N-12025 Annual Financial Statements - Redacted
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F. Collaborative Arrangements For the years ended December 31, 2025 and 2024, the Company has identified the following material collaborative arrangements: The Company is a participant in three wind energy projects in Nova Scotia. The perc...
AI summary NSPI participates in three Nova Scotia wind energy projects, owning 47.4% of a 23.3 MW project with Renewable Energy Services Ltd. NSPI has power purchase agreements to buy all output, with revenues and operating expenses recorded in regulated fuel and OM&G categories, respectively. Expenses recognized in 2025 were $3 million (2024: $2 million).
INTRODUCTION AND STRATEGIC OVERVIEW NSPI is a vertically integrated regulated electric utility. It is the primary electricity supplier in Nova Scotia, Canada. NSPI has $8.1 billion of assets and provides electricity generation, transmissio...
AI summary NSPI, Nova Scotia's primary electricity supplier, operates with $8.1 billion in assets, serving 565,000 customers. It owns 2,422 MW of generating capacity, 40% from fossil fuels, and 40% of its 2025 sales from renewables. NSPI has agreements with NLH for energy delivery and purchases renewable energy from IPPs and COMFIT participants, including 573 MW of capacity. NLH is obligated to supply 900 GWh annually to NSPI over 35 years.
Power Purchases: NSPI has fixed price agreements relating to NLH's NS Block energy delivery obligations and power purchase agreements with IPPs. NSPI also periodically enters into additional physical and/or financial contracts based on for...
AI summary NSPI has fixed-price agreements with NLH and IPPs for energy delivery and power purchases. They use physical/financial contracts based on forecasts and manage market risks via a hedging program, with 84% and 48% of 2026 and 2027 purchases hedged, respectively.
To ensure reliability of service, NSPI aims to maintain a generating capacity greater than firm peak demand. The Company owns 2,422 MW of generating capacity, of which 44 per cent is coal and/or oilfired; 28 per cent is natural gas and/or...
AI summary NSPI maintains generating capacity exceeding firm peak demand and owns a diversified mix of energy sources, including coal, natural gas, hydro, wind, solar, petcoke, and biomass. In 2025, it began operating grid-scale battery facilities and has contracts with IPPs, including COMFIT participants, to purchase renewable energy.
2025 Annual Financial Statements Attachment 5 Page 7 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI owns the following generating facilities: - Four dual fired facilities: - o Tufts Cove - 3 units dual fired with either heavy fuel...
AI summary NSPI owns a diverse portfolio of generation facilities, including dual-fired plants, hydro stations, wind projects, biomass, solar, and battery storage. It contracts with IPPs under renewable regulations and COMFIT. NLH's NS Block delivery obligations began in 2021, requiring annual energy delivery to NSPI over 35 years.
2025 Annual Financial Statements Attachment 5 Page 8 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED) energy from NLH through the Energy Access Agreement. The Energy Access Agreement enables NSPI to access a market-priced bid from NLH for...
AI summary NSPI has an Energy Access Agreement with NLH allowing access to up to 1.8 TWh annually, averaging 1.2 TWh through 2041.
NSPI With $8.1 billion of assets and approximately 565,000 customers at December 31, 2025, NSPI owns 2,422 MW of generating capacity, of which 44 per cent is coal and/or oil-fired; 28 per cent is natural gas and/or oil; 19 per cent is hydr...
AI summary NSPI, with $8.1 billion in assets and 565,000 customers, operates a mix of fossil fuel and renewable generation, including 573 MW from IPPs and COMFIT participants. It has agreements with NLH for energy delivery and filed a GRA proposing 1.8% and 2.4% rate increases in 2026 and 2027, respectively. NSPI also announced a new transmission project with WTI and expects to earn near the low end of its ROE range in 2026.
Annual production volumes are summarized in the following table: Production Volumes (GWh) 2025 2024 Coal 4,370 3,347 Natural gas 1,403 2,317 Purchased power 391 620 Oil 295 132 Petcoke 279 374 Total non-renewables 6,738 6,790 Purchased pow...
AI summary The document provides annual production volumes for various energy sources in 2025 and 2024, highlighting changes in coal, natural gas, oil, and renewables. It also discusses how NSPI's fuel costs are influenced by commodity prices and the generation mix, emphasizing the role of renewable energy and power purchase agreements.
Collaborative Arrangements For the years ended December 31, 2025 and 2024, the Company has identified the following material collaborative arrangements: Through NSPI, the Company is a participant in three wind energy projects in Nova Scoti...
AI summary NSPI participates in three Nova Scotia wind energy projects with revenue and expense allocations based on project asset value. NSPI records its revenue share net within regulated fuel and operating expenses in OM&G, reporting $12M net expense and $3M OM&G costs in 2025 (same as 2024).
N-2Refiled Statements - NSPI - Redacted
10 passages
F. Collaborative Arrangements For the years ended December 31, 2025 and 2024, the Company has identified the following material collaborative arrangements: The Company is a participant in three wind energy projects in Nova Scotia. The perc...
AI summary Nova Scotia Power Inc. (NSPI) participates in three wind energy projects in Nova Scotia, owning assets based on relative value. NSPI has power purchase agreements to buy all output from these projects, with operating expenses recorded in 'OM&G'. In 2025, NSPI recognized $3 million net expense for a 23.3 MW project with Renewable Energy Services Ltd.
26. VARIABLE INTEREST ENTITIES NSPI has identified certain long-term power purchase agreements that meet the definition of variable interests as NSPI has to purchase all or a majority of the electricity generation at a fixed price. However...
AI summary NSPI identified long-term power purchase agreements as variable interest entities (VIEs) but determined it was not the primary beneficiary due to lack of operational control. No new VIEs were identified for 2025. NSPI holds a 26% economic interest in WTI through a 50% indirect voting stake.
INTRODUCTION AND STRATEGIC OVERVIEW NSPI is a vertically integrated regulated electric utility. It is the primary electricity supplier in Nova Scotia, Canada. NSPI has $8.1 billion of assets and provides electricity generation, transmissio...
AI summary NSPI, Nova Scotia's primary electricity supplier with $8.1B in assets, operates 2,422 MW of generating capacity (44% coal/oil, 28% gas/oil, 19% renewables). It sources 40% of sales from renewables and has agreements with NLH for 900 GWh annually. NSPI also owns grid-scale batteries and contracts with IPPs/COMFIT participants for 573 MW of renewable capacity.
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 related parties, including sales and purchases of services and assets. Notably, NSPI sold development assets related to the Wasoqonatl transmission line project to WTI for $15 million, with no gain or loss recognized.
Power Purchases: NSPI has fixed price agreements relating to NLH's NS Block energy delivery obligations and power purchase agreements with IPPs. NSPI also periodically enters into additional physical and/or financial contracts based on for...
AI summary NSPI manages power purchases through fixed-price agreements with NLH and IPPs, using financial instruments to hedge 84% of 2026 and 48% of 2027 forecast requirements. Contracts align with load and system security needs, with volumes exposed to market prices managed via hedging programs.
2025 Annual Financial Statements Attachment 5 Page 6 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI's fuel costs are affected by commodity prices and generation mix, which is largely dependent on economic dispatch of the generating...
AI summary NSPI's fuel costs are influenced by commodity prices, generation mix, and factors such as renewable energy from IPPs, COMFIT participants, and the NS Block. The generation mix is also affected by plant outages, carbon pricing programs, and compliance with environmental regulations. Fuel costs and purchased power fluctuate annually, with detailed information available in the MD&A section.
2025 Annual Financial Statements Attachment 5 Page 7 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED) NSPI owns the following generating facilities: - Four dual fired facilities: - o Tufts Cove - 3 units dual fired with either heavy fuel...
AI summary NSPI owns various generating facilities, including dual-fired, solid-fuel, gas turbine, hydro, wind, biomass, and solar facilities, as well as battery storage. NSPI also contracts with IPPs for renewable electricity and has obligations related to the NS Block delivery from Muskrat Falls.
2025 Annual Financial Statements Attachment 5 Page 8 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED) energy from NLH through the Energy Access Agreement. The Energy Access Agreement enables NSPI to access a market-priced bid from NLH for...
AI summary NSPI accesses energy from NLH via the Energy Access Agreement, allowing for up to 1.8 TWh of energy annually at market prices, with an average of 1.2 TWh per year through August 31, 2041.
Annual production volumes are summarized in the following table: Production Volumes (GWh) 2025 2024 Coal 4,370 3,347 Natural gas 1,403 2,317 Purchased power 391 620 Oil 295 132 Petcoke 279 374 Total non-renewables 6,738 6,790 Purchased pow...
AI summary The document outlines annual production volumes from various energy sources in 2025 and 2024, highlighting the mix of non-renewable and renewable energy production. It also discusses how NSPI's fuel costs are influenced by commodity prices and the generation mix, emphasizing the use of low-cost energy sources and power purchase agreements.
- (1) Includes $663 million related to NMGC (2026: $96 million, and $567 million thereafter). - (2) The Company's $1.2 billion USD, $750 million USD and $500 million USD hybrid notes mature in 2076, 2056 and 2054, respectively, and these m...
AI summary The text outlines NSPI's financial obligations, including debt maturity dates, future interest payments, and commitments related to electricity purchases and gas transportation. It also details NSPI's contractual obligation to NSPML for the use of the Maritime Link and Emera's commitment to provide transmission rights in New Brunswick for NLH.