N-12025 Annual Financial Statements - Redacted
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Regulatory Assets and Liabilities Regulatory assets represent prudently incurred costs that have been deferred because it is probable that they will be recovered through future rates collected from customers. Management believes that exist...
AI summary The document explains that regulatory assets are deferred costs that are expected to be recovered through future customer rates, and regulatory liabilities are obligations to refund customers or reduce future revenues. Recovery and settlement are based on NSEB approval or regulatory precedent.
Hurricane Fiona: NSPI has NSEB approved regulatory assets for the deferred recognition of $25 million in incremental operating costs related to storm restoration efforts, and $10 million of undepreciated costs related to assets retired, be...
AI summary NSPI has received NSEB approval to defer $25 million in incremental storm restoration costs and $10 million in undepreciated retired asset costs from Hurricane Fiona. These regulatory assets will be amortized over 10 years starting July 1, 2024.
Deferrals Related to Derivative Instruments: NSPI defers changes in fair value of derivatives that are documented as economic hedges or that do not qualify for NPNS exception, as a regulatory asset or liability as approved by the NSEB. The...
AI summary NSPI defers changes in fair value of derivatives documented as economic hedges or not qualifying for NPNS exception, treating them as regulatory assets/liabilities per NSEB approval. Realized gains/losses are recognized upon settlement in accounts like 'Fuel for generation' or 'PP&E', depending on the hedged item's nature.
2025 Annual Financial Statements Attachment 2 Page 22 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) The regulatory asset or liability balance associated with these deferrals as at December 31, 2025 (refer to the "Regulatory Assets and...
AI summary The text discusses the inclusion of interest associated with regulatory asset/liability deferrals in the 2025 financial statements, specifically noting that such interest is recorded as 'Interest expense, net' on the Condensed Consolidated Statements of Income, with reference to the 'Regulatory Assets and Regulatory Liabilities' section.
Regulatory Deferral NSPI received approval from the NSEB for regulatory deferral of gains and losses on certain derivatives documented as economic hedges and certain physical contracts that do not qualify for the NPNS exception. Refer to n...
AI summary NSPI received approval from the NSEB to defer gains and losses on certain derivatives and physical contracts. This deferral applies to derivatives documented as economic hedges and physical contracts not qualifying for the NPNS exception.
millions 2026 2027-2028 Commodity swaps and forwards purchases: Natural gas (MMBtu) 7 10 Power (MWh) 1 - As at December 31, 2025, the Company had the following notional volumes of foreign exchange forward contracts designated for regulator...
AI summary The document outlines the Company's commodity swaps and forwards purchases for natural gas and power, as well as foreign exchange forward contracts designated for regulatory deferral, expected to settle in 2026 and 2027-2028. NSPI will adjust its hedging strategy based on periodic reassessments of foreign exchange requirements.
The Company has the following categories on the Consolidated Balance Sheets related to derivatives receiving regulatory deferral: As at December 31 December 31 millions of dollars 2025 2024 Derivative instrument assets (current and other a...
AI summary The Company reports derivative instrument and regulatory assets and liabilities on its Consolidated Balance Sheets as of December 31, 2025 and 2024. The data shows changes in these categories over the two years, with net assets decreasing from $2 million in 2024 to $0 in 2025.
The Company recognized the following net (losses) gains in income related to derivatives receiving regulatory deferral: For the Year ended December 31 millions of dollars 2025 2024 Fuel for generation and purchased power (1) $ (12) $ (36)...
AI summary The Company reported net losses related to derivatives in the 'Fuel for generation and purchased power' category for 2025 and 2024, with amounts of $12 million and $36 million respectively. These losses are associated with settled and consumed derivative instruments, and will be recognized in the relevant category when the hedged item is consumed.
Hurricane Fiona On June 27, 2024, the NSEB approved the deferred recognition of $25 million in incremental operating costs incurred during the Hurricane Fiona storm restoration efforts in September 2022. Following the NSEB approval, the $2...
AI summary The NSEB approved deferring $25 million in Hurricane Fiona-related operating costs and reclassifying $10 million of retired asset costs to 'Regulatory assets', with both amounts to be amortized over 10 years starting July 1, 2024. This decision impacts NSPI's balance sheet classifications and long-term cost recovery mechanisms.
Financing Structure Wind-Up During 2024, the Company incurred $185 million of interest and financing expenses in connection with a specific financing structure. The current and future interest and financing expenses were expected to be den...
AI summary Emera wound up a financing structure in 2024 after $185 million in interest and financing expenses were denied under EIFEL legislation. A $54 million deferred income tax asset and $4 million tax benefit were recorded, totaling $58 million in tax savings recognized in Q4 2024.
7. Regulatory Assets and Liabilities Regulatory assets represent prudently incurred costs that have been deferred because it is probable they will be recovered through future rates or tolls collected from customers. Management believes exi...
AI summary This section explains that regulatory assets are deferred costs that are likely to be recovered through future rates, while regulatory liabilities are obligations to refund customers or reduce future revenues. Both are based on the probability of recovery or settlement, and adjustments are made to income when this probability changes.
NSPI FAM NSPI has a NSEB approved FAM, allowing NSPI to recover fluctuating fuel and certain fuel-related costs from customers through annual fuel rate adjustments. Differences between prudently incurred fuel costs and amounts recovered fr...
AI summary NSPI's Fuel Adjustment Mechanism (FAM), approved by the NSEB, allows recovery of fluctuating fuel costs through annual rate adjustments. Differences between prudently incurred costs and recovered amounts are deferred as regulatory assets/liabilities and adjusted in subsequent periods.
Deferrals Related to Derivative Instruments This asset is primarily related to NSPI deferring changes in FV of derivatives that are documented as economic hedges or that do not qualify for NPNS exemption, as a regulatory asset or liability...
AI summary NSPI defers changes in the fair value of derivatives not qualifying for NPNS exemption or serving as economic hedges, treating them as regulatory assets/liabilities approved by NSEB. Realized gains/losses are recognized upon settlement of hedged items in regulated fuel, purchased power, inventory, or OM&G.
Hurricane Fiona: NSPI has NSEB approved regulatory assets for the deferred recognition of $25 million in incremental operating costs incurred during the Hurricane Fiona storm restoration efforts, and $10 million of undepreciated costs rela...
AI summary NSPI has received NSEB approval for $25 million in deferred incremental operating costs and $10 million in undepreciated asset retirement costs related to Hurricane Fiona. These regulatory assets will be amortized over 10 years starting July 1, 2024.
The Company has recorded the following changes with respect to derivatives receiving regulatory deferral: millions of dollars Commodity swaps and forwards FX forwards Commodity swaps and forwards FX forwards For the year ended December 31...
AI summary The Company has recorded changes in derivatives receiving regulatory deferral, including unrealized and realized gains and losses across various categories such as commodity swaps, forwards, and FX forwards for the years 2024 and 2025.
As at December 31, 2025, the Company had the following notional volumes designated for regulatory deferral that are expected to settle as outlined below: millions 2026 2027–2028 Commodity swaps and forwards purchases: Natural gas (MMBtu) 7...
AI summary As of December 31, 2025, the company has designated notional volumes for regulatory deferral, including natural gas and power swaps, as well as FX forwards, with expected settlements outlined for 2026 and 2027–2028.
N-2Refiled Statements - NSPI - Redacted
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2025 Annual Financial Statements Attachment 2 Page 13 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI collects income taxes from customers based on income tax that is currently payable except for the deferred income taxes on certain...
AI summary NSPI manages deferred income taxes related to regulatory balances by recognizing regulatory assets/liabilities and grossing them up using income tax rates. Interest and penalties from unrecognized tax benefits are classified as 'Interest expense, net' and 'OM&G', respectively.
Regulatory Assets and Liabilities Regulatory assets represent prudently incurred costs that have been deferred because it is probable that they will be recovered through future rates collected from customers. Management believes that exist...
AI summary The document explains that regulatory assets are deferred costs that are expected to be recovered through future customer rates, while regulatory liabilities are obligations to refund customers or reduce future revenues. Recovery and settlement depend on regulatory approvals and precedents.
Hurricane Fiona: NSPI has NSEB approved regulatory assets for the deferred recognition of $25 million in incremental operating costs related to storm restoration efforts, and $10 million of undepreciated costs related to assets retired, be...
AI summary NSPI has received NSEB approval to defer $25 million in incremental operating costs from Hurricane Fiona's storm restoration and $10 million in undepreciated costs from retired assets. These regulatory assets will be amortized over 10 years starting July 1, 2024.
Deferrals Related to Derivative Instruments: NSPI defers changes in fair value of derivatives that are documented as economic hedges or that do not qualify for NPNS exception, as a regulatory asset or liability as approved by the NSEB. The...
AI summary NSPI defers changes in fair value of derivatives as regulatory assets/liabilities per NSEB approval, recognizing realized gains/losses in accounts like 'Fuel for generation' or 'PP&E' when hedged items settle.
2025 Annual Financial Statements Attachment 2 Page 22 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) The regulatory asset or liability balance associated with these deferrals as at December 31, 2025 (refer to the "Regulatory Assets and...
AI summary The document discusses the regulatory asset or liability balance related to deferrals as of December 31, 2025, which includes interest recorded as 'Interest expense, net' on the income statements, referencing the 'Regulatory Assets and Regulatory Liabilities' section.
millions 2026 2027-2028 Commodity swaps and forwards purchases: Natural gas (MMBtu) 7 10 Power (MWh) 1 - As at December 31, 2025, the Company had the following notional volumes of foreign exchange forward contracts designated for regulator...
AI summary The document outlines the Company's commodity swaps and forwards purchases for natural gas and power, as well as its foreign exchange forward contracts designated for regulatory deferral, expected to settle in 2026 and 2027-2028. The Company will adjust its hedging strategy based on periodic reassessments of forecast foreign exchange requirements.
The Company has the following categories on the Consolidated Balance Sheets related to derivatives receiving regulatory deferral: As at December 31 December 31 millions of dollars 2025 2024 Derivative instrument assets (current and other a...
AI summary The Company's consolidated balance sheets show derivative instrument assets and liabilities, along with regulatory assets and liabilities, as of December 31, 2025, and 2024. The net asset value is reported as zero for 2025 and $2 million for 2024.
2022 GRA and Settlement Agreement On February 2, 2023, the NSEB approved the GRA Settlement Agreement between NSPI, key customer representatives and participating interest groups. This resulted in average customer rate increases of 6.9 per...
AI summary The NSEB approved a 2022 GRA Settlement Agreement, resulting in rate increases of 6.9% in 2023 and 6.5% in 2024. The agreement includes a storm rider for major storm restoration costs and a DSM rider for EfficiencyOne's programs, with cost recovery and deferral mechanisms managed through the NSEB's FAM process.
Hurricane Fiona On June 27, 2024, the NSEB approved the deferred recognition of $25 million in incremental operating costs incurred during the Hurricane Fiona storm restoration efforts in September 2022. Following the NSEB approval, the $2...
AI summary The NSEB approved the deferral of $25 million in incremental operating costs from Hurricane Fiona restoration efforts and reclassified $10 million of retired asset costs to regulatory assets, to be amortized over 10 years starting July 1, 2024.
Energy Efficiency Legislation In April 2014, the Province announced energy efficiency legislation to remove a previous charge for conservation and efficiency programs from power bills of customers in the Province effective January 1, 2015....
AI summary In 2014, Nova Scotia introduced legislation to remove a conservation charge from power bills and required NSPI to purchase efficiency activities from EfficiencyOne. The NSEB approved a $35 million DSM deferral recoverable over eight years, with a portion financed by EfficiencyOne. As of 2023, the deferral was fully recovered, and the balance was repaid. In 2022, the NSEB approved a $173 million budget for 2023–2025, reduced by $4 million due to EfficiencyOne's underspend.
Financing Structure Wind-Up During 2024, the Company incurred $185 million of interest and financing expenses in connection with a specific financing structure. The current and future interest and financing expenses were expected to be den...
AI summary In 2024, Emera incurred $185 million in interest and financing expenses under a specific financing structure, which was wound up due to EIFEL legislation. A $54 million deferred income tax asset and a $4 million income tax benefit were recorded, resulting in a total tax benefit of $58 million.
7. Regulatory Assets and Liabilities Regulatory assets represent prudently incurred costs that have been deferred because it is probable they will be recovered through future rates or tolls collected from customers. Management believes exi...
AI summary This section explains regulatory assets and liabilities. Regulatory assets are deferred costs that are expected to be recovered through future rates, while regulatory liabilities are obligations to refund customers or reduce future revenues. Management assesses the probability of recovery or settlement to determine when these items are recognized in income.
Pension and Post-Retirement Medical Plan This asset is primarily related to the deferred costs of pension and post-retirement benefits at TEC and PGS. Deferred costs of post-retirement benefits that are included in expense are recognized a...
AI summary The text discusses deferred costs related to pension and post-retirement medical benefits at TEC and PGS, which are recognized as cost of service for rate-making purposes by the FPSC and amortized over the remaining service life of plan participants.
NSPI Storm Rider: NSPI has a NSEB approved storm rider for each of 2023, 2024 and 2025, which gives NSPI the option to apply to the NSEB for recovery of costs if major storm restoration expense exceeds approximately $10 million in a given...
AI summary NSPI has storm riders approved by the NSEB for 2023, 2024, and 2025, allowing cost recovery if major storm restoration expenses exceed $10 million in a year. Applications for deferral and recovery are made in the year following the expense, with recovery beginning the year after the application.
Deferrals Related to Derivative Instruments This asset is primarily related to NSPI deferring changes in FV of derivatives that are documented as economic hedges or that do not qualify for NPNS exemption, as a regulatory asset or liability...
AI summary The text discusses deferrals related to derivative instruments, specifically how NSPI defers changes in fair value (FV) of derivatives documented as economic hedges or not qualifying for NPNS exemption, as a regulatory asset or liability approved by the NSEB. Realized gains or losses are recognized upon settlement of the hedged item in various categories such as regulated fuel, purchased power, and OM&G.
Hurricane Fiona: NSPI has NSEB approved regulatory assets for the deferred recognition of $25 million in incremental operating costs incurred during the Hurricane Fiona storm restoration efforts, and $10 million of undepreciated costs rela...
AI summary NSPI has received approval from NSEB to defer and amortize $35 million in costs related to Hurricane Fiona, including $25 million in incremental operating costs and $10 million in undepreciated costs from retired assets, over a 10-year period starting July 1, 2024.
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.
N-3Additional Submissions Financial Statements - Redacted
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- If you need more space, attach additional schedules. Add: Provision for income taxes – current -6,018,010 Provision for income taxes – deferred -38,950,935 Amortization of tangible assets 292,127,239 Amortization of intangible assets 5,8...
AI summary The text presents various financial line items, including provisions for income taxes, amortization of assets, reserves, and non-deductible expenses. It also includes details on preferred share dividends, share compensation, and other accounting-related entries, with some amounts highlighted in bold.
va Scotia Power Incorporated 11931 4938 RC0001 Subtotal of other additions 199 130,579,059 130,579,059 Total additions 500 407,427,049 407,427,049 Amour nt A plus line 500 548,347,703 Dedu ıct: al cost allowance from Schedule 8 403 342,919...
AI summary The document presents a detailed financial table showing additions and deductions for Nova Scotia Power Incorporated, including various accounting entries, tax-related items, and deferrals such as the Storm Cost Recovery Rider Deferral and Renewable to Retail (RTR) Deferral, along with a total of deductions and additions.
ova Scotia Power Incorporated 11931 4938 RC0001 1 2 3 4 5 6 Row Name of CFA Amounts determined for variable A in the definition of IFE for the affiliate Proportion determined under subsection 18.2(2) Amount G in Part 2K % Denied amount und...
AI summary The text provides a table with various financial and tax-related calculations, including amounts determined for variable A in the definition of IFE, proportions under subsection 18.2(2), denied amounts, and the corporation's share of denied amounts. The table includes references to tax years, percentages, and specific tax-related clauses.
NSPI - 2024 - T2 - Tax Return - Amended for SR&ED.224 2024-12-31 Nova Scotia Power Incorporated 2026-06-29 13:08 11931 4938 RC0001 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 199 Subtotal of other additions 476,235,502 476,2...
AI summary The document presents an amended T2 Tax Return for Nova Scotia Power Incorporated, including various financial figures and deductions such as SR&ED expenditures, capital cost allowances, and deferrals related to programs and riders. It outlines additions, deductions, and net income for income tax purposes.