N-12025 Annual Financial Statements - Redacted
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2025 Annual Financial Statements Attachment 2 Page 17 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NRCan Electricity Predevelopment Program ("EPP"): In 2023 and 2024, NSPI was approved for grants under the NRCan EPP program to fund th...
AI summary NSPI received grants under NRCan's Electricity Predevelopment Program (EPP) for clean energy projects in 2023-2024, with eligibility until 2026. Funding of $27M (2025) and $7M (2024) was recorded as a reduction in PP&E carrying amounts for eligible project costs up to $34M maximum.
Federal Loan Guarantee: On September 24, 2024, the Government of Canada finalized an agreement with NSPI, NSP Maritime Link Inc. ("NSPML") and the Province of Nova Scotia on terms and conditions for a federal loan guarantee of $500 million...
AI summary The Government of Canada, NSPI, NSPML, and Nova Scotia agreed to a $500M federal loan guarantee for NSPML to address unrecovered costs from delays in the Muskrat Falls project. The NSEB approved NSPML's debt issuance, with proceeds transferred to NSPI to offset prior assessments and recover costs over 28 years via increased annual charges.
Financing Activity On May 21, 2025, NSPI entered into a $500 million non-revolving facility which matures on May 21, 2026. The credit agreement contains customary representations and warranties, events of default and financial and other co...
AI summary NSPI secured a $500 million non-revolving facility maturing in 2026, with interest rates tied to Term CORRA or prime rate plus a margin. The agreement includes standard financial covenants and representations.
19. LONG-TERM DEBT NSPI's long-term debt includes the issuances detailed below. Medium-term notes are issued under trust indentures at fixed interest rates and are unsecured unless noted below. Included are certain bankers' acceptances and...
AI summary NSPI's long-term debt includes medium-term notes, bankers' acceptances, and commercial paper, with details on trust indentures, interest rates, and refinancing intentions. The composition of long-term debt as of December 31 is outlined, though specific figures are not provided.
Credit Facilities NSPI can issue up to $800 million under its commercial paper program, of which the full amount outstanding is backed by the Company's operating credit facility. The amount of commercial paper issued results in an equal am...
AI summary NSPI's credit facilities include a $800 million commercial paper program backed by its operating credit facility, a revolving credit facility for the BESS Project, and extendable notes until 2056. Issuance of commercial paper reduces available capacity under the operating credit 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 from financing activities rose to $513 million in 2025, up from $514 million used in 2024, driven by increased borrowings, short-term debt issuance, and long-term debt proceeds. This was partially offset by capital returns to Emera and debt retirements.
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 a syndicated revolving bank line of credit and a non-revolving term facility, along with a commercial paper program. The commercial paper issuance impacts the availability of its operating credit facility. As of December 31, 2025, the company's credit facility, borrowings, and available capacity are outlined.
FAM NSPI has a NSEB approved FAM, allowing NSPI to recover fluctuating Fuel Costs from customers through annual fuel rate adjustments. Differences between prudently incurred Fuel Costs and amounts recovered from customers through electrici...
AI summary NSPI's Fuel Adjustment Mechanism (FAM) allows recovery of fluctuating fuel costs via annual rate adjustments. In 2024, NSPI sold $117M of its FAM regulatory asset to Invest Nova Scotia, with amortization and financing costs collected from customers over 10 years. A separate $500M federal loan guarantee agreement was finalized to help manage replacement energy costs.
Credit Facilities In July 2022, NSPI entered into a $400 million non-revolving term facility set to mature July 15, 2024. The credit agreement contains customary representation and warranties, events of default and financial and other cove...
AI summary NSPI secured multiple credit facilities between 2022 and 2025, including a $400M non-revolving term facility (later amended to $300M), a revolving credit facility extension to 2029, and a $120M non-revolving facility for the BESS Project. Facilities were used for general corporate purposes and project financing, with terms adjusted through amendments.
2025 Annual Financial Statements Attachment 6 Page 8 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder inform...
AI summary Emera discusses strategic initiatives, including Nova Scotia Power's 2026-2027 General Rate Application (GRA) with stakeholder collaboration, a pending Nova Scotia Energy Board decision, and Emera's NYSE listing. Peoples Gas in Florida achieved a constructive rate case outcome through stakeholder engagement.
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.
Liquidity and Capital Resources The Company generates internally sourced cash from its various regulated and non-regulated energy investments. Utility customer bases are diversified by both sales volumes and revenues among customer classes...
AI summary Emera generates cash from regulated and non-regulated energy investments, with liquidity affected by macroeconomic conditions, fuel prices, and regulatory decisions. Future capital needs include working capital, rate base investments, acquisitions, and debt servicing. Emera plans to fund these through operations, debt, equity, and the pending sale of NMGC, with regulatory approvals required for utility debt.
2025 Annual Financial Statements Attachment 6 Page 39 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...
AI summary Emera reports $2.8 billion CAD/USD in committed credit facilities, with $999 million CAD and $1.056 billion USD undrawn as of December 31, 2025. The company holds $355 million in cash, including $6 million in assets held for sale related to the pending NMGC sale. Refer to the 'Debt Management' section for further details.
Cash Flow from Financing Activities Net cash provided by financing activities increased $2,659 million to $1,841 million for the year ended December 31, 2025, compared to net cash used in financing activities of $818 million in 2024. The i...
AI summary Net cash provided by financing activities rose to $1,841 million in 2025, driven by higher borrowings and debt proceeds at NSPI, TEC, and NMGC, partially offset by lower debt issuance at PGS and NSPI. This reflects adjustments in debt management and capital structure.
Florida Electric Utility On November 20, 2025, TEC amended and restated its $800 million USD committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030 and increased the amount to $1.2 billi...
AI summary On November 20, 2025, TEC amended its $800 million USD committed revolving credit facility, extending the maturity date from December 1, 2028, to November 20, 2030, and increasing the facility amount to $1.2 billion USD with no other material changes in commercial terms.
2025 Annual Financial Statements Attachment 6 Page 42 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...
AI summary On March 6, 2025, TEC issued $600 million USD in senior unsecured notes with a 5.15% interest rate, maturing in 2035. Proceeds were used to repay a portion of TEC's outstanding commercial paper.
Canadian Electric Utilities On May 21, 2025, NSPI entered into a $500 million non-revolving facility which matures on May 21, 2026. The credit agreement contains customary representations and warranties, events of default and financial and...
AI summary NSPI secured a $500 million non-revolving facility maturing in 2026, with interest rates tied to Term CORRA or prime rate plus a margin. Proceeds will be used for general corporate purposes under a credit agreement containing standard covenants and events of default.
Gas Utilities and Infrastructure On November 20, 2025, PGS amended and restated its $250 million USD unsecured committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030. There were no other...
AI summary PGS extended its $250M USD credit facility maturity to 2030, while NMGC secured a new $70M USD term loan and extended its $125M USD facility to 2027. Both entities maintained prior commercial terms, with interest rates tied to SOFR for NMGC's loan.
Other On February 20, 2026, Emera amended its $200 million unsecured non-revolving facility to extend the maturity date from February 20, 2026 to February 19, 2027. There were no other material changes to the terms from the prior agreement...
AI summary Emera and TECO Finance amended credit facilities in 2025-2026, extending maturity dates. Emera also issued $750 million USD junior subordinated notes with a reset rate mechanism, using proceeds for corporate purposes. EUSHI Finance filed a shelf registration for up to $3 billion USD in debt securities.
ATM Equity Program On December 5, 2025, Emera renewed its ATM Program by filing a prospectus supplement to the Company's Canadian short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canad...
AI summary Emera renewed its ATM Equity Program in December 2025 by filing prospectus supplements in Canada and the US, allowing up to $600 million in common shares issuance at market price until January 2029. This program provides flexibility for capital raising through treasury shares.
Natural Resources Canada ("NRCan") Smart Renewables & Electrification Pathways ("SREP"): On March 27, 2024, NSPI was approved for a grant under the NRCan SREPs to fund the construction of three 50 MW battery storage systems in Nova Scotia....
AI summary NSPI received a 33% grant under NRCan's SREP program for three 50 MW battery storage systems in Nova Scotia, with eligible costs until 2027. Funding of $45M (2025) and $26M (2024) was recorded as a reduction in PP&E carrying value.
Federal Loan Guarantee ("FLG"): On September 24, 2024, the Government of Canada finalized an agreement with NSPI, NSPML and the Province of Nova Scotia (the "Province") on terms and conditions for a FLG of $500 million in debt to be issued...
AI summary The Canadian government finalized a $500 million FLG agreement with NSPI, NSPML, and Nova Scotia to address unrecovered costs from the Muskrat Falls project delay. The NSEB approved NSPML's debt issuance, with proceeds transferred to NSPI to offset prior assessments and recover costs over 28 years via increased annual charges.
(2) For the year ended December 31, 2025, a total of 187,600 common shares were issued under Emera's ATM program at an average price of $53.58 per share for gross proceeds of $10 million ($9 million net of after-tax issuance costs). As at...
AI summary In 2025, Emera issued 187,600 common shares under its ATM program at an average price of $53.58 per share, generating $10 million in gross proceeds. As of December 31, 2025, $600 million in gross sales limits remained available under the ATM program.
ATM Equity Program On December 5, 2025, Emera renewed its ATM Program by filing a prospectus supplement to the Company's Canadian short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canad...
AI summary Emera renewed its ATM Equity Program in December 2025 by filing prospectus supplements in Canada and the US, allowing up to $600 million in common shares to be issued at market price until January 2029. This provides flexibility for capital raising through a short-form shelf prospectus mechanism.
Florida Electric Utilities On November 20, 2025, TEC amended and restated its $800 million USD committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030 and increased the amount to $1.2 bil...
AI summary TEC amended its USD 800 million revolving credit facility on November 20, 2025, extending the maturity to 2030 and increasing the amount to USD 1.2 billion with no other material changes.
Canadian Electric Utilities On May 21, 2025, NSPI entered into a $500 million non-revolving facility which matures on May 21, 2026. The credit agreement contains customary representations and warranties, events of default and financial and...
AI summary NSPI secured a $500 million non-revolving facility maturing in 2026, with interest rates tied to Term CORRA or prime rate plus a margin. The agreement includes standard financial covenants and representations.
Gas Utilities and Infrastructure On November 20, 2025, PGS amended and restated its $250 million USD unsecured committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030. There were no other...
AI summary PGS amended its $250M USD credit facility to extend maturity from 2028 to 2030. NMGC secured a $70M USD 364-day term loan and extended its $125M USD revolving credit facility maturity from 2026 to 2027, with no changes to commercial terms.
Other On November 20, 2025, TECO Finance amended and restated its $400 million USD unsecured committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030. There were no other changes in commer...
AI summary TECO Finance amended its $400 million USD unsecured committed revolving credit facility on November 20, 2025, extending the maturity date from December 1, 2028, to November 20, 2030, with no changes to other commercial terms.
2025 Annual Financial Statements Attachment 6 Page 123 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder info...
AI summary Emera amended its $200 million unsecured non-revolving facility on February 20, 2025, extending the maturity date from February 20, 2025, to February 20, 2026, with no other material changes to the agreement terms.
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.
N-2Refiled Statements - NSPI - Redacted
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Leases NSPI determines whether a contract contains a lease at inception by evaluating if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. NSPI has leases with inde...
AI summary NSPI classifies leases with IPPs and utilities as finance leases, not recording them on balance sheets due to variable payments. Operating leases use present value calculations for liabilities and right-of-use assets. Sales-type and direct finance leases involve specific accounting treatments for net investments and unearned income.
Federal Loan Guarantee: On September 24, 2024, the Government of Canada finalized an agreement with NSPI, NSP Maritime Link Inc. ("NSPML") and the Province of Nova Scotia on terms and conditions for a federal loan guarantee of $500 million...
AI summary On September 24, 2024, Canada finalized a $500M loan guarantee agreement with NSPI, NSPML, and Nova Scotia to address unrecovered costs from delays in the Muskrat Falls project. NSEB approved NSPML's debt issuance on November 29, 2024, with proceeds transferred to NSPI on December 16, 2024, applied against the FAM regulatory asset balance.
Financing Activity On May 21, 2025, NSPI entered into a $500 million non-revolving facility which matures on May 21, 2026. The credit agreement contains customary representations and warranties, events of default and financial and other co...
AI summary On May 21, 2025, Nova Scotia Power Inc. (NSPI) entered into a $500 million non-revolving facility maturing on May 21, 2026, with interest rates tied to Term CORRA or prime rate plus a margin, under a credit agreement with standard terms.
Credit Facilities NSPI can issue up to $800 million under its commercial paper program, of which the full amount outstanding is backed by the Company's operating credit facility. The amount of commercial paper issued results in an equal am...
AI summary NSPI's credit facilities include a $800 million commercial paper program backed by its operating credit facility, a revolving credit facility for the BESS Project, and extendable notes until 2056. These arrangements outline financial mechanisms for project funding and liquidity management.
2025 Annual Financial Statements Attachment 2 Page 39 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) As at December 31, 2025, the revolving credit facility has standby fees of 0.2 per cent calculated on the limit of the revolving credit...
AI summary The document details the revolving credit facility's terms as of December 31, 2025, including a 0.2% standby fee on the facility limit (net of letters of credit) and a weighted average interest rate of 2.76% (down from 3.88% in 2024).
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.
2025 Annual Financial Statements Attachment 3 Page 11 of 30 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI's future liquidity and capital needs will be predominantly for working capital requirements, ongoing rate base investment and debt...
AI summary NSPI anticipates $720 million in 2026 investments for working capital, rate base expansion, and debt servicing, primarily for power system reliability. It has $800 million in syndicated revolving credit and a $500 million nonrevolving term facility, with $222 million available as of December 31, 2025.
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 from financing activities increased to $513 million in 2025 from -$514 million in 2024, driven by net borrowings, short-term debt issuance, and long-term debt proceeds, partially offset by capital returns to Emera and debt retirement.
Guarantees and Letters of Credit As at December 31, 2025, the Company had $94 million USD (2024 - $104 million USD) of guarantees outstanding with terms of varying lengths, all of which are issued on behalf of NSPEMI. As at December 31, 20...
AI summary The Company had $94 million USD in guarantees and $6 million USD/$8 million CAD in letters of credit as of December 31, 2025, all issued on behalf of NSPEMI.
FAM NSPI has a NSEB approved FAM, allowing NSPI to recover fluctuating Fuel Costs from customers through annual fuel rate adjustments. Differences between prudently incurred Fuel Costs and amounts recovered from customers through electrici...
AI summary NSPI has a NSEB approved FAM allowing recovery of fluctuating fuel costs from customers. In 2024, a $117 million FAM asset was sold to Invest Nova Scotia, with amortization and financing costs collected from customers over 10 years. A federal loan guarantee of $500 million was also finalized to help manage unrecovered energy costs.
Credit Facilities In July 2022, NSPI entered into a $400 million non-revolving term facility set to mature July 15, 2024. The credit agreement contains customary representation and warranties, events of default and financial and other cove...
AI summary NSPI has engaged in several credit facility arrangements over recent years, including a $400 million non-revolving term facility in 2022, which was amended in 2024 to reduce the amount and extend the maturity. Additional credit facilities were established to finance the BESS Project and general corporate purposes, with specific terms and maturity dates outlined.
Note Issuances On March 24, 2023, NSPI completed a $300 million unsecured note issuance that bears interest at a rate of 4.95 per cent and has a maturity date of November 15, 2032. On the same date, NSPI completed a $200 million unsecured...
AI summary NSPI issued two unsecured notes totaling $500 million in March 2023, with maturities in 2032 and 2053. The proceeds were used to refinance existing debt, fund capital expenditures, and cover general corporate purposes.
Mark-to-market ("MTM") Adjustments: Management believes excluding from net income the effect of MTM valuations and changes thereto, until settlement, better aligns the intent and financial effect of these contracts with the underlying cash...
AI summary Management excludes mark-to-market adjustments from net income to better align financial reporting with cash flows, impacting performance evaluations and incentive compensation. These adjustments relate to commodity derivatives, Bear Swamp Power Company, equity securities, and foreign exchange hedges.
Financing Structure Wind-Up: In Q4 2024, Emera recognized a $58 million tax benefit related to denied interest and financing expenses and the wind-up of a specific financing structure. For further details, refer to the "Significant Items A...
AI summary In Q4 2024, Emera recognized a $58 million tax benefit related to denied interest and financing expenses and the wind-up of a specific financing structure. This is detailed in the 'Significant Items Affecting Earnings' section.
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.
2025 Annual Financial Statements Attachment 6 Page 39 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...
AI summary Emera Inc. has total committed credit facilities of $2.8 billion CAD and $2.1 billion USD, with significant undrawn amounts available. The company holds a cash balance of $355 million, including $6 million in assets held for sale related to the pending sale of NMGC as of December 31, 2025.
Cash Flow from Financing Activities Net cash provided by financing activities increased $2,659 million to $1,841 million for the year ended December 31, 2025, compared to net cash used in financing activities of $818 million in 2024. The i...
AI summary Net cash provided by financing activities increased significantly in 2025 compared to 2024 due to higher net borrowings, proceeds from debt issuances, and retirement of long-term debt at various entities, partially offset by lower proceeds from long-term debt and issuance of common stock.
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.
millions of dollars in currency as noted below Maturity Credit Facilities Utilized Undrawn and Available In CAD: Emera – committed revolving credit facility June 2029 $ 1,300 $ 523 $ 777 NSPI – committed revolving credit facility June 2029...
AI summary The text presents details of credit facilities for various entities, including their maturity dates, utilized amounts, and available undrawn amounts, both in CAD and USD. It also mentions the pending sale of NMGC by Emera, which affects the classification of its assets and liabilities.
Canadian Electric Utilities On May 21, 2025, NSPI entered into a $500 million non-revolving facility which matures on May 21, 2026. The credit agreement contains customary representations and warranties, events of default and financial and...
AI summary On May 21, 2025, Nova Scotia Power Inc. (NSPI) secured a $500 million non-revolving facility maturing on May 21, 2026, with interest rates tied to the Term CORRA or prime rate plus a margin. The funds are to be used for general corporate purposes.
Gas Utilities and Infrastructure On November 20, 2025, PGS amended and restated its $250 million USD unsecured committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030. There were no other...
AI summary PGS and NMGC have made several credit facility amendments in late 2025, extending the maturity dates of their revolving credit facilities without changing other commercial terms. These amendments were made to align with their financial strategies and general corporate purposes.
Other On February 20, 2026, Emera amended its $200 million unsecured non-revolving facility to extend the maturity date from February 20, 2026 to February 19, 2027. There were no other material changes to the terms from the prior agreement...
AI summary Emera and TECO Finance have amended their respective credit facilities to extend maturity dates. Emera also filed a shelf registration statement for potential debt issuances and completed an issuance of $750 million USD junior subordinated notes with specific interest terms and redemption provisions.
Guarantees and Letters of Credit Emera has guarantees and letters of credit on behalf of third parties outstanding. The following significant guarantees and letters of credit were not included within the Consolidated Balance Sheets as at D...
AI summary Emera and its subsidiaries have various guarantees and letters of credit outstanding, including those related to Brunswick Pipeline, SeaCoast, and NSPI. These guarantees and letters of credit are in place to secure obligations under loan agreements, service agreements, and regulatory requirements. Some guarantees are subject to renewal or replacement, and the potential financial exposure is outlined.
Leases The Company determines whether a contract contains a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease liabili...
AI summary The document outlines Emera's lease accounting practices, including how leases are identified, recognized, and accounted for in financial statements. It distinguishes between operating and finance leases and explains how lease liabilities and right-of-use assets are recorded. The document also covers specific lease arrangements with independent power producers and other utilities, as well as sales-type and direct finance leases.
Federal Loan Guarantee ("FLG"): On September 24, 2024, the Government of Canada finalized an agreement with NSPI, NSPML and the Province of Nova Scotia (the "Province") on terms and conditions for a FLG of $500 million in debt to be issued...
AI summary The Government of Canada finalized a $500 million FLG agreement with NSPI, NSPML, and the Province of Nova Scotia to manage unrecovered costs from the Muskrat Falls project delay. The NSEB approved NSPML's debt issuance, and proceeds were transferred to NSPI to offset a portion of previous assessment payments and recover financing costs over 28 years.
FAM Asset Sale: On April 17, 2024, the NSEB approved the sale of $117 million of the FAM regulatory asset to Invest Nova Scotia, a provincial Crown corporation. On April 30, 2024, the transaction closed and the $117 million was remitted to...
AI summary The NSEB approved the sale of $117 million of the FAM regulatory asset to Invest Nova Scotia, a provincial Crown corporation, on April 17, 2024. The transaction closed on April 30, 2024, with the amount remitted to NSPI. NSPI collects amortization and financing costs from customers over a 10-year period and remits these amounts to Invest Nova Scotia quarterly.
(2) For the year ended December 31, 2025, a total of 187,600 common shares were issued under Emera's ATM program at an average price of $53.58 per share for gross proceeds of $10 million ($9 million net of after-tax issuance costs). As at...
AI summary In 2025, Emera issued 187,600 common shares through its ATM program at an average price of $53.58 per share, generating $10 million in gross proceeds. As of December 31, 2025, $600 million in gross sales limits remained available under the ATM program.
ATM Equity Program On December 5, 2025, Emera renewed its ATM Program by filing a prospectus supplement to the Company's Canadian short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canad...
AI summary Emera renewed its ATM Equity Program on December 5, 2025, by filing prospectus supplements with Canadian and US regulatory authorities. The program allows the issuance of up to $600 million in common shares from treasury, at the company's discretion, until January 5, 2029.
Florida Electric Utilities On November 20, 2025, TEC amended and restated its $800 million USD committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030 and increased the amount to $1.2 bil...
AI summary On November 20, 2025, TEC amended its $800 million USD committed revolving credit facility, extending the maturity date to November 20, 2030, and increasing the facility amount to $1.2 billion USD with no other material changes in commercial terms.
Canadian Electric Utilities On May 21, 2025, NSPI entered into a $500 million non-revolving facility which matures on May 21, 2026. The credit agreement contains customary representations and warranties, events of default and financial and...
AI summary NSPI entered into a $500 million non-revolving facility on May 21, 2025, maturing on May 21, 2026. The agreement includes standard terms such as representations, warranties, covenants, and interest rates tied to Term CORRA or prime rate with a margin.
Gas Utilities and Infrastructure On November 20, 2025, PGS amended and restated its $250 million USD unsecured committed revolving credit facility to extend the maturity date from December 1, 2028, to November 20, 2030. There were no other...
AI summary PGS and NMGC have made several amendments to their credit facilities in late 2025, primarily extending maturity dates without changing other commercial terms. PGS extended its $250 million USD facility to 2030, while NMGC extended its $125 million USD facility to 2027 and secured a new $70 million USD term loan.
Bonds, notes and debentures are at fixed interest rates and are unsecured unless noted below. Included are certain bankers' acceptances and commercial paper where the Company has the intention and the unencumbered ability to refinance the...
AI summary The text discusses the Company's debt instruments, including bonds, notes, and debentures, which are typically unsecured and have fixed interest rates. It also mentions bankers' acceptances and commercial paper that the Company intends to refinance for more than one year.
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.
Other On February 20, 2026, Emera amended its $200 million unsecured non-revolving facility to extend the maturity date from February 20, 2026 to February 19, 2027. There were no other material changes to the terms from the prior agreement...
AI summary Emera extended the maturity date of its $200 million unsecured non-revolving facility and filed a shelf registration statement for the issuance of up to $3 billion in debt securities. EUSHI Finance also issued $750 million in junior subordinated notes with specific interest rate terms and redemption provisions.
D. Guarantees and Letters of Credit Emera has guarantees and letters of credit on behalf of third parties outstanding. The following significant guarantees and letters of credit were not included within the Consolidated Balance Sheets as a...
AI summary Emera and its affiliates have issued several guarantees and letters of credit for third parties, including a $22 million standby letter of credit for Brunswick Pipeline, a $45 million guarantee for SeaCoast, and a $66 million guarantee for ECI. These guarantees have specific terms, expiration dates, and conditions for replacement credit support.
Authorized: Unlimited number of First Preferred shares, issuable in series.
AI summary The document mentions the authorization of an unlimited number of First Preferred shares, which can be issued in series. This is a corporate finance and regulatory matter.