead of cash.
3.1 Message from the Management Resources and Compensation Committee to Our Shareholders Dear Shareholder. In 2024, the Emera team made significant progress in advancing the corporate strategy through the execution of key transactions, inc...
AI summary The Management Resources and Compensation Committee (MRCC) outlines Emera's executive compensation strategy, emphasizing alignment with performance, share price, and corporate objectives. The MRCC oversees compensation programs and ensures compliance with governance principles and regulations.
2026-2027 GRA OP-13 Attachment 1 Page 76 of 115 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Notice of Annual Meeting of Common Shareholders and Management Information Circular Monitor the ratio of the Company's CEOs' total compensation to...
AI summary The document outlines governance and compensation policies for a company, including monitoring CEO compensation ratios, disclosing executive pay history, risk assessments, independent compensation advisors, performance-based incentives, shareholder voting on pay, and clawback policies for misreported financial results.
Risk Management and Compensation As part of the Board and MRCC's oversight responsibilities for the design and administration of Emera's executive compensation programs, the MRCC identifies and discusses design features or processes that m...
AI summary The MRCC oversees the design and administration of Emera's executive compensation programs, ensuring that features or processes do not create conflicts of interest or encourage unnecessary risk-taking by senior executives.
REDACTED (CONFIDENTIAL INFORMATION REMOVED) 2026-2027, GRA OP-13 Attachment 1 Page 77 of 115 The MRCC also regularly monitors industry trends with respect to risk management and conducts an annual risk assessment in consultation with an ex...
AI summary Emera's executive compensation programs are designed to align with shareholder and stakeholder interests, comply with regulatory requirements, and incorporate sound risk management principles. The MRCC works with external advisors to ensure that compensation practices are balanced and mitigate risks through measures such as performance-based incentives, share ownership requirements, and clawback policies.
Compensation Advisors The MRCC retains the services of independent compensation advisors to assist in discharging its duties, including determining the compensation payable to the President and CEO and other senior officers. Since 2007, th...
AI summary The Management Resources and Compensation Committee (MRCC) engages Hugessen as an independent compensation advisor to assist in determining compensation for senior executives, including the President and CEO. Hugessen provides analysis on compensation competitiveness and reviews the Company's Statement of Executive Compensation.
The MRCC: - Annually reviews the advisor's performance and fees. - With input from Company management and the advisor, annually, or as needed, determines the specific work the advisor is to undertake and the fees associated with this work....
AI summary The MRCC is responsible for reviewing and approving the work and fees of its compensation advisor, ensuring independence and proper oversight. In 2024, the MRCC also engaged Mercer and TELUS Health to assist with executive compensation matters, though final decisions remain with the MRCC and the Board.
BASE SALARY While the MRCC focuses on total compensation, base salary remains an important part of the overall compensation package the Company offers its executives. Base salary provides stable and predictable income that reflects the ind...
AI summary The MRCC oversees total compensation, with base salary being a crucial component that provides stable income reflecting an executive's skills, experience, and role responsibilities.
The number of PSUs, RSUs and stock options granted to senior management is determined after considering competitive benchmarking data and the individual's level of responsibility within the Company. Grants are calculated each year based on...
AI summary The number of PSUs, RSUs, and stock options granted to senior management is determined based on competitive benchmarking, individual responsibility, and performance. The MRCC reviews previous grants and total compensation history annually to ensure grants remain reasonable in relation to market data, company performance, and individual performance.
REDACTED (CONFIDENTIAL INFORMATION REMOVED) 2026-2027, GRAD OP-13 SATTRICHMENT 1 Page 103 OF 115 Due to Canada Revenue Agency limitations on the maximum pension benefit that may be paid under the Pension Plan, a portion of the pension the...
AI summary The document discusses the structure and terms of the Pension Plan and Supplementary Retirement Plan, including limitations on pension benefits, closure of defined benefit components, and eligibility for retirement awards for certain executives. The retirement award is based on salary and years of service, and is only payable if the employee retires on their unreduced retirement date.
The following table shows the changes to accumulated value from January 1, 2024 to December 31, 2024 for the NEOs who participated in the Pension Plan on a defined contribution basis. Name Accumulated value at start of year ($) Compensator...
AI summary The table outlines the changes in accumulated value for Named Executive Officers (NEOs) in the Pension Plan on a defined contribution basis from January 1, 2024, to December 31, 2024, including both compensatory and non-compensatory changes.
Deferred Share Unit Plan The Deferred Share Unit ("DSU") Plan is another component of Emera's Long-term Incentive Program for senior leaders. A DSU is a notional share unit that is based on the value of an Emera common share – the value of...
AI summary The Deferred Share Unit (DSU) Plan is part of Emera's Long-Term Incentive Program for senior leaders. DSUs are notional shares that correlate with Emera's common shares and earn dividend equivalents. They are deferred until the participant leaves the company and are paid based on the average share price over 50 trading days. Special DSU awards may be made for significant achievements, but none were given to NEOs in 2024.
Employee Common Share Purchase Plan Executives are also eligible to participate in the Employee Common Share Purchase Plan, which allows employees of Emera and its operating companies to purchase Emera common shares through regular payroll...
AI summary The Employee Common Share Purchase Plan allows executives and employees to purchase Emera common shares through payroll deductions or lump-sum payments, with a company match of 20% up to a limit. The plan has issued a significant portion of its share limit, with remaining shares available for future issuance.
Scott Balfour Resignation All unvested PSUs, RSUs and stock options are forfeited. Terminated for cause All unvested PSUs, RSUs and stock options are forfeited. Terminated without cause Entitled to a lump sum equal to 24 months' compensati...
AI summary This section outlines the terms and conditions for Scott Balfour's resignation, termination, change of control, and retirement, including the handling of unvested PSUs, RSUs, and stock options under different scenarios.
GOVERNANCE RESPONSIBILITY The Board is responsible for overseeing the Company's corporate governance policies and practices and shall maintain a set of corporate governance practices that are specifically appropriate to the Company. Pursua...
AI summary The Board is responsible for overseeing the Company's corporate governance policies and practices, ensuring independence from management, establishing board committees with written charters, and maintaining appropriate structures to serve the interests of the Company and its shareholders. The Board also oversees the selection of directors, evaluates board performance and compensation, and reviews its charter annually.