N-12025 Annual Financial Statements - Redacted
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2025 Annual Financial Statements Attachment 3 Page 20 of 30 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Severe weather events or conditions such as hurricanes, floods, storm surge, tornadoes, droughts, fires, extreme temperatures, snow or...
AI summary The document outlines risks from severe weather events to the Company's infrastructure, including physical damage, service outages, and increased costs. These risks could lead to revenue loss, higher insurance and repair costs, and potential regulatory cost recovery challenges. Hydroelectric generation is also vulnerable to changing precipitation and temperature patterns.
Technology Risk NSPI relies on various technology systems to manage operations, including increasing reliance on IT solutions operated by third parties, such as software as a service and third party cloud hosting. This subjects NSPI to inh...
AI summary NSPI faces technology risks from reliance on third-party IT systems, cloud services, and SaaS, including operational disruption, cyber threats, and AI integration challenges. Digital transformation efforts, like Generative AI investments, increase project risks. Failure to manage these could lead to operational, financial, and reputational impacts.
Transmission and Distribution NSPI transmits and distributes electricity from its generating stations to its customers. NSPI's transmission system consists of approximately 5,000 km of transmission facilities, including major substations a...
AI summary NSPI's transmission system spans 5,000 km with major substations at Lingan, Woodbine, and Bridgewater, while its distribution system covers 29,000 km. The infrastructure details highlight the scale and connectivity of NSPI's electricity delivery network.
2025 Annual Financial Statements Attachment 5 Page 9 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI currently estimates its environmental capital spending, excluding AFUDC, based upon present environmental laws and regulations will...
AI summary NSPI estimates environmental capital spending (excluding AFUDC) at $81M in 2026 and $111M from 2027-2030, noting these figures exclude potential future costs from regulatory changes related to climate change and emissions.
Clean Energy Transition As part of its IRP process, NSPI filed an updated IRP Action Plan and Roadmap with the NSEB in August of 2023. On October 11, 2023, the Province released the 2030 Clean Power Plan which outlines the Province's strat...
AI summary NSPI's updated IRP Action Plan aligns with the Province's 2030 Clean Power Plan, aiming for 80% renewable electricity by 2030 through 1,000 MW of wind and 300 MW of solar. Grid investments, energy storage, and thermal fleet upgrades are required. NSPI seeks funding collaboration with federal/provincial governments to manage transition costs.
20+ years of investments - Wind in Nova Scotia - Solar in Florida - Big Bend modernization - Maritime Link hydro
AI summary The document highlights long-term investments in energy projects, including wind in Nova Scotia, solar in Florida, Big Bend modernization, and the Maritime Link hydro project, emphasizing infrastructure and renewable energy initiatives over two decades.
Letter from the Chair and the CEO Fellow shareholders, 2025 was defined by meaningful progress for Emera, reflecting the benefit of years of disciplined investment, operational excellence, and continual focus on long-term strategy and deli...
AI summary Emera highlights 2025 progress through disciplined investment, balance sheet strength, and long-term strategy. In 2026, the company focuses on modernizing energy systems, enhancing reliability, and managing costs amid rising demand and geopolitical challenges. Projects in Florida and Nova Scotia aim to expand capacity, integrate renewables, and improve grid resilience.
Recovery of Energy Conservation and Pipeline Replacement Programs: The FPSC annually approves a conservation charge that is intended to permit PGS to recover prudently incurred expenditures in developing and implementing cost effective ene...
AI summary The FPSC approves a conservation charge for PGS to recover costs of energy conservation programs and pipeline replacement, including accelerated replacement of obsolete plastic pipes until 2028.
(2) On March 5, 2025, NSPI, the Canada Infrastructure Bank ("CIB") and the Wskijinu'k Mtmo'taquow Agency ("WMA") announced the Wasoqonatl transmission line project to create a reliable intertie between Nova Scotia and New Brunswick. The pr...
AI summary NSPI, CIB, and WMA announced the Wasoqonatl transmission line project, owned by a new regulated utility WTI. NSPI has a 26% economic interest in WTI. Emera sold its equity interest in LIL in June 2024. Bear Swamp's credit investment balance is recorded as a liability.
Chart of Accounts for Nova Scotia Power Inc. (Consolidated) As of December 31, 2025
AI summary The document presents the Chart of Accounts for Nova Scotia Power Inc. as of December 31, 2025, outlining the financial structure and categorization of assets, liabilities, equity, revenues, and expenses for the company.
LOCATION SEGMENT Location Segment Value Location Segment Description 1310 WIND GENERAL 1350 AVON 1351 BEAR RIVER 1352 BLACK RIVER 1353 DICKIE BROOK 1354 FALL RIVER 1355 HARMONY 1356 LEQUILLE 1357 MERSEY 1358 PARADISE 1359 SHEET HARBOUR 136...
AI summary The document presents a table with location segments and their corresponding descriptions, as well as cost centre segments and their descriptions. These segments are used for categorizing and managing different parts of the utility operations.
N-2Refiled Statements - NSPI - Redacted
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Wasoqonatl Transmission Line: On March 5, 2025, NSPI, the Canada Infrastructure Bank ("CIB") and the Wskijinu'k Mtmo'taqnuow Agency ("WMA") announced the Wasoqonatl transmission line project to create a reliability intertie between Nova Sc...
AI summary The Wasoqonatl transmission line project, a reliability intertie between Nova Scotia and New Brunswick, is led by NSPI, CIB, and WMA through WTI. NSPI holds 50% indirect voting interest in WTI, with NSEB approving a $685 million capital investment, including AFUDC, for the project.
2025 Annual Financial Statements Attachment 3 Page 21 of 30 REDACTED (CONFIDENTIAL INFORMATION REMOVED) The Company will be required to manage the impacts of these ongoing changes on customer demand and rates, while maintaining and integra...
AI summary The company faces challenges in managing energy transition impacts, capital investment needs, and external factors affecting resiliency, renewable integration, and regulatory responses. Risks include insurance limitations for carbon assets, litigation from environmental harms, and climate change impacts on operations, reputation, and capital access.
Project Development and Land Use Rights Risk The Company's capital plan includes significant investment in generation, infrastructure modernization and customer-focused technologies. Any projects planned or currently in construction, parti...
AI summary The Company's capital plan involves significant investments in generation and infrastructure, facing risks like cost overruns, regulatory approvals, and land use rights with Indigenous Peoples. Projects may require federal, provincial, or municipal permits, and failure to secure land rights could lead to material costs or project infeasibility.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This AIF, including the documents incorporated herein by reference, contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities l...
AI summary This document contains forward-looking information about NSPI's financial performance, operations, and regulatory compliance. It includes projections and assumptions regarding revenue, capital investments, regulatory decisions, environmental initiatives, and potential challenges such as cyber incidents and global economic conditions.
Clean Energy Transition As part of its IRP process, NSPI filed an updated IRP Action Plan and Roadmap with the NSEB in August of 2023. On October 11, 2023, the Province released the 2030 Clean Power Plan which outlines the Province's strat...
AI summary NSPI has filed an updated IRP Action Plan and Roadmap with the NSEB, aligning with the Province's 2030 Clean Power Plan. The plan includes adding 1,000 MW of onshore wind and 300 MW of solar capacity, requiring grid investments, energy storage, and thermal fleet upgrades. NSPI is collaborating with federal and provincial governments to determine funding and minimize customer costs.
Letter from the Chair and the CEO Fellow shareholders, 2025 was defined by meaningful progress for Emera, reflecting the benefit of years of disciplined investment, operational excellence, and continual focus on long-term strategy and deli...
AI summary Emera's 2025 progress is attributed to disciplined investment and operational excellence, with a focus on long-term strategy and financial resilience. The company is modernizing its energy systems and strengthening grid reliability, particularly in Florida and Nova Scotia, to meet growing energy demand and support renewable integration.
Weather Risk A Material Adverse Effect may arise from seasonal weather variations impacting energy consumption, as well as severe weather events, changing air temperatures, wildfires and other severe weather conditions that are expected to...
AI summary The document discusses the risks posed by weather variations and severe weather events to Nova Scotia Power Inc.'s operations, including impacts on energy consumption, infrastructure damage, fuel supply disruptions, and potential financial losses. These risks could lead to a Material Adverse Effect if not mitigated or recovered through regulatory processes.
- (1) Annual requirement to purchase electricity production from IPPs or other utilities over varying contract lengths. - (2) Includes $61 million related to NMGC (2026: $23 million, 2027: $15 million, 2028: $12 million, 2029: $3 million,...
AI summary The document outlines NSPI's long-term obligations for electricity purchases and infrastructure use, including commitments to NMGC and the Maritime Link, as well as Emera's transmission rights in New Brunswick for NLH. These obligations span several years and involve significant financial commitments.