N-12025 Annual Financial Statements - Redacted
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Employee Benefits The costs of the Company's pension and other post-retirement benefit programs for employees are expensed over the periods during which employees render service. The Company recognizes the funded status of its defined-bene...
AI summary The Company expenses pension and post-retirement benefit costs over service periods, recognizes funded status on the balance sheet, and reports net periodic benefit costs in 'Other income, net.' Refer to note 14 for details.
2025 Annual Financial Statements Attachment 2 Page 44 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI is a participant in a 102 MW wind energy project with the South Canoe Development Partnership for South Canoe Wind Farm, in New Ro...
AI summary NSPI participates in two wind energy projects in Nova Scotia, owning 49% each. In 2025, NSPI recorded $7 million (South Canoe Wind Farm) and $2 million (Sable Wind Farm) in expenses under 'Fuel for generation and purchased power' and 'OM&G'.
2025 Annual Financial Statements Attachment 3 Page 5 of 30 REDACTED (CONFIDENTIAL INFORMATION REMOVED) The Company implemented business continuity processes for certain impacted business and administrative functions. The systematic restora...
AI summary The Company incurred $7 million in after-tax costs for the year ended December 31, 2025, related to a cybersecurity incident. It implemented business continuity processes and maintains cyber insurance coverage. Costs recognized in Q4 2025 totaled $1 million. Risks associated with cybersecurity incidents are detailed in the 'Enterprise Risk and Risk Management' section.
Highlights of the changes are summarized in the following table: For the Three months ended Year ended millions of dollars December 31 December 31 Net income – 2024 $ 71 $ 160 Increased operating revenues (refer to "Operating Revenues" sec...
AI summary The text outlines changes in net income and operating revenues for the periods ending December 31, 2024 and 2025, noting increases in operating revenues and fuel costs, as well as impacts from the Cybersecurity Incident and changes in income tax recovery.
Net cash provided by operating activities decreased $801 million to $118 million in 2025 compared to $919 million in 2024. Operating cash flow before change in working capital decreased $538 million primarily due to increased fuel for gene...
AI summary Net cash from operating activities dropped significantly in 2025, mainly due to higher fuel and purchased power costs, increased OM&G expenses, and changes in working capital, partially offset by higher electric revenues and tax recoveries.
Transactions between the Company and its related parties reported in the Consolidated Statements of Income and Consolidated Balance Sheets are as follows: For the Year ended millions of dollars December 31 Nature of Service Presentation 20...
AI summary The document outlines transactions between the Company and its related parties, including sales and purchases of services and energy, and details the sale of development assets related to the Wasoqonatl transmission line project for $15 million.
Physical Risk: Changes in climate may negatively impact the Company's operations as a result of increased frequency and intensity of weather events and related physical risks, any of which could result in a Material Adverse Effect (for mor...
AI summary Climate change may increase physical risks to the Company's operations through more frequent and severe weather events, potentially causing Material Adverse Effects. These risks could also raise insurance costs, affect credit ratings, and impact liquidity and capital markets, as referenced in related risk sections.
Q4 2025 compared to Q4 2024 Q4 2025 net income decreased by $49 million compared to Q4 2024. The decrease is due to decreased income tax recovery and increased OM&G expenses. Income tax recovery decreased due to the utilization of tax loss...
AI summary Q4 2025 net income fell by $49M compared to Q4 2024 due to lower income tax recovery (linked to tax loss carryforwards and depreciation adjustments) and higher OM&G expenses (driven by storm costs and cybersecurity incident expenses).
Q3 2025 compared to Q3 2024 Q3 2025 net income decreased by $11 million compared to Q3 2024. The decrease is due to increased OM&G expenses, and increased depreciation and amortization due to increased PP&E in service. OM&G expenses increa...
AI summary Q3 2025 net income decreased by $11 million compared to Q3 2024 due to increased OM&G expenses and higher depreciation/amortization from expanded PP&E. OM&G rose from higher transmission, distribution, and generation costs, partially offset by increased administrative overhead allocated to PP&E.
Q2 2025 compared to Q2 2024 Q2 2025 net income decreased by $12 million compared to Q2 2024. The decrease is due to increased OM&G expenses, and increased depreciation and amortization due to increased PP&E in service. OM&G expenses increa...
AI summary Q2 2025 net income decreased by $12 million compared to Q2 2024 due to higher OM&G expenses and increased depreciation/amortization from expanded PP&E. OM&G rose from elevated power generation costs and the Cybersecurity Incident, partially offset by higher administrative overhead allocated to PP&E.
Operating Revenues For Q4 2025, operating revenues increased $243 million compared to Q4 2024 and, excluding decreased MTM losses of $19 million, increased $224 million. The increase was due to higher storm cost recoveries at TEC and NSPI...
AI summary Operating revenues rose $243M in Q4 2025 (vs. Q4 2024) and $1.576B annually, driven by storm cost recoveries at TEC/NSPI, new base rates, fuel cost recoveries, and currency effects. Exclusions include MTM losses/gains adjustments and OM&G offsets.
Operating Expenses For Q4 2025, operating expenses increased $207 million compared to Q4 2024. Excluding charges related to wind-down costs and certain asset impairments of $4 million recognized in 2024, operating expenses increased $211 m...
AI summary Operating expenses rose $207 million in Q4 2025 and $681 million annually compared to 2024, driven by higher storm costs ($97M QoQ, $350M YoY), increased OM&G, depreciation, natural gas prices, and CAD weakness at TEC, NSPI, NMGC, and PGS.
Physical Risk: Changes in climate may negatively impact the Company's operations as a result of increased frequency and intensity of weather events and related physical risks, any of which could result in a Material Adverse Effect (for mor...
AI summary Climate change may increase physical risks to the Company's operations through more frequent and severe weather events, potentially causing Material Adverse Effects. These risks could also raise insurance costs, affect credit ratings, and impact liquidity and capital markets, as referenced in related risk sections.
Consolidated Statements of Income For the Year ended December 31 millions of dollars (except per share amounts) 2025 2024 Operating revenues Regulated electric $ 6,858 $ 5,872 Regulated gas 1,713 1,575 Non-regulated 205 (247) Total operati...
AI summary The consolidated statements of income for Nova Scotia Power Incorporated show a significant increase in operating revenues and net income from 2024 to 2025, with regulated electric and gas revenues rising and operating expenses also increasing. Net income attributable to common shareholders rose from $494 million to $1,014 million.
Employee Benefits The costs of the Company's pension and other post-retirement benefit programs for employees are expensed over the periods during which employees render service. The Company recognizes the funded status of its defined-bene...
AI summary The company expenses pension and post-retirement benefits over service periods, recognizes funded status on balance sheets, and records gains/losses in AOCI or regulatory assets. Refer to note 22 for details.
As at millions of dollars Classification December 31 2025 December 31 2024 Operating leases: Right-of-use asset Other long-term assets $ 48 $ 52 Operating lease liabilities Current Other current liabilities 1 3 Long-term Other long-term li...
AI summary The text presents financial data related to operating and finance leases for a company, including right-of-use assets, lease liabilities, and future minimum lease payments. It details the amounts recognized in the Consolidated Statements of Income, such as operating lease expenses, variable costs for power generation, amortization, and interest expenses.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 212650 AP UNION DUES RELOCATION ALLOW 212700 AP LONG TERM DISABILITY 212750 AP GOOD NEIGHBOUR ENERGY FUND 212800 AP CIS REFUND CLEARING 212850 AP CONSUMER DEPOSITS 212900 AP...
AI summary The text presents a list of account segments with their corresponding descriptions, including items such as union dues, disability, energy funds, consumer deposits, and various liabilities and accrued expenses. These accounts are related to financial and operational obligations of an organization.
N-2Refiled Statements - NSPI - 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. reported operating revenues of $1,944 million in 2025, up from $1,855 million in 2024. Operating expenses increased to $1,708 million in 2025, driven by higher fuel costs and FAM deferrals. Net income declined to $141 million in 2025 from $160 million in 2024, reflecting reduced income before taxes and higher interest expenses.
2025 Annual Financial Statements Attachment 2 Page 13 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI collects income taxes from customers based on income tax that is currently payable except for the deferred income taxes on certain...
AI summary NSPI manages deferred income taxes related to regulatory balances by recognizing regulatory assets/liabilities and grossing them up using income tax rates. Interest and penalties from unrecognized tax benefits are classified as 'Interest expense, net' and 'OM&G', respectively.
2025 Annual Financial Statements Attachment 2 Page 44 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI is a participant in a 102 MW wind energy project with the South Canoe Development Partnership for South Canoe Wind Farm, in New Ro...
AI summary NSPI participates in two wind energy projects in Nova Scotia, owning 49% each. In 2025, NSPI recorded $7M (South Canoe) and $2M (Sable Wind) in expenses under 'Fuel for generation and purchased power' and $3M in OM&G costs. Expenses remained stable compared to 2024.
EMPLOYEE COMMON SHARE PURCHASE PLAN Eligible employees may participate in Emera's Employee Common Share Purchase Plan ("ECSPP"). As of December 31, 2025, the plan allows employees to make cash contributions of a minimum of $25 to a maximum...
AI summary Emera's Employee Common Share Purchase Plan allows eligible employees to contribute up to $20,000 annually, with the company matching 20% of contributions. The plan reserves 7 million shares for issuance, and compensation costs for shares issued in 2025 were $2 million, classified under 'OM&G' expenses.
Highlights of the changes are summarized in the following table: For the Three months ended Year ended millions of dollars December 31 December 31 Net income – 2024 $ 71 $ 160 Increased operating revenues (refer to "Operating Revenues" sec...
AI summary The text outlines changes in financial metrics for a company over three months and a year, highlighting increased operating revenues and decreased net income, with specific factors such as increased fuel costs, cybersecurity incident expenses, and tax recovery changes impacting results.
Net cash provided by operating activities decreased $801 million to $118 million in 2025 compared to $919 million in 2024. Operating cash flow before change in working capital decreased $538 million primarily due to increased fuel for gene...
AI summary Net cash provided by operating activities dropped significantly from $919 million in 2024 to $118 million in 2025, primarily due to increased fuel and purchased power costs, higher OM&G expenses, and changes in working capital, partially offset by higher electric revenues and tax recoveries.
Public Health Crisis Risk An outbreak of infectious disease, a pandemic or other public health threats, or a fear of any of the foregoing, could result in a Material Adverse Effect to NSPI. This could include causing operating, supply chai...
AI summary The text outlines risks to Nova Scotia Power Inc. (NSPI) from public health crises, including operational disruptions, supply chain issues, labor shortages, and economic impacts on electricity demand and revenue. These risks could lead to a Material Adverse Effect through delays, reduced revenue, and increased operating costs.
Q4 2025 compared to Q4 2024 Q4 2025 net income decreased by $49 million compared to Q4 2024. The decrease is due to decreased income tax recovery and increased OM&G expenses. Income tax recovery decreased due to the utilization of tax loss...
AI summary Q4 2025 net income decreased by $49 million compared to Q4 2024, primarily due to reduced income tax recovery from tax loss carryforwards and increased OM&G expenses from storm costs and a cybersecurity incident.
Q3 2025 compared to Q3 2024 Q3 2025 net income decreased by $11 million compared to Q3 2024. The decrease is due to increased OM&G expenses, and increased depreciation and amortization due to increased PP&E in service. OM&G expenses increa...
AI summary Q3 2025 net income decreased by $11 million compared to Q3 2024, driven by higher OM&G expenses and increased depreciation/amortization from expanded PP&E in service. OM&G costs rose due to transmission, distribution, and generation operations, partially offset by higher administrative overhead allocated to PP&E.
Q2 2025 compared to Q2 2024 Q2 2025 net income decreased by $12 million compared to Q2 2024. The decrease is due to increased OM&G expenses, and increased depreciation and amortization due to increased PP&E in service. OM&G expenses increa...
AI summary Q2 2025 net income decreased by $12 million compared to Q2 2024, driven by higher OM&G expenses from increased power generation costs and a cybersecurity incident, partially offset by administrative overhead allocations. Depreciation and amortization also rose due to higher PP&E in service.
The aggregate fees billed by Ernst & Young LLP for the fiscal years ended December 31, 2025 and 2024, were as follows: Service Fee 2025 2024 Audit Fees $1,406,500 $565,400 Audit-related Fees $69,500 $56,500 Tax Fees $NIL $NIL All Other Fee...
AI summary The aggregate fees billed by Ernst & Young LLP for the fiscal years ended December 31, 2025 and 2024, were as follows: Audit Fees were $1,406,500 and $565,400 respectively, with Audit-related Fees, Tax Fees, and All Other Fees also reported.
2025 Annual Financial Statements Attachment 5 Page 1 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED)
AI summary The document is a redacted page from the 2025 Annual Financial Statements Attachment 5, which contains confidential information. It appears to be part of a regulatory or financial disclosure process involving Nova Scotia Power or a related entity.
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.
Operating Expenses For Q4 2025, operating expenses increased $207 million compared to Q4 2024. Excluding charges related to wind-down costs and certain asset impairments of $4 million recognized in 2024, operating expenses increased $211 m...
AI summary Operating expenses increased significantly in Q4 2025 compared to Q4 2024, primarily due to higher storm costs, OM&G expenses, depreciation, and higher natural gas prices. These increases were partially offset by revenue adjustments. Year-over-year increases were also driven by higher regulated fuel costs and a weaker Canadian dollar.
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.
Corporate's adjusted loss is summarized in the following table: For the Three months ended December 31 millions of dollars 2025 2024 2025 2024 Operating expenses (1) $ (35) $ (23) $ (78) $ (74) Interest expense (101) (97) (381) (367) Incom...
AI summary The table presents corporate's adjusted loss for the three months ended December 31 in 2025 and 2024, highlighting operating expenses, interest expense, income tax recovery, preferred dividends, and other expenses, resulting in a net loss for both years.
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.
2025 Annual Financial Statements Attachment 6 Page 49 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 discusses potential Material Adverse Effects on Emera due to environmental laws and regulations, including delays in energy projects, restrictions on facilities, early retirement of generation assets, increased compliance costs, and impacts on natural gas sales and capital investments. Non-compliance could lead to legal actions, fines, and other sanctions.
Consolidated Statements of Income For the Year ended December 31 millions of dollars (except per share amounts) 2025 2024 Operating revenues Regulated electric $ 6,858 $ 5,872 Regulated gas 1,713 1,575 Non-regulated 205 (247) Total operati...
AI summary The consolidated statements of income for 2025 and 2024 show significant increases in operating revenues and income from operations, with regulated electric and gas revenues and income from operations rising notably. Net income also increased from 2024 to 2025, reflecting changes in operating expenses and income from equity investments.
Chart of Accounts for Nova Scotia Power Inc. (Consolidated) As of December 31, 2025
AI summary The text presents the consolidated chart of accounts for Nova Scotia Power Inc. as of December 31, 2025, outlining financial categories and classifications relevant to the company's operations.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 507150 REG FIXED COST RECOVERY ADJUSTMENT 507200 REG RATE STABILIZATION ADJ FIXED COST RECOVERY 507250 REG DSM DEFERRAL 507300 REG DSM EXPENSE 530050 REGULAR LABOUR 530060 R...
AI summary The document outlines various account segments related to regulatory fixed cost recovery, rate stabilization, demand-side management deferral and expenses, labour costs, office supplies, travel, materials, contracts, security, and other operational expenses.