E-16E1 (Synapse) RIRs 1-90
11 passages
3.3 MODELLING E1 shared its key model assumptions, cost effectiveness test (CET) assumptions, and low-income and equity assumptions in the Round 1 model results package circulated October 27, 2025. There have been no changes to E1's approa...
AI summary E1 updated its cost effectiveness test (CET) assumptions in Round 2 to align with the Board's decision in M12282, which required using the PAC test and NS Power's WACC as the discount rate. E1's key assumptions remain unchanged since Round 1, but ongoing refinement of model inputs is occurring, with finalization prior to the 2027-2031 DSM Plan Application.
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 from Financing Activities Net cash provided by financing activities increased $1,027 million to $513 million in 2025 compared to net cash used in financing activities of $514 million in 2024 primarily due to net borrowings under...
AI summary Net cash provided by financing activities increased significantly in 2025 compared to 2024, driven by net borrowings, issuance of short-term debt, and higher long-term debt proceeds, partially offset by capital returns to Emera and debt retirements.
Credit Available millions of dollars Maturity Facility Utilized Capacity Revolving credit facility June 2029 $ 800 $ 578 $ 222 Non-revolving term facility May 2026 500 500 - NSPI has debt covenants associated with its credit facilities. Co...
AI summary NSPI has credit facilities with specific maturity dates and capacities. The company is in compliance with its debt covenants as of December 31, 2025, with a significant covenant listed.
Liquidity and Capital Market Risk Liquidity risk relates to NSPI's ability to ensure sufficient funds are available to meet its financial obligations. NSPI's access to capital and cost of borrowing is subject to several risk factors, inclu...
AI summary The text discusses liquidity and capital market risks faced by NSPI, including the impact of financial market conditions, credit ratings, and interest rate changes on its ability to secure funding. A downgrade in credit ratings could increase borrowing costs and require collateral for derivative instruments.
Interest Rate Risk: NSPI utilizes a combination of fixed and floating rate debt financing for operations and capital expenditures, resulting in an exposure to interest rate risk. The allowed range of ROE will generally follow the direction...
AI summary NSPI uses a mix of fixed and floating rate debt, exposing it to interest rate risk. The allowed return on equity (ROE) range is influenced by interest rates, with a lag due to the regulatory process. 75% of NSPI's debt is fixed rate with an average term of 17 years. Inflation may increase operating costs, capital investment, and fuel costs relative to customer rates.
Future Employee Benefit Plan Performance and Funding Risk NSPI has both defined benefit and defined contribution employee benefit plans that cover both employees and retirees. The defined benefit plan is closed to new entrants. The cost of...
AI summary NSPI has defined benefit and defined contribution employee benefit plans. The defined benefit plan is closed to new entrants, and its costs depend on investment performance, interest rates, inflation, and actuarial assumptions. Future changes in these factors could lead to larger contributions, potentially causing a Material Adverse Effect.
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 asset and liability balances on its Consolidated Balance Sheets for 2025 and 2024, with a net asset of $2 in 2025. These balances are related to derivatives receiving regulatory deferral.
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.
Debt Management NSPI has access to a syndicated revolving bank line of credit and a non-revolving term facility. NSPI also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by the...
AI summary NSPI has access to various credit facilities, including a syndicated revolving bank line of credit, a non-revolving term facility, and a commercial paper program. As of March 31, 2026, the company's credit facilities, outstanding borrowings, and available capacity are outlined.