N-12025 Annual Financial Statements - Redacted
30 passages
Regulated Balance Sheets As at December 31 December 31 December 31 December 31 millions of Canadian dollars 2025 2024 2025 2024 Assets Liabilities and Equity Current assets Current liabilities Receivables, net $ 557 $ 417 Bank indebtedness...
AI summary The document presents the regulated balance sheets for the years ending December 31, 2025, and December 31, 2024, showing changes in assets, liabilities, and equity. Key items include increases in current assets, long-term liabilities, and equity.
The Company's concentrations of risk as at December 31, consisted of the following: As at 2025 2024 millions of % of total millions of % of total dollars exposure dollars exposure Receivables, net Residential $ 278 48% $ 206 45% Commercial...
AI summary The document outlines the Company's concentrations of risk as of December 31, 2025, highlighting the distribution of receivables and derivative instruments. Residential receivables account for the largest portion, followed by other receivables, with significant changes in cash collateral and credit rating exposure.
The following tables set out the classification of the methodology used by the Company to fair value its derivatives: As at December 31, 2025 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and...
AI summary The document outlines the classification of the methodology used by the Company to fair value its derivatives as of December 31, 2025 and 2024. It includes tables showing the fair value of assets and liabilities, categorized by Level 1, Level 2, and Level 3. The fair value of long-term debt is also detailed, with values estimated based on quoted market prices or current rates.
The following table shows the expected cash flows for defined benefit pension and other post-retirement benefit plans: millions of dollars Defined benefit pension plans Non-pension benefit plans Expected employer contributions 2026 Expecte...
AI summary The text presents a table outlining the expected cash flows for defined benefit pension and other post-retirement benefit plans, including employer contributions and benefit payments from 2026 to 2035. The assumptions section indicates that the data is based on projections and estimates.
NSPI's short-term debt as at December 31 consisted of the following: millions of dollars 2025 2024 Term CORRA – non-revolving term facility (1) $ 500 $ - Bank indebtedness 42 2 Total Short-term debt $ 542 $ 2 (1) Canadian Overnight Repo Ra...
AI summary NSPI's short-term debt as of December 31 includes a term CORRA non-revolving term facility of $500 million in 2025 and $0 in 2024, along with bank indebtedness of $42 million in 2025 and $2 million in 2024, totaling $542 million in 2025 and $2 million in 2024.
The Company's total long-term credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Revolving credit facility (1) June 2029 $ 800 $ 800 Total $ 800 $ 800...
AI summary The Company's long-term credit facilities and available capacity as of December 31 show a revolving credit facility of $800 million maturing in June 2029. As of 2025, $561 million was borrowed, with $17 million in letters of credit issued, leaving $222 million in available capacity. In 2024, $177 million was borrowed, with $12 million in letters of credit issued, leaving $611 million in available capacity.
Debt Covenants NSPI's debt obligations contain covenants related to the amount of debt to capitalization as defined in certain agreements. In addition, other covenants and financial reporting obligations exist. Failure to comply with these...
AI summary NSPI's debt obligations include covenants related to debt-to-capitalization ratios and financial reporting. As of December 31, 2025 and 2024, NSPI was in compliance with all financial covenants. Non-compliance could result in an event of default and acceleration of debt obligations.
Calculation as at Instrument Financial Covenant Requirement/Restriction December 31, 2025 Syndicated credit facility Debt to capital ratio Less than or equal to 0.70:1 0.68:1 Long-Term Debt Maturities
AI summary The document presents a financial covenant related to the debt-to-capital ratio under a syndicated credit facility, with a requirement of less than or equal to 0.70:1 as of December 31, 2025, and reports a ratio of 0.68:1. It also includes a section on long-term debt maturities.
As at December 31, 2025, long-term debt maturities for each of the next five years and in aggregate thereafter are as follows: Years of maturity millions of dollars 2026 $ 40 2027 - 2028 - 2029 599 2030 - Greater than 5 years 3,034 Total $...
AI summary The text provides a summary of long-term debt maturities as of December 31, 2025, and introduces a section on asset retirement obligations. It outlines the distribution of debt maturities over the next five years and beyond, with significant amounts due in 2029 and after five years.
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 December 31, 2025, and December 31, 2024, including increases in receivables, income taxes receivable, and pension assets, as well as changes in debt levels and regulatory assets and liabilities. These changes are attributed to factors like capital investment, timing of payments, and tax credits.
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 debt covenants that are regularly tested. As of December 31, 2025, the company is in compliance with these covenants. The significant covenant is outlined in the document.
(2) The annual incentive payout amount does not include any amount allocated to deferred share units. Mr. Blunden elected to defer 50 per cent of his 2025 annual incentive payment to DSUs. No portion of the annual incentive entitlements th...
AI summary The text discusses the allocation of annual incentive payouts, deferred share units (DSUs), performance share units (PSUs), and restricted share units (RSUs) for Mr. Blunden. It clarifies that these payments are not recoverable in rates and references the Deferred Share Unit Plan for more information.
The following table highlights significant changes in adjusted net income from 2024 to 2025: For the millions of dollars Three months ended December 31 Year ended December 31 Adjusted net income – 2024 $ 246 $ 849 Operating Unit Performanc...
AI summary The text presents a table showing changes in adjusted net income and cash flow from 2024 to 2025, highlighting factors like revenue from new base rates, weather conditions, and operational expenses. It also includes details on total assets and long-term debt, excluding certain balances classified as held for sale.
Significant changes in the Consolidated Balance Sheets between December 31, 2024 and December 31, 2025 include: millions of dollars Total Increase (Decrease) Explanation of Other Increase (Decrease) Assets Cash and cash equivalents $ 153 I...
AI summary The Consolidated Balance Sheets show significant changes between December 31, 2024, and December 31, 2025, including an increase in cash and cash equivalents due to operational cash flow and debt proceeds, a decrease in regulatory assets due to lower storm cost recovery and FX effects, and an increase in receivables and other assets due to higher commodity prices and pension returns.
Financial Covenant Requirement As at December 31, 2025 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.53 : 1 Recent significant financing activity for Emera and its subsidiaries are discussed bel...
AI summary The table presents Emera's financial covenant related to its syndicated credit facilities, specifically the debt-to-capital ratio requirement of less than or equal to 0.70 to 1, with a current ratio of 0.53 to 1 as of December 31, 2025. The text also mentions that recent significant financing activity for Emera and its subsidiaries will be discussed by segment.
Consolidated Balance Sheets (continued) As at millions of dollars December 31 2025 December 31 2024 Liabilities and Equity Current liabilities Short-term debt (note 24) $ 1,807 $ 1,400 Current portion of long-term debt (note 26) 1,201 234...
AI summary The consolidated balance sheets show a significant increase in liabilities and equity from December 31, 2024, to December 31, 2025, with notable changes in short-term and long-term debt, regulatory liabilities, and equity components such as retained earnings and accumulated other comprehensive income.
Emera accounts for its variable interest investment in NSPML as an equity investment (note 33). NSPML's consolidated summarized balance sheets are illustrated as follows: As at millions of dollars December 31 2025 December 31 2024 Balance...
AI summary Emera accounts for its variable interest investment in NSPML as an equity investment. NSPML's balance sheets show changes in assets and liabilities from 2024 to 2025, with long-term debt guaranteed by the Government of Canada.
2025 Annual Financial Statements Attachment 6 Page 98 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...
AI summary In 2024, Emera incurred $185 million in interest and financing expenses tied to a specific financing structure, which was wound up due to expected denial under EIFEL legislation. A $58 million income tax benefit was recorded, including a $54 million deferred income tax asset and a $4 million reversal of a deferred income tax liability.
The Company's cash collateral positions consisted of the following: As at millions of dollars December 31 2025 December 31 2024 Cash collateral provided to others $ 193 $ 198 Cash collateral received from others $ 5 $ 5 Collateral is poste...
AI summary The Company's cash collateral positions show a slight decrease from 2024 to 2025, with cash collateral provided to others decreasing from $198 million to $193 million, while cash collateral received remained stable at $5 million. Collateral is posted based on the Company's credit rating and may be required under derivative agreements if a material adverse credit event occurs.
Long-term debt is a financial liability not measured at FV on the Consolidated Balance Sheets. The balance consisted of the following: As at millions of dollars Carrying Amount FV Level 1 Level 2 Level 3 Total December 31, 2025 $ 19,654 $...
AI summary The document outlines the long-term debt of the company, including its carrying amount, fair value, and classification. It mentions the Hybrid Notes designated as a hedge for foreign currency exposure, their contingent convertibility, and the after-tax foreign currency gain recorded in AOCI for 2025.
Changes in the benefit obligation and plan assets, and the funded status for plans were as follows: For the Year ended December 31 millions of dollars 2025 2024 DB pension Non-pension DB pension Non-pension plans benefit plans plans benefi...
AI summary The document outlines changes in the benefit obligation and plan assets for pension and non-pension benefit plans for the years ended December 31, 2025 and 2024. It details factors such as service cost, interest cost, benefits paid, and actuarial losses or gains that influenced these changes.
The amounts recognized in the Consolidated Balance Sheets consisted of the following: As at millions of dollars December 31 2025 December 31 2024 DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans Other c...
AI summary The Consolidated Balance Sheets show the recognition of various financial items, including liabilities, assets, and equity components, as of December 31, 2025, and December 31, 2024. Notably, there is a classification of assets and liabilities held for sale following Emera's agreement to sell NMGC in August 2024.
Weighted average Weighted average millions of dollars 2025 interest rate 2024 interest rate Florida Electric Utility Advances on revolving credit facilities $ 1,059 4.01% $ 915 4.77% Canadian Electric Utilities Advances on non-revolving cr...
AI summary The table provides a breakdown of weighted average interest rates for various credit facilities and debt obligations across different utility companies in 2024 and 2025. It includes details on advances, bank indebtedness, and short-term debt. A notable point is the classification of NMGC's assets and liabilities as held for sale following an announced agreement by Emera to sell NMGC in August 2024.
The Company's total short-term unsecured revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 TEC – committed revolving credi...
AI summary The document outlines the credit facilities, borrowings, and available capacity of the Company as of December 31, 2025 and 2024. It includes details on various credit facilities, their maturity dates, and the amounts outstanding, with a note on the pending sale of NMGC.
The Company's total long-term revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Emera – committed revolving credit facilit...
AI summary The document outlines the credit facilities, outstanding borrowings, and available capacity for the Company as of December 31, 2025 and 2024, including details on Emera and NSPI credit facilities, borrowings, and available capacity.
Debt Covenants Emera and its subsidiaries have debt covenants associated with their credit facilities. Covenants are tested regularly and the Company is in compliance with covenant requirements. Emera's significant covenants are listed bel...
AI summary Emera and its subsidiaries have debt covenants tied to their credit facilities. These covenants are tested regularly, and the company is in compliance with them. The significant covenants are listed but not detailed in this section.
As at December 31, 2025, long-term debt maturities, including capital lease obligations, for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Florida Elec...
AI summary The document outlines the long-term debt maturities for various utility companies as of December 31, 2025, including capital lease obligations for the next five years and in aggregate thereafter. The data is presented in a table with figures in millions of dollars.
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.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 180810 LT REG ASSET DERIV INSTR TREASURY 180850 LT REG ASSET FCR DEFERRAL 181550 LT REG ASSET UARB TAX DEFERRAL 181700 LT REG ASSET STORM RIDER 181800 LT REG ASSET STORM RES...
AI summary The text presents a list of account segments and their descriptions, including long-term and short-term financial assets, liabilities, and accrued expenses related to various operations and obligations.
N-2Refiled Statements - NSPI - Redacted
40 passages
Regulated Balance Sheets As at December 31 December 31 December 31 December 31 millions of Canadian dollars 2025 2024 2025 2024 Assets Liabilities and Equity Current assets Current liabilities Receivables, net $ 557 $ 417 Bank indebtedness...
AI summary The document presents the regulated balance sheets for the period ending December 31, 2025, and December 31, 2024, showing changes in assets, liabilities, and equity. Key figures include increases in current assets, liabilities, and long-term debt, as well as changes in equity components such as common stock and retained earnings.
Nova Scotia Power Inc. Consolidated Statements of Cash Flows For the Year ended December 31 millions of dollars 2025 2024 Operating activities Net income $ 141 $ 160 Adjustments to reconcile net income to net cash provided by operating act...
AI summary This section presents the consolidated cash flow statements for Nova Scotia Power Inc. for the years 2025 and 2024, detailing cash flows from operating, investing, and financing activities, as well as changes in cash and supplemental disclosures.
Regulatory assets and liabilities as at December 31, excluding certain regulatory assets related to PP&E and AROs as discussed in notes 13 and 20, consisted of the following: As at December 31 December 31 millions of dollars 2025 2024 Regu...
AI summary The document provides a summary of regulatory assets and liabilities as of December 31, 2025, and 2024, highlighting changes in figures such as the deferred income tax regulatory asset, FAM, Hurricane Fiona, and other categories.
6. INTEREST EXPENSE, NET As at Year ended December 31 millions of dollars 2025 2024 Interest on debt $ 181 $ 197 Interest on FAM balance 1 (19) Interest revenue, net (7) (9) Allowance for borrowed funds used during construction (8) (6) Oth...
AI summary The table presents interest expense, net, for the years ended December 31, 2025 and 2024, including interest on debt, interest on FAM balance, interest revenue, net, allowance for borrowed funds used during construction, and other expenses.
Derivative assets and liabilities receiving regulatory deferral consisted of the following: Derivative Assets Derivative Liabilities As at December 31 December 31 December 31 December 31 millions of dollars 2025 2024 2025 2024 Current Comm...
AI summary The document outlines the derivative assets and liabilities of Nova Scotia Power Inc. (NSPI) as of December 31, 2025, and 2024, categorized as current or long-term based on contract maturities. The figures include commodity swaps, foreign exchange forwards, and the impact of master netting agreements.
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. These deferrals are documented in note 5 of the report.
The Company's concentrations of risk as at December 31, consisted of the following: As at 2025 2024 millions of % of total millions of % of total dollars exposure dollars exposure Receivables, net Residential $ 278 48% $ 206 45% Commercial...
AI summary The Company's risk concentrations as of December 31, 2025, show significant exposure in receivables, particularly in residential and other categories, with a notable increase in cash collateral compared to 2024. Derivative instruments also represent a portion of the risk exposure, though the credit rating category shows a decrease in exposure.
Pension Plan Asset Allocations NSPI's registered defined benefit pension plan employs a long-term strategic approach with respect to asset allocation, real return and risk. The underlying objective is to earn an appropriate return given th...
AI summary NSPI's defined benefit pension plan follows a long-term strategic approach to asset allocation, aiming to achieve appropriate returns while preserving capital within acceptable risk levels. Investments are managed by external managers under the plan's investment policy, covering Canadian and global equities, bonds, and short-term assets.
As at December 31, 2025, future minimum lease payments under non-cancellable operating leases for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Minimum...
AI summary The document outlines future minimum lease payments for NSPI as of December 31, 2025, with payments expected to decrease over the next five years and increase significantly thereafter. It also provides details on the weighted average remaining lease term and discount rate for operating leases.
NSPI's short-term debt as at December 31 consisted of the following: millions of dollars 2025 2024 Term CORRA – non-revolving term facility (1) $ 500 $ - Bank indebtedness 42 2 Total Short-term debt $ 542 $ 2 (1) Canadian Overnight Repo Ra...
AI summary NSPI's short-term debt as of December 31 includes a term CORRA non-revolving term facility of $500 million in 2025 and $0 in 2024, along with bank indebtedness of $42 million in 2025 and $2 million in 2024, totaling $542 million and $2 million respectively.
The Company's total long-term credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Revolving credit facility (1) June 2029 $ 800 $ 800 Total $ 800 $ 800...
AI summary The document outlines the Company's long-term credit facilities, outstanding borrowings, and available capacity as of December 31 for the years 2025 and 2024. It includes details such as the revolving credit facility, face value of borrowings, letters of credit, and available capacity under existing agreements.
Debt Covenants NSPI's debt obligations contain covenants related to the amount of debt to capitalization as defined in certain agreements. In addition, other covenants and financial reporting obligations exist. Failure to comply with these...
AI summary NSPI's debt obligations include covenants related to debt-to-capitalization ratios and other financial reporting requirements. Non-compliance could trigger an event of default and acceleration of debt. As of December 31, 2025 and 2024, NSPI was in compliance with all financial covenants.
Calculation as at Instrument Financial Covenant Requirement/Restriction December 31, 2025 Syndicated credit facility Debt to capital ratio Less than or equal to 0.70:1 0.68:1 Long-Term Debt Maturities
AI summary The document outlines a financial covenant under a syndicated credit facility, specifying a debt-to-capital ratio requirement of less than or equal to 0.70:1, with a reported ratio of 0.68:1 as of December 31, 2025. It also includes a section on long-term debt maturities.
As at December 31, 2025, long-term debt maturities for each of the next five years and in aggregate thereafter are as follows: Years of maturity millions of dollars 2026 $ 40 2027 2028 2029 599 2030 Greater than 5 years 3,034 Total $ 3,673...
AI summary The document outlines long-term debt maturities for the next five years and beyond as of December 31, 2025, with a significant amount due in 2029 and beyond. It also references a section on Asset Retirement Obligations (ARO).
A. Commitments As at December 31, 2025, contractual commitments (excluding pensions and other post-retirement obligations, long-term debt, interest payment obligations, long-term payables and ARO) for each of the next five years and in agg...
AI summary This section outlines contractual commitments as of December 31, 2025, excluding certain obligations such as pensions, long-term debt, and ARO. It provides a breakdown of these commitments for the next five years and in aggregate thereafter.
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 December 31, 2025, and December 31, 2024, including increases in assets like receivables and property, plant and equipment, and changes in liabilities such as bank indebtedness and short-term debt. These changes are attributed to factors like timing of billing, capital investments, and regulatory deferrals.
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 allows NSPML to collect up to $199 million from NSPI in 2026, with a monthly holdback. Additional details on financial obligations, debt, and commitments are provided in footnotes.
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 Company's opera...
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. The commercial paper program is backed by the Company's operating credit facility, with issued amounts reducing available capacity.
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 debt covenants that are regularly tested. As of December 31, 2025, the company is in compliance with these covenants. The significant covenant is outlined in the document.
Defined Benefit The following table shows years of credited service, estimated pension amounts and changes to accrued obligations from January 1, 2025 to December 31, 2025 for the NEOs who participated in the Pension Plan on a defined bene...
AI summary The text presents a table showing the estimated pension amounts and changes to accrued obligations for NEOs participating in the Pension Plan on a defined benefit basis from January 1, 2025, to December 31, 2025.
The following table shows the changes to accumulated value from January 1, 2025 to December 31, 2025 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, 2025, to December 31, 2025, showing contributions and accumulated values for each individual.
The following table highlights significant changes in adjusted net income from 2024 to 2025: For the millions of dollars Three months ended December 31 Year ended December 31 Adjusted net income – 2024 $ 246 $ 849 Operating Unit Performanc...
AI summary This text presents a table showing changes in adjusted net income and cash flow from 2024 to 2025, including factors like revenue growth, operating expenses, interest expenses, and asset changes. Adjusted net income increased slightly in 2025 compared to 2024, with variations attributed to factors such as base rate changes, weather conditions, and operational costs.
Highlights of net income changes are summarized in the following table: For the millions of USD Three months ended December 31 Year ended December 31 Contribution to consolidated net income – 2024 $ 83 $ 468 Increased operating revenues, p...
AI summary The document highlights changes in net income, showing an increase in operating revenues due to factors such as storm cost recovery revenue, new base rates, and customer growth, though partially offset by unfavourable weather. There are also increases in fuel costs, OM&G, depreciation, interest expense, and taxes, with some offsets from regulatory deferrals and tax credits.
Highlights of net income (loss) changes are summarized in the following table: For the millions of dollars Three months ended December 31 Year ended December 31 Contribution to consolidated net (loss) income – 2024 $ (146) $ (686) Increase...
AI summary The table highlights changes in net income (loss) for the periods indicated, with key factors including increased marketing and trading margins due to favorable weather conditions, decreased equity earnings due to an unplanned outage, increased interest expenses, and various charges and gains related to asset sales and wind-down costs.
As at December 31, 2025, contractual commitments for each of the next five years and in aggregate thereafter consisted of the following: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Long-term debt principal (1)(2) $ 1,297...
AI summary The text outlines contractual commitments for the next five years and beyond as of December 31, 2025, including long-term debt, interest payments, purchased power, transportation, and other obligations. These commitments are detailed in a table, with a note that obligations related to NMGC will be transferred to the buyer upon completion of the sale.
Debt Management In addition to funds generated from operations, Emera and its subsidiaries have, in aggregate, access to unsecured committed syndicated revolving and non-revolving bank lines of credit in either CAD or USD per the table bel...
AI summary Emera and its subsidiaries have access to unsecured committed syndicated revolving and non-revolving bank lines of credit in CAD or USD, in addition to funds generated from operations.
Financial Covenant Requirement As at December 31, 2025 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.53 : 1 Recent significant financing activity for Emera and its subsidiaries are discussed bel...
AI summary The table outlines Emera's financial covenant related to its syndicated credit facilities, specifying a debt-to-capital ratio requirement of less than or equal to 0.70 to 1, with a current ratio of 0.53 to 1 as of December 31, 2025. The text also mentions recent significant financing activity for Emera and its subsidiaries by segment.
Consolidated Balance Sheets (continued) As at millions of dollars December 31 2025 December 31 2024 Liabilities and Equity Current liabilities Short-term debt (note 24) $ 1,807 $ 1,400 Current portion of long-term debt (note 26) 1,201 234...
AI summary The consolidated balance sheets show a significant increase in both current and long-term liabilities between 2024 and 2025, with short-term debt and the current portion of long-term debt rising notably. Equity also increased slightly, but total liabilities and equity grew from $42,951 million to $44,817 million.
The Company's concentrations of risk consisted of the following: As at December 31, 2025 December 31, 2024 millions of % of total millions of % of total dollars exposure dollars exposure Receivables, net Regulated utilities: Residential $...
AI summary The Company's risk concentrations include receivables from regulated utilities, trading groups, and derivative instruments, with a significant portion classified as assets held for sale following the announced sale of NMGC. The data reflects changes in exposure percentages between 2024 and 2025.
Long-term debt is a financial liability not measured at FV on the Consolidated Balance Sheets. The balance consisted of the following: As at millions of dollars Carrying Amount FV Level 1 Level 2 Level 3 Total December 31, 2025 $ 19,654 $...
AI summary The document discusses the long-term debt of the company, including its carrying amount, fair value, and classification as Level 2 financial assets. It also highlights the use of Hybrid Notes as a hedge against foreign currency exposure and the after-tax foreign currency gain recorded in AOCI for 2025.
Changes in the benefit obligation and plan assets, and the funded status for plans were as follows: For the Year ended December 31 millions of dollars 2025 2024 DB pension Non-pension DB pension Non-pension plans benefit plans plans benefi...
AI summary The text provides a detailed overview of changes in the benefit obligation and plan assets for defined benefit (DB) pension and non-pension benefit plans for the years 2024 and 2025, including service cost, interest cost, plan amendments, benefits paid, actuarial gains and losses, and funded status.
Weighted average Weighted average millions of dollars 2025 interest rate 2024 interest rate Florida Electric Utility Advances on revolving credit facilities $ 1,059 4.01% $ 915 4.77% Canadian Electric Utilities Advances on non-revolving cr...
AI summary The table outlines weighted average interest rates and amounts for various credit facilities and debt across different utilities in 2025 and 2024. It includes entries for Florida Electric Utility, Canadian Electric Utilities, Gas Utilities and Infrastructure, Other Electric Utilities, and Other. The note explains that Emera announced the sale of NMGC on August 5, 2024, leading to its assets and liabilities being classified as held for sale starting in Q3 2024.
The Company's total short-term unsecured revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 TEC – committed revolving credi...
AI summary The Company's credit facilities and available capacity as of December 31 are detailed, showing total credit facilities of $3,332 million in 2025 and $2,302 million in 2024. Available capacity was $1,448 million in 2025 and $898 million in 2024. Emera announced the sale of NMGC on August 5, 2024, with its assets and liabilities classified as held for sale from Q3 2024.
Long-term debt as at December 31 consisted of the following: Weighted average interest rate (1) millions of dollars 2025 2024 Maturity 2025 2024 Florida Electric Utility Senior unsecured notes 4.46% 4.36% 2029 - 2051 $ 6,271 $ 5,720 Canadi...
AI summary The document presents a detailed breakdown of long-term debt as of December 31, 2025, and 2024, including various types of debt instruments, their weighted average interest rates, and maturity dates. It outlines the composition of debt across different utility sectors and includes adjustments for costs and liabilities.
The Company's total long-term revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Emera – committed revolving credit facilit...
AI summary The document outlines the credit facilities, outstanding borrowings, and available capacity for the company as of December 31, 2024 and 2025, including details on committed and unsecured credit facilities and their usage.
Debt Covenants Emera and its subsidiaries have debt covenants associated with their credit facilities. Covenants are tested regularly and the Company is in compliance with covenant requirements. Emera's significant covenants are listed bel...
AI summary Emera and its subsidiaries have debt covenants that are regularly tested, and the company is currently in compliance with these requirements. The significant covenants are listed in the document.
As at December 31, 2025, long-term debt maturities, including capital lease obligations, for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Florida Elec...
AI summary The document presents the long-term debt maturities, including capital lease obligations, for various entities as of December 31, 2025, over the next five years and in aggregate thereafter, with significant amounts owed by Florida Electric Utility and Other entities.
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.
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 The document presents a table showing the preferred shares of GBPC as of December 31, 2025, and December 31, 2024, with no change in value between the two periods.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 180810 LT REG ASSET DERIV INSTR TREASURY 180850 LT REG ASSET FCR DEFERRAL 181550 LT REG ASSET UARB TAX DEFERRAL 181700 LT REG ASSET STORM RIDER 181800 LT REG ASSET STORM RES...
AI summary The text provides a list of account segments with their corresponding descriptions, including long-term assets, liabilities, and various financial categories related to regulated and non-regulated assets, receivables, and accrued liabilities.
N-4NSPI (NSEB) RIR 1 to 12 - Redacted
11 passages
NON-CONFIDENTIAL 1 Request IR-3: 2 3 Attachment 2, Note 17 – Short-Term Debt: 4 5 (a) Please explain the increase in short-term debt from nil in prior years to approximately 6 $500 million as at December 31, 2025. Please identify the princ...
AI summary The request asks NS Power to explain the increase in short-term debt to $500 million, its uses, and whether it is temporary or structural. NS Power responds that the debt was used to maintain liquidity and reduce revolving credit borrowings, and that the facility is temporary, to be repaid through an asset securitization transaction.
March 2, 2026 This report does not constitute a rating action. What's new: Nova Scotia Power Inc. (NSPI) ended fiscal year 2025 with funds from operations (FFO) to debt of 8.5%, which was materially below our 10.0% downgrade threshold. The...
AI summary Nova Scotia Power Inc. (NSPI) ended fiscal year 2025 with a funds from operations to debt ratio of 8.5%, below the downgrade threshold. The company faces challenges from a delay in securitizing thermal assets and a cyber-incident. NSPI is seeking rate increases and regulatory approval to securitize C$700 million of thermal assets.
Key Credit Rating Considerations The credit ratings of NSPI are based on its integrated electricity operations regulated by the Nova Scotia Energy Board (NSEB). The Stable trends reflect our expectations that the Company's key credit metri...
AI summary NSPI's credit ratings remain stable due to regulatory developments, including the sale of FAM assets and debt financing from NSPML. The establishment of NSIESO has streamlined NSPI's responsibilities. A GRA filing is expected to result in moderate rate increases, with securitization of thermal assets to meet environmental policies. However, legislative actions affecting NSEB's independence could lead to negative credit rating impacts.
Financial Outlook We expect NSPI's key credit metrics will remain supportive of the current credit ratings. The Company's key credit metrics recovered during 2024, following weakness in 2023, and continued to remain relatively stable durin...
AI summary NSPI's credit metrics are expected to remain stable, supported by debt reduction and fuel cost recoveries, despite high capital expenditures. A securitization deal in 2026 is anticipated to provide funding and reduce debt. NSPI's parent company, Emera, has historically supported the company with flexible dividend policies.
Reasonable Financial Profile NSPI's key credit metrics are reasonable for the current credit rating category. For the LTM 2025, the Company's key credit metrics were mostly in line with the current credit rating range, with total debt in t...
AI summary NSPI's key credit metrics are reasonable for its current credit rating category. For the LTM 2025, metrics such as total debt at 67.6%, cash flow-to-debt ratio at 15.8%, and EBIT interest coverage at 1.5 times are mostly in line with the current credit rating range. Credit metrics are expected to improve with the closure of a securitization deal in 2026.
Industry Regulated Utility Description Assessment Weight Regulation BBBH 33.3% Diversification (Products/Markets) AL 25.0% Franchise and Customer Mix AL 25.0% (1) Comprehensive BRA Operating Efficiency (Inputs and Costs) AL 16.7% BRA AL/BB...
AI summary The text presents a structured assessment of a regulated utility, including ratings for regulation, diversification, franchise and customer mix, operating efficiency, and financial considerations such as cash flow-to-debt and debt-to-capital ratios. It also includes an Intrinsic Assessment (IA) and an Issuer Rating (BBB high), with considerations for ESG factors.
Liquidity (CAD Millions as at September 30, 2025) Amount Drawn/Letter of Credit Available Expiry Cash & Cash Equivalents 0 - 0 N/A Committed Revolving Facilities 800 377 423 June 2029 Total 800 377 423 - We consider the Company's liquidity...
AI summary The document discusses the company's liquidity position as of September 30, 2025, noting that cash and cash equivalents are zero, while committed revolving facilities total 800 million CAD with 377 million drawn and 423 million available, expiring in June 2029. The company's liquidity is deemed adequate.
- NSPI has an $800 million credit facility maturing in June 2029. - The credit facility is used to backstop the Company's $800 million commercial paper (CP) program and to partially fund its working capital and capex requirements. Availabi...
AI summary NSPI has an $800 million credit facility maturing in June 2029, used to backstop its commercial paper program and partially fund working capital and capital expenditures. The facility is subject to a debt-to-capital ratio covenant, which NSPI is currently complying with.
Long-term Debt (CAD Millions as at September 30, 2025) 2025 2026 2027 2028 2029 Thereafter Total Total Long-Term Debt 0 40 0 0 404 3,016 3,460 % 0 1 0 0 12 87 100 - NSPI's long-term debt maturities are well spread out with minimum refinanc...
AI summary NSPI's long-term debt maturities are well spread out, with minimal refinancing risk in the near term. The table shows the distribution of debt across years, with the majority of debt maturing after 2029.
- The Company has a debenture covenant, which states that NSPI would not incur debt if its funded debt would be more than 75% of total capitalization. The debenture covenant is not expected to restrict the Company's operations going forwar...
AI summary Nova Scotia Power Inc. has a debenture covenant limiting its funded debt to 75% of total capitalization. The covenant is not expected to restrict operations or pose challenges in the near to medium term.
10 The increase in past-due balances during 2025 reflects the temporary suspension of interest 11 charges and collection activities following the cybersecurity incident. 12 13 (b) During 2025, NS Power temporarily modified its collection p...
AI summary In 2025, NS Power temporarily suspended interest charges and collection activities following a cybersecurity incident, leading to an increase in past-due balances. No significant changes were made to credit policies, only temporary modifications to collection practices.