N-12025 Annual Financial Statements - Redacted
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Nova Scotia Power Inc. Consolidated Statements of Income For the Year ended December 31 millions of dollars 2025 2024 Operating revenues (note 4) $ 1,944 $ 1,855 Operating expenses Fuel for generation and purchased power 1,065 509 Fuel adj...
AI summary Nova Scotia Power Inc.'s 2025 consolidated income statement shows increased operating revenues ($1,944M vs. $1,855M in 2024), driven by higher fuel costs ($1,065M vs. $509M) and a shift from fuel adjustment mechanism deferrals. Net income declined to $141M from $160M, with higher interest expenses ($172M vs. $168M) and lower income before taxes ($96M vs. $118M).
"FAM and other deferrals" recognized in the Consolidated Statements of Income consisted of the following: For the Year ended December 31 millions of dollars 2025 2024 FAM: Under (over)-recovery of fuel costs $ (161) $ 350 2020 – 2021 FAM d...
AI summary The Consolidated Statements of Income show that 'FAM and other deferrals' include under (over)-recovery of fuel costs, DSM program costs, and storm restoration expenses. In 2025, these deferrals totaled $137 million, compared to $350 million in 2024. The 2024 figure includes the sale of the FAM regulatory asset to Invest Nova Scotia.
NSPI's electric revenues are affected by rates approved by the NSEB and electric sales volumes. NSPI's electric revenues include revenues related to the recovery of fuel costs and non-fuel costs. The FAM allows NSPI to recover all prudentl...
AI summary NSPI's electric revenues depend on NSEB-approved rates and electric sales volumes, which are influenced by factors like weather, customer numbers, usage, economic conditions, and DSM activities. Fuel costs are recovered through the FAM, which has no material impact on net income. Sales volumes are seasonal, with higher sales in the first quarter due to colder weather and less daylight.
Energy Consumption Risk NSPI is affected by demand for energy based on changing customer patterns due to fluctuations in a number of factors including general economic conditions, weather events, customers' focus on energy efficiency, chan...
AI summary NSPI faces energy consumption risks due to shifting customer demand influenced by economic factors, weather, energy efficiency, and emerging technologies like solar and EVs. Government policies promoting distributed generation could reduce load and revenues, potentially harming NSPI's operations, rate base, and financial performance.
Market and Sales Electric sales volumes are primarily driven by weather, number of customers, customer usage, general economic conditions and DSM activities. Residential and commercial electricity sales are seasonal, with the first quarter...
AI summary Electric sales volumes are influenced by factors such as weather, customer numbers, usage, economic conditions, and DSM activities. Sales are seasonal, peaking in the first quarter due to colder weather and less daylight. Revenue details are referenced in the 'Electric Revenues' section of the MD&A, available on SEDAR+.
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 2022 GRA Settlement Agreement approved by NSEB on February 2, 2023, resulted in 6.9% and 6.5% average rate increases in 2023 and 2024, respectively. It established storm and DSM riders for cost recovery, with the storm rider enabling recovery of major storm restoration costs exceeding $10M annually, and the DSM rider allowing NSPI to recover DSM program costs via a regulatory asset/liability.
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 removed a conservation charge from power bills and mandated NSPI to purchase efficiency programs from EfficiencyOne. The NSEB approved a $35M DSM deferral recoverable over eight years, fully repaid by 2023. A 2022 budget of $173M was reduced by $4M due to EfficiencyOne's accumulated underspend from 2020-2022.
APPENDIX A – DEFINITIONS For convenience, terms used throughout this 2025 AIF of Nova Scotia Power Incorporated shall have the following meanings: - "AFUDC" means allowance for funds used during construction and represents the cost of fina...
AI summary Appendix A defines key terms used in NSPI's 2025 Annual Information Form, including regulatory, financial, and operational terms such as AFUDC, FAM, DSM, COMFIT, and cybersecurity incident definitions. These terms relate to NSPI's compliance, capital planning, and regulatory frameworks.
The following Account numbers were added in 2025: Account Number Account Description 175700 WASOQONATL TRANSMISSION 210200 SHORT TERM NOTES 211250 AP LTSA 213300 AP COMMON SHARE DEDUCTION 213350 AP PARKING PAYROLL DEDUCTION 213360 AP TRANS...
AI summary The document lists new account numbers and a line of business added in 2025, including accounts related to fuel adjustment mechanisms, demand-side management, and an executive stock option plan, along with the addition of an EV Charging line of business.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 283960 LT LEASE LIABILITY - OPERATING LEASE 331100 COMMON SHARES INTERCOMPANY 334050 AOCI PENSION 337250 COMMON DIVIDENDS INTERCOMPANY 338050 OPENING RE 338150 OPENING RE CU...
AI summary The document presents a table listing various account segments and their descriptions, including lease liabilities, intercompany transactions, and revenue-related accounts such as time-of-use pricing, fuel adjustment mechanisms, and demand-side management cost recovery riders.
2025 Annual Financial Statements Attachment 10 Page 1 of 1 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Nova Scotia Power Inc. Rate Base Years Ended December 31st Millions of Dollars 2025 Actual 1 2 3 4 15 Net Plant in Service 447 Less: Imp...
AI summary This document presents the 2025 Annual Financial Statements for Nova Scotia Power Inc., focusing on the Rate Base and related financial components. It includes details on Net Plant in Service, Deferred Charges & Credits, and various asset-related items such as Asset Retirement Obligations and Deferred income taxes. The document also outlines regulated rate base calculations and financial metrics like weighted average cost of debt and return on equity.
N-2Refiled Statements - NSPI - Redacted
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NSPI's electric revenues are affected by rates approved by the NSEB and electric sales volumes. NSPI's electric revenues include revenues related to the recovery of fuel costs and non-fuel costs. The FAM allows NSPI to recover all prudentl...
AI summary NSPI's electric revenues depend on NSEB-approved rates and electric sales volumes, which are influenced by factors such as weather, customer numbers, usage, economic conditions, and DSM activities. The FAM allows NSPI to recover fuel and related costs, minimizing their impact on net income. Sales are seasonal, with higher volumes in the first quarter due to colder weather.
Energy Consumption Risk NSPI is affected by demand for energy based on changing customer patterns due to fluctuations in a number of factors including general economic conditions, weather events, customers' focus on energy efficiency, chan...
AI summary NSPI faces operational risks from fluctuating energy demand due to economic conditions, weather, energy efficiency initiatives, technological advancements, and government policies promoting distributed generation. These factors may reduce load and revenues, impacting NSPI's rate base, earnings, and cash flows, potentially leading to a Material Adverse Effect.
Nova Scotia Power Incorporated - Management Information Circular 2026 Corporate Objective Weight- ing (%) Result Payout (%) Customer Building a reputation for customer\nexperience Objectives included: Threshold: Achieve 2025 Customer First...
AI summary The document outlines Nova Scotia Power Incorporated's 2026 Management Information Circular, including corporate objectives and performance metrics. It covers customer experience, asset management, and financial goals, with a focus on achieving targets related to customer satisfaction, reliability improvements, and financial performance.
Market and Sales Electric sales volumes are primarily driven by weather, number of customers, customer usage, general economic conditions and DSM activities. Residential and commercial electricity sales are seasonal, with the first quarter...
AI summary Electric sales volumes are influenced by weather, customer numbers, usage, economic conditions, and DSM activities. Residential and commercial sales are seasonal, with higher sales in the first quarter due to colder weather and fewer daylight hours. Revenue details are referenced in the MD&A section under 'Electric Revenues'.
Responding to evolving drivers - Severe weather risks & resilience - Government policies & targets Electrification & demand - Emerging technologies
AI summary The document discusses key drivers influencing the energy sector, including severe weather risks, government policies targeting electrification and demand management, and the emergence of new technologies. These factors are shaping the regulatory and operational landscape in Nova Scotia.
Energy Consumption Risk Emera's rate-regulated utilities are affected by demand for energy based on changing customer patterns due to fluctuations in a number of factors including general economic conditions, weather events, customers' foc...
AI summary Emera's rate-regulated utilities face energy consumption risks due to changing customer demand influenced by economic conditions, weather, energy efficiency, and new technologies like solar and electric vehicles. Government policies promoting efficiency and distributed generation may reduce load and revenue, impacting operations, rate base, earnings, and cash flows.
2025 Annual Financial Statements Attachment 6 Page 77 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...
AI summary The text provides an overview of the 2025 Annual Financial Statements for Emera, including sections such as Management's Discussion and Analysis, Consolidated Financial Statements, and information about leadership and shareholders. It outlines the structure of the financial reporting and key areas of focus.
The following Account numbers were added in 2025: Account Number Account Description 175700 WASOQONATL TRANSMISSION 210200 SHORT TERM NOTES 211250 AP LTSA 213300 AP COMMON SHARE DEDUCTION 213350 AP PARKING PAYROLL DEDUCTION 213360 AP TRANS...
AI summary The document lists new account numbers and a line of business added in 2025, including accounts related to transmission, notes, taxes, and DSM (Demand Side Management) costs, as well as the addition of an EV Charging line of business.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 283960 LT LEASE LIABILITY - OPERATING LEASE 331100 COMMON SHARES INTERCOMPANY 334050 AOCI PENSION 337250 COMMON DIVIDENDS INTERCOMPANY 338050 OPENING RE 338150 OPENING RE CU...
AI summary The document presents a detailed account segment table with various financial and regulatory codes, including lease liabilities, intercompany transactions, and time-of-use rate structures related to energy demand and fuel costs. These codes are used for accounting and regulatory reporting purposes.