Topic:"Rate Rider" in M12835

General Rate Application ("GRA"): On September 18, 2025, NSPI filed a consensus GRA with the NSEB, reflecting a settlement agreement reached with customer representatives. The GRA proposes average annual rate increases of 1.8 per cent in 2...

AI summary NSPI filed a consensus GRA with NSEB on September 18, 2025, proposing 1.8% and 2.4% annual rate increases for 2026 and 2027, respectively, generating $62M and $108M in annual revenue. The hearing concluded in January 2026, with a decision expected by early Q2 2026.

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.

2025 GRA On September 18, 2025, NSPI filed a consensus GRA with the NSEB, reflecting a settlement agreement reached with customer representatives. The GRA proposes average annual rate increases of 1.8 per cent in 2026 and 2.4 per cent in 2...

AI summary NSPI filed a 2025 GRA with NSEB, proposing 1.8% and 2.4% annual rate increases for 2026 and 2027, respectively, generating $62M and $108M in additional revenue. The hearing concluded in January 2026, with a decision expected by early Q2 2026.

2025 Annual Financial Statements Attachment 5 Page 25 of 26 REDACTED (CONFIDENTIAL INFORMATION REMOVED) - "GGPPA" means the Greenhouse Gas Pollution Pricing Act; - "Government" means the Government of Canada; - "GRA" means a General Rate A...

AI summary The document defines key terms and acronyms related to Nova Scotia's energy sector, including regulatory frameworks, utilities, and infrastructure projects. It outlines entities such as NSPI, Emera, NSEB, and projects like the Maritime Link, while referencing international standards and legislation.

Florida Electric Utility The Florida Electric Utility segment consists of TEC, a vertically integrated regulated electric utility engaged in the generation, transmission and distribution of electricity, serving customers in West Central Fl...

AI summary TEC, a Florida utility with $14.5B USD assets and 866,000 customers, owns 6,771 MW of generating capacity (78% natural gas, 21% solar, 1% storage). It seeks a $88M USD rate increase approved by FPSC, with new rates effective January 1, 2026, and expects to meet its 9.5%-11.5% ROE range in 2026.

PGS With $3.3 billion USD of assets and approximately 523,000 customers, the PGS system includes approximately 25,600 kilometres of natural gas mains and 14,800 kilometres of service lines. Natural gas throughput (the amount of gas deliver...

AI summary PGS, with $3.3 billion USD in assets and 523,000 customers, anticipates 2026 earnings within its allowed ROE range (9.30%-11.30%) due to new base rates and customer growth. A $67 million USD rate increase was approved by FPSC, including adjustments for cast iron replacement and future years. Capital investment is projected at $445 million USD in 2026.

BLPC With $547 million USD of assets and approximately 137,000 customers, BLPC owns 243 MW of generating capacity, of which 96 per cent is oil-fired and 4 per cent is solar. BLPC owns approximately 200 kilometres of transmission facilities...

AI summary BLPC, with $547 million USD in assets and 137,000 customers, submitted a general rate review application to the FTC in 2021. The FTC granted interim rate relief in 2022, later issuing a decision in February 2023 that BLPC challenged. The FTC dismissed BLPC's Motion for Review in November 2023, with interim rates remaining in effect pending a final decision.

GBPC With $378 million USD of assets and approximately 20,000 customers, GBPC owns 98 MW of oil-fired generation, approximately 100 kilometres of transmission facilities and 1,000 kilometres of distribution facilities. GBPC's approved regu...

AI summary GBPC, with $378M USD in assets and 20,000 customers, filed a rate plan proposal under the GBPA Operating Protocol. The 2024 Electricity Act transferred GBPC's regulation to URCA, prompting a Supreme Court claim by URCA to block GBPA rate adjustments. Emera expects no material impact from the legal proceedings.

General Rate Application ("GRA"): On September 18, 2025, NSPI filed a consensus General Rate Application ("GRA") with the NSEB, reflecting a settlement agreement reached with customer representatives. The GRA proposes average annual rate i...

AI summary NSPI filed a consensus GRA with NSEB on September 18, 2025, proposing 1.8% and 2.4% annual rate increases for 2026 and 2027, respectively, generating $62M and $108M in additional revenue. The hearing concluded in January 2026.

Storm Rider: On December 2, 2024, the NSEB approved the recovery of $24 million of major storm restoration and incremental financing costs deferred to NSPI's storm rider in 2023 to be recovered over a 12-month period beginning on January 1...

AI summary The NSEB approved the recovery of $24 million in deferred storm restoration and incremental financing costs from NSPI's storm rider, to be recovered over 12 months starting January 1, 2025.

Base Rates: On March 31, 2025, PGS filed a rate case with the FPSC for new rates to become effective January 1, 2026. On August 13, 2025, PGS and the intervening parties filed a settlement agreement with the FPSC for a $67 million USD incr...

AI summary PGS filed a rate case with FPSC, leading to a $67 million USD base rate increase approved in October 2025, including specific riders and future adjustments, with a 10.30% ROE and 54.7% equity thickness.

Base Rates: In 2021, BLPC submitted a general rate review application to the FTC. In September 2022, the FTC granted BLPC interim rate relief, allowing an increase in base rates of approximately $1 million USD per month. On February 15, 20...

AI summary BLPC submitted a general rate review application to the FTC in 2021, leading to interim rate relief and a 2023 decision with adjustments to base rates, ROE, and regulatory liabilities. BLPC appealed the FTC's decisions to the Supreme Court of Barbados, seeking a stay, with the appeal ongoing as of December 2025.

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.

ACCOUNT SEGMENT Account Segment Value Account Segment Description 412760 REG SMALL GEN CPP NON FUEL ENERGY OFF PEAK 412770 REG SMALL GEN CPP DSM COST RECOVERY RIDER 413110 REG RES NON FUEL DEMAND BASE 413120 REG RES NON FUEL ENERGY 413130...

AI summary The text presents a list of account segments with descriptions, including entries related to demand-side management (DSM) cost recovery riders, fuel adjustment mechanisms (FAM), time-of-use pricing, and accrued costs. These segments reflect various revenue and cost categories within the regulatory framework.

General Rate Application ("GRA"): On September 18, 2025, NSPI filed a consensus General Rate Application ("GRA") with the NSEB, reflecting a settlement agreement reached with customer representatives. The GRA proposes average annual rate i...

AI summary NSPI filed a consensus General Rate Application (GRA) with the NSEB on September 18, 2025, proposing 1.8% and 2.4% annual rate increases for 2026 and 2027, respectively, with revenue increases of $62M and $108M. The hearing concluded in January 2026.

Regulatory and Political Risk NSPI is subject to complex legislative and regulatory frameworks that cover material aspects of their businesses. These frameworks influence key factors such as rates and cost structures, revenue requirements,...

AI summary NSPI operates under a cost-of-service regulatory model requiring approvals for rate changes and capital investments. Regulatory delays, cost recovery risks, and government policy shifts could cause material adverse effects, including valuation impairments and service reliability issues. The IESO Nova Scotia's operational uncertainties and environmental legislation changes further complicate regulatory stability.

2025 Short-Term Incentive Results The 2025 NSPI Scorecard set out corporate objectives and related threshold, target and stretch performance levels for 2025. It was used to determine the short-term incentive payout for Mr. Gregg. No portio...

AI summary The 2025 NSPI Scorecard outlines corporate objectives and performance levels for 2025, used to determine Mr. Gregg's short-term incentive payout. The scorecard is developed by NSPI management and approved by the NSPI Board annually. Non-financial measures require meeting all threshold, target, and stretch levels to achieve stretch performance.

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 NSEB approved a 2022 GRA Settlement Agreement, resulting in rate increases of 6.9% in 2023 and 6.5% in 2024. The agreement includes a storm rider for major storm restoration costs and a DSM rider for EfficiencyOne's programs, with cost recovery and deferral mechanisms managed through the NSEB's FAM process.

2025 GRA On September 18, 2025, NSPI filed a consensus GRA with the NSEB, reflecting a settlement agreement reached with customer representatives. The GRA proposes average annual rate increases of 1.8 per cent in 2026 and 2.4 per cent in 2...

AI summary NSPI filed a consensus 2025 General Rate Application (GRA) with the NSEB, proposing rate increases of 1.8% in 2026 and 2.4% in 2027, resulting in revenue increases of $62 million and $108 million respectively. The hearing concluded in January 2026, with a decision expected in early Q2 2026.

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's 2025 Annual Financial Statements highlight successful regulatory outcomes in Florida and Nova Scotia, including a consensus GRA filed by Nova Scotia Power. Emera also achieved a significant milestone by listing on the New York Stock Exchange.

Florida Electric Utility The Florida Electric Utility segment consists of TEC, a vertically integrated regulated electric utility engaged in the generation, transmission and distribution of electricity, serving customers in West Central Fl...

AI summary The Florida Electric Utility segment, including Tampa Electric Company (TEC), serves 866,000 customers with $14.5 billion USD in assets. TEC owns 6,771 MW of generating capacity, primarily natural gas and solar. TEC petitioned the Florida Public Service Commission (FPSC) to increase base revenue by $88 million USD in 2025, which was approved with new rates effective January 1, 2026.

2025 Annual Financial Statements Attachment 6 Page 22 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary In February 2025, the FPSC approved TEC's recovery of $466 million USD in costs related to hurricanes and interest over 18 months. A motion for reconsideration was denied, and an appeal was filed. Capital investment for the Florida Electric Utility segment is expected to reach $1.8 billion USD in 2026.

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, owns a mix of generating capacity including coal, natural gas, and renewables. It has initiated grid-scale battery projects and has agreements with NLH for energy delivery. NSPI filed a GRA with the NSEB, proposing rate increases in 2026 and 2027. A new transmission project between Nova Scotia and New Brunswick, owned by WTI, was announced with NSPI holding a 50% indirect voting interest.

PGS With $3.3 billion USD of assets and approximately 523,000 customers, the PGS system includes approximately 25,600 kilometres of natural gas mains and 14,800 kilometres of service lines. Natural gas throughput (the amount of gas deliver...

AI summary PGS anticipates earning within its allowed ROE range in 2026, with USD earnings expected to be higher than 2025 due to new base rates and customer growth. A rate case was filed with the FPSC, leading to a $67 million USD increase in 2026 annual base rates, with additional adjustments in 2027 and 2028. Capital investment is expected to be approximately $445 million USD in 2026.

BLPC With $547 million USD of assets and approximately 137,000 customers, BLPC owns 243 MW of generating capacity, of which 96 per cent is oil-fired and 4 per cent is solar. BLPC owns approximately 200 kilometres of transmission facilities...

AI summary BLPC, a Barbados utility with $547 million USD in assets and 137,000 customers, submitted a general rate review application in 2021. The FTC granted interim rate relief in 2022 and issued a decision in February 2023, which BLPC challenged. The FTC dismissed the challenge in November 2023, and interim rates remain in effect until a final decision is issued.

GBPC With $378 million USD of assets and approximately 20,000 customers, GBPC owns 98 MW of oil-fired generation, approximately 100 kilometres of transmission facilities and 1,000 kilometres of distribution facilities. GBPC's approved regu...

AI summary GBPC, with $378 million USD in assets and 20,000 customers, filed a rate plan proposal on August 1, 2024. The Electricity Act, 2024, removed GBPA's jurisdiction over GBPC, transferring it to URCA. URCA filed a claim to prevent GBPA from approving rate adjustments, but management does not expect this to significantly impact Emera.

Regulatory Environment TEC is regulated by the FPSC and is also subject to regulation by the FERC. The FPSC sets rates at a level that allows utilities such as TEC to collect total revenues or revenue requirements equal to their cost of pr...

AI summary TEC is regulated by the FPSC and FERC, with base rates determined through rate setting hearings. These hearings can be initiated by TEC, the FPSC, or other interested parties, and the FPSC sets rates to ensure utilities can recover their costs and earn an appropriate return on invested capital.

Accounting for the effects of rate regulation Description of the Matter As disclosed in note 7 of the consolidated financial statements, the Company has $3.2 billion in regulatory assets and $1.7 billion in regulatory liabilities. The Comp...

AI summary The document discusses the accounting challenges related to rate regulation for the Company, which has significant regulatory assets and liabilities. Auditing these impacts is complex due to the uncertainty of future regulatory decisions and the need to assess the probability of cost recovery. The audit process involved reviewing regulatory orders, filings, and legal correspondence to evaluate the Company's financial disclosures.

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.

Regulated Electric and Gas Revenue: Electric and gas revenues, including energy charges, demand charges, basic facilities charges and clauses and riders, are recognized when obligations under the terms of a contract are satisfied, which is...

AI summary The document discusses the recognition of regulated electric and gas revenues, including energy and demand charges, based on contractual obligations and metered usage. Revenues are recognized on an accrual basis, with unbilled revenue estimated at the end of each reporting period based on assumptions about energy demand, weather, and line losses.

2025 Annual Financial Statements Attachment 6 Page 88 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary This document contains the 2025 Annual Financial Statements of Emera, including Management's Discussion and Analysis, Consolidated Financial Statements, and other related sections such as leadership information and shareholder details.

TEC and PGS Storm Reserve: The storm reserve is for hurricanes and other named storms that cause significant damage to TEC and PGS systems. As allowed by the FPSC, if charges to the storm reserve exceed the storm reserve liability, the exc...

AI summary The storm reserve, managed by TEC and PGS, is used for hurricanes and named storms causing significant damage. Excess charges over the reserve liability are treated as a regulatory asset, and TEC and PGS may petition the FPSC to recover restoration costs over time and replenish the reserve.

Florida Electric Utility TEC is regulated by the FPSC and is also subject to regulation by the Federal Energy Regulatory Commission. The FPSC sets rates at a level that allows utilities such as TEC to collect total revenues or revenue requ...

AI summary Florida Electric Utility (TEC) is regulated by the FPSC and the Federal Energy Regulatory Commission. The FPSC sets rates to ensure TEC can recover its costs and earn an appropriate return on invested capital. The approved ROE range for 2025 is 9.50% to 11.50%, with a 10.50% ROE used for investment calculations.

Base Rates: On April 2, 2024, TEC filed a rate case with the FPSC for new base rates. On December 3, 2024, the FPSC rendered a decision which included annual base rate increases of $185 million USD in 2025 and adjustments of $87 million US...

AI summary TEC filed a rate case in 2024 with the FPSC, resulting in base rate increases and adjustments over several years. An intervening party filed a motion for reconsideration, which was denied, and two parties appealed to the Florida Supreme Court. TEC later petitioned for an additional base revenue increase, which was approved in 2025.

General Rate Application ("GRA"): On September 18, 2025, NSPI filed a consensus General Rate Application ("GRA") with the NSEB, reflecting a settlement agreement reached with customer representatives. The GRA proposes average annual rate i...

AI summary NSPI filed a consensus General Rate Application with the NSEB on September 18, 2025, proposing average annual rate increases of 1.8% in 2026 and 2.4% in 2027. The hearing concluded in January 2026, and the proposed rates would result in annual revenue increases of $62 million and $108 million for 2026 and 2027, respectively.

Storm Rider: On December 2, 2024, the NSEB approved the recovery of $24 million of major storm restoration and incremental financing costs deferred to NSPI's storm rider in 2023 to be recovered over a 12-month period beginning on January 1...

AI summary The NSEB approved the recovery of $24 million in storm restoration and financing costs deferred to NSPI's storm rider in 2023. These costs will be recovered over 12 months starting January 1, 2025.

Base Rates: On March 31, 2025, PGS filed a rate case with the FPSC for new rates to become effective January 1, 2026. On August 13, 2025, PGS and the intervening parties filed a settlement agreement with the FPSC for a $67 million USD incr...

AI summary PGS filed a rate case with the FPSC on March 31, 2025, proposing a $67 million USD increase in 2026 base rates, including adjustments for 2027 and 2028. The FPSC approved the settlement on October 31, 2025, with a 10.30% midpoint ROE and 54.7% equity thickness.

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 annually approves a conservation charge for PGS to recover costs of energy conservation programs mandated by Florida law. PGS also has a clause for replacing obsolete pipes, including cast iron, bare steel, and plastic, with the latter's replacement continuing until 2028.

Base Rates: On September 14, 2023, NMGC filed a rate case with the NMPRC for new base rates. On March 1, 2024, NMGC filed with the NMPRC a settlement with the support of all parties in the case for an increase of $30 million USD in annual...

AI summary NMGC filed a rate case with the NMPRC in 2023, leading to a $30 million annual base revenue increase and maintaining a 9.375% ROE. The new rates reflect increased operating costs, capital investments, and a new billing system. NMGC agreed to withdraw its request for a regulatory asset related to a 2022 LNG storage facility application. The NMPRC approved the settlement in July 2024, with new rates effective October 1, 2024.

Base Rates: In 2021, BLPC submitted a general rate review application to the FTC. In September 2022, the FTC granted BLPC interim rate relief, allowing an increase in base rates of approximately $1 million USD per month. On February 15, 20...

AI summary BLPC submitted a rate review application in 2021, leading to interim rate increases and a decision by the FTC in February 2023. BLPC appealed the decision, and the Supreme Court of Barbados granted a stay. The appeal was heard in late 2025 and will continue into 2026. BLPC claims the FTC made errors of law and jurisdiction.

Base Rates: There is a fuel pass-through mechanism and tariff review policy with new rates submitted every three years. On August 1, 2024, as required by the GBPA Operating Protocol and Regulatory Framework Agreement, GBPC filed a rate pla...

AI summary The document outlines a fuel pass-through mechanism and a tariff review policy, with new rates submitted every three years. On August 1, 2024, GBPC filed a rate plan proposal as required by the GBPA Operating Protocol and Regulatory Framework Agreement.

Regulatory and Political Risk The Company's rate-regulated utilities and certain investments are subject to complex legislative and regulatory frameworks that cover material aspects of their businesses. These frameworks influence key facto...

AI summary Emera's rate-regulated utilities face regulatory and political risks due to complex legislative frameworks influencing rates, cost recovery, and capital investments. Failure to obtain regulatory approvals or changes in government policy could result in material adverse effects, including valuation impairments and service reliability issues.

Interest Rate Risk: Emera utilizes a combination of fixed and floating rate debt financing for operations and capital expenditures, resulting in an exposure to interest rate risk. For Emera's rate-regulated utilities, the cost of debt is a...

AI summary Emera uses a mix of fixed and floating rate debt, exposing it to interest rate risk. Regulatory ROE is influenced by interest rates, with potential impacts on project viability and share price performance, especially during rising rate environments. Credit ratings also play a role in interest rate fluctuations.

ACCOUNT SEGMENT Account Segment Value Account Segment Description 412760 REG SMALL GEN CPP NON FUEL ENERGY OFF PEAK 412770 REG SMALL GEN CPP DSM COST RECOVERY RIDER 413110 REG RES NON FUEL DEMAND BASE 413120 REG RES NON FUEL ENERGY 413130...

AI summary The text presents a list of account segments related to regulatory accounting, including categories for demand-side management (DSM), fuel adjustment mechanisms (FAM), time-of-use pricing, and accrued costs. These segments reflect various revenue and cost recovery components within the regulatory framework.

- If you need more space, attach additional schedules. Add: Provision for income taxes – current -6,018,010 Provision for income taxes – deferred -38,950,935 Amortization of tangible assets 292,127,239 Amortization of intangible assets 5,8...

AI summary The text presents various financial line items, including provisions for income taxes, amortization of assets, reserves, and non-deductible expenses. It also includes details on preferred share dividends, share compensation, and other accounting-related entries, with some amounts highlighted in bold.

va Scotia Power Incorporated 11931 4938 RC0001 Subtotal of other additions 199 130,579,059 130,579,059 Total additions 500 407,427,049 407,427,049 Amour nt A plus line 500 548,347,703 Dedu ıct: al cost allowance from Schedule 8 403 342,919...

AI summary The document presents a detailed financial table showing additions and deductions for Nova Scotia Power Incorporated, including various accounting entries, tax-related items, and deferrals such as the Storm Cost Recovery Rider Deferral and Renewable to Retail (RTR) Deferral, along with a total of deductions and additions.

ova Scotia Power Incorporated 11931 4938 RC0001 1 2 3 4 5 6 Row Name of CFA Amounts determined for variable A in the definition of IFE for the affiliate Proportion determined under subsection 18.2(2) Amount G in Part 2K % Denied amount und...

AI summary The text provides a table with various financial and tax-related calculations, including amounts determined for variable A in the definition of IFE, proportions under subsection 18.2(2), denied amounts, and the corporation's share of denied amounts. The table includes references to tax years, percentages, and specific tax-related clauses.

NSPI - 2024 - T2 - Tax Return - Amended for SR&ED.224 2024-12-31 Nova Scotia Power Incorporated 2026-06-29 13:08 11931 4938 RC0001 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 199 Subtotal of other additions 476,235,502 476,2...

AI summary The document presents an amended T2 Tax Return for Nova Scotia Power Incorporated, including various financial figures and deductions such as SR&ED expenditures, capital cost allowances, and deferrals related to programs and riders. It outlines additions, deductions, and net income for income tax purposes.

March 2, 2026 This report does not constitute a rating action. What's new: Nova Scotia Power Inc. (NSPI) ended fiscal year 2025 with funds from operations (FFO) to debt of 8.5%, which was materially below our 10.0% downgrade threshold. The...

AI summary Nova Scotia Power Inc. (NSPI) ended fiscal year 2025 with a funds from operations to debt ratio of 8.5%, below the downgrade threshold. The company faces challenges from a delay in securitizing thermal assets and a cyber-incident. NSPI is seeking rate increases and regulatory approval to securitize C$700 million of thermal assets.

band of 8.75% to 9.25%; - Maximum allowed equity unchanged at 40%; - A decarbonization deferral account to recover undepreciated thermal asset value and unrecovered decommissioning costs; and - Storm rider for NSPI to have the option to ap...

AI summary The document outlines various regulatory decisions and mechanisms related to Nova Scotia Power Inc. (NSPI), including a decarbonization deferral account, storm rider approvals, capital expenditure plans, and a fuel-adjustment mechanism. These measures aim to manage costs and ensure financial stability.